Mass urbanization is proving to be “the single most important transformation” the world is seeing in the 21st century, according to Jamal Saghir, director of sustainable development at the World Bank, and it shows no signs of letting up. By 2050, the U.N. predicts 66% of us will call a city our home.
It is generally accepted that cities are the engines of economic growth, and nowhere are these engines firing harder, or populations growing faster, than in the developing world.
With burgeoning higher education systems and enviably young workforces, African cities in particular are booming. Commended for their diversity, adaptability and enterprise, investors are taking note.
– A new report by PwC ranked 20 African “Cities of Opportunity,” looking at a number of factors, including infrastructure, human capital, economics and society and demographics. The Egyptian capital of Cairo topped the list thanks to its large scale, middle class and international clout, although analysts observed current political turmoil as a potential sticking point for investors.