The world
is in the midst of
a city-building boom
The Economist analyzed worldwide trends
in the construction of new cities.
California Forever
A new city named California Forever will be built near San Francisco. It is expected that up to 400,000 residents will live on an area of about 24 thousand hectares.
According to the company’s management statement, the idea of building a new city arose because of housing shortage on the West Coast of the United States. It is planned that the new city will develop as a high-density urban area, where residents can easily reach schools, workplaces, and shops without a car.
$1 billion was spent on land acquisition for the new city. There are plans to spend another $1-2 billion on the first phase of construction.
Belmont and Telosa
Smart city Belmont will be built in the American state of Arizona. There will be a system of smart sensors that will fully accompany the life of residents. They will help to avoid traffic jams and optimize water usage to protect the environment.
The project is backed by American billionaires Bill Gates and Marc Lore. In addition to Belmont, Marc Lore plans to build new city called Telosa (from the Greek language the city name could translate as “the highest purpose”). There will be no private ownership of land in Telosa. All land will be held in a trust, with money generated from leasing to be spent on public services.
Egypt’s New Administrative Capital
The new capital is being built in northern Egypt. It is expected that 6.5 million people will live there.
The New Administrative Capital is specifically designed for government employees, with hopes to reduce traffic congestion in Cairo. Several business and government buildings have already been built there, including the tallest skyscraper in Africa, the Iconic Tower, and the Octagon which is the new headquarters of the Egyptian Ministry of Defence.
However, the city remains largely uninhabited and surrounded by a desert. The construction of Egypt's new capital, with a budget of $60 billion, has slowed due to economic difficulties. In addition to its new capital in the north, Egypt is building five other cities, with plans for dozens more.
Prospera
In Honduras, on the island of Roatan, private investors have gained the permission of local authorities to create a special economic zone called Prospera. There will an independent legislation and fiscal policy, along with the free circulation of cryptocurrencies.
El Salvador is planning to sell bonds that pay out in bitcoin in order to fund a crypto-city.
Neom
A new city called Neom is being built in Saudi Arabia under the personal patronage of Muhammed bin Salman of Saudi Arabia.
The smart city-garden is being constructed in a desert area of Saudi Arabia. It will be a 170 km long line. The budget for the first phase of construction is $319 billion. Saudi authorities hope that the project will attract more investments, stimulate production, and boost tourism. Saudi Arabia is planning to construct several other major cities of the future.
The project also includes the construction of several other major cities of the future.
Tatu
A new city called Tatu is being built near Kenya’s capital Nairobi. It is a project of the ex-investment banker Stephen Jennings.
Currently, 5,000 residents already live and work in this gated village. Jennings is also building seven other cities in five different countries across Africa.
