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The World’s Largest Mega Projects – the Latest

The world’s largest mega projects are tracked in our Global Top 100 index, including primarily private-sector and public-private real estate projects. The largest of these mega projects are typically mixed-use (or multi-use as the Urban Land Institute may suggest), involve regeneration (redevelopment) of existing properties, and cost in excess of USD $1 billion.

There is great variety in these megaprojects. In general, no two are alike since each is customized to its location, setting, and economic circumstances. Some such as the redevelopment of Philadelphia Energy Solutions’ refinery in Philadelphia include a large land area (here, 1,300 acres) and a vision of a huge build-out (15 million square feet). Other mega-projects are developed at much higher densities on smaller project sites. Sunnyside Yard Queen in New York is a proposed $14.5 billion development on 180 acres, that would include 12,000 house units.

During 2020, the Covid-19 pandemic has not obviated interest in these projects proceeding, and in fact, new projects have been announced.

The Global Top 100 Mega Projects also include what are essentially, all-new cities. Eko Atlantic in Lagos (Nigeria) is situated on 2,471 acres of coastal landfill and is well into development. Egypt’s new capital city is under construction east of Cairo, and is a massive investment intended to fully replace Cairo in its central governance role.

The public sector is frequently a partner in these projects since the regional economic development impact can be enormous, net of public investment in infrastructure and other incentives.

During 2020, the Covid-19 pandemic has certainly impacted the planning and construction of new mega projects, but in general, has not obviated investor and governmental interest in these projects proceeding. In fact, new projects have been announced in the midst of the pandemic.

The World's Largest Mega Projects

Defining a Mega-Project

Most definitions offered for mega projects define such projects as having a capital budget in excess of USD $1 billion. According to the Oxford Handbook of Megaproject Management, “Megaprojects are large-scale, complex ventures that typically cost $1 billion or more, take many years to develop and build, involve multiple public and private stakeholders, are transformational, and impact millions of people.”

For more Information

Our ongoing mega project research is available here > Global Top 100 Mega Projects – the Latest List

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Sovereign Wealth Funds Get Their Test in 2020, Aiding in Covid-19 Pandemic Relief

13.09.2020 Economic Development Growth Monitor, News about global real estate consulting

To be sure, sovereign wealth funds (“SWF’s”) have gotten their test so far, in 2020. As the COVID-19 pandemic has decimated the global economy, country economic downturns have created possible calls for draws on SWF reserves. As well, the economic troubles have also hit the investment returns of many of these SWF’s, reducing the projected (hoped for) enhancement of portfolio asset values. Such a time.

Norway’s GPFG has reported a negative return (loss) of -3.4% for the first half of 2020, a loss of $21.3 billion. Bahrain’s will draw $450 million from its FGRF sovereign fund to provide funds for the state’s general budget. New Zealand’s Superannuation Fund managed to achieve a 1.73% return for the year ending June 30, 2020, although since the fund’s inception it has returned an impressive 9.63% per annum. Iran is using its SWF funds to stabilize Tehran stock exchange.

Generally speaking, these SWF’s were formed over the years to capture current wealth for use by future generations. A great many of the funds were literal monetization transfer methods, where a portion of national oil and gas revenue (wealth) has been transferred into a country SWF. Investment from any particular SWF have first been intended to build these reserves for the benefit of those to come.

For 2020, the existence of these SWF’s has been a helpful resource to provide funds at an unusually critical time, to stabilize national economies. Tapping into held sovereign funds for “rainy day” purposes was always a possibility, but not a welcomed eventuality. Norway will withdraw a record $37.72 billion from its SWF to address Pandemic impacts to the nation’s budget, and intends asset sales as part of this withdrawal. Indeed, sovereign wealth funds have had their test in 2020.

Looking forward to the balance of 2020, we shall see how the 2020 pandemic impacts new SWF formations, in Indonesia, Oman, Israel, Mozambique, and South Africa, among other nations. Within the U.S. and Canada, our many indigenous sovereign Native / First Nations are also facing particular financial stress this year, with operating asset revenues significantly down and available reserves at risk. In discussions about SWF’s, these sovereign Native / First Nation tribes and pueblos are often neglected.

SWF formation has seen significant activity over the past decade, with just under 100 new national SWF’s getting their start.

Directory of Sovereign Wealth Funds

Sovereign Wealth Funds Get Their Test in 2020

02.09.2020 Consumer Products Fresh Monitor, News about global real estate consulting, News about place-based technologies

— Niantic Starts Global Alliance for 5G Augmented Reality Apps

https://www.sciencedirect.com/science/article/abs/pii/S0166497216000183

Conceptual Design for Technology Incubator

20.08.2018 Economic Development Growth Monitor, News about economic development, News about global real estate consulting, News about local government real estate, News about office and industrial properties, Office and Industrial Facilities Consultants

Conceptual design for technology incubator, along with business plan, for roll-out in strategic partnership with universities in key Sub-Saharan metro markets. As office and industrial consultants, StoneCreek Partners provided the facility conceptual design and associated business plan for a right-scaled roll-out of technology business incubator facilities in urban Accra (Ghana) and Lagos (Nigeria), among other key Sub-Saharan regions.

The conceptual design provides for alternative gathering places within the incubator facility, each intended for differing and flexible meetings, whether investor pitches, online digital conferences, tech demonstrations, Agile sprint sessions, and the like. One meeting room was design with lateral ideation sessions in mind, with an array of pin surfaces, writing surfaces, digital displays, and ideation recordation means.

As commonly understood, a technology business incubator is a type of business incubator focused on supporting startups which use modern technologies as the primary means of innovation. Incubator facilities are focused version of co-working venues with additional support to founders, mentoring, potential access to investors, and other collaborative support.

There are technology business incubators that operate by invitation to interesting new startups. Some national and regional governments promote technology business incubators as an essential means of economic development.