The Middle East and Asia are on course to spend trillions of dollars on new railways and roads in the next 10 years, according to new research.
HSBC Global Research has estimated that urban rail infrastructure spending in the Middle East and North Africa (MENA) alone could top $76.2 billion in the next decade.
Jonathan Robinson, head of project finance for HSBC in the MENA region, highlighted metro projects, such as those being pursued in Doha, Riyadh and Kuwait, as one of the key boom areas.
The Middle Eastern market’s rapid growth was underlined in July when the Arriyadh Development Authority (ADA) awarded contracts worth $22.5 billion for the design and construction of six new automated metro lines in the Saudi capital.
The research also estimated that Asia will need to spend $11.5 trillion between now and 2030 to fund planned infrastructure projects, with China expected to account for a large portion of the spend.
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