Expert warns GCC megaprojects could cost 80% more than budget | Economy | Saudi Gazette

Expert warns GCC megaprojects could cost 80% more than budget | Economy | Saudi Gazette:



"With more than $2.5 trillion worth of projects in prospect in the years to 2030, the GCC is set to enjoy one of the greatest construction booms the world has ever seen. 




But there are risks as well as rich prizes for those bidding for major projects in the region, said Anthony Holmes, director of the UK’s Institute for Infrastructure Studies and an internationally recognized authority on the economic impact of megaprojects.




“The chances of there being problems with the region’s megaproject program are enormous,” Holmes said. “Elsewhere in the world, these projects tend to go 40-80 percent over budget. International experience has also shown that big projects don’t get delivered on time.”"



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