industry agenda infrastructure & urban development industry vision 2016 · 2016-01-13 ·...

Industry Agenda

Infrastructure & Urban Development Industry Vision 2016

January 2016

Davos-Klosters, Switzerland 20-23 January

World Economic Forum®2016 - All rights reserved.

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The views expressed are those of certain participants in the discussion and do not necessarily reflect the views of all participants or of the World Economic Forum.

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Contents

3 Foreword

5 Message from the Co-Chairs of the Infrastructure & Urban Development Community

6 The Outlook on the Global Agenda Survey 2015

8 Industry Transformations

12 Overview of Infrastructure & Urban Development Initiatives

27 Programme

29 Infrastructure & Urban Development Industries

Foreword

Under the leadership of its Governors, the World Economic Forum’s Infrastructure & Urban Development Community can report another year of significant achievement. The community now consists of 46 Partners covering a vast number of professional interests, needs and activities across the entire industry value chain, from real estate and urban services, to construction and heavy industry engineering services and equipment. Our strategic objectives remain to leverage the strengths of an integrated value chain approach while ensuring the highest level of servicing to the specific sector priorities and specificities. In 2016, the community is welcoming several new Partners, coming from the building materials, real estate investment and development and urban services sectors.

The world is in the early stages of the “Fourth Industrial Revolution”, a fundamental shift in how we produce, consume and relate to one another, driven by the convergence of the physical world, the digital world and mankind. Hence, the World Economic Forum Annual Meeting 2016 theme is “Mastering the Fourth Industrial Revolution”. We live in a fast-paced and interconnected world, where breakthrough technologies, demographic shifts and political transformations have far-reaching societal and economic consequences. More than ever, leaders need to share insights and innovations on how best to navigate the future.

Today’s global infrastructure demand is estimated at approximately $4 trillion in annual expenditure with a gap – or missed opportunity – of at least $1 trillion every year. However, countries are often faced with the paradox of a dry pipeline of projects in spite of the existence of very significant sources of capital sitting in pension funds, insurance firms, sovereign wealth funds and private equity funds, amounting to $60 trillion. While government leaders must appropriately select and prioritize their infrastructure needs beyond the constrained logic of political cycles, they are nevertheless partly incapable of closing the financing gap, which the private sector must fill. It will not be possible to meet the demand without innovative financing models, new models of collaboration and the creation of private companies best suited to execute the much-needed infrastructure and resultant urban development.

In its latest bi-annual “Economic Outlook”, the Organisation for Economic Co-operation and Development (OECD) projects a gradual strengthening of global growth in 2016 and 2017 to an annual 3.3% and 3.6%, respectively. But a clear pickup in activity requires a smooth rebalancing of activity in China and more robust investment in advanced economies. The OECD warns that the slowdown in global trade and the continuing weakness in investment are deeply concerning whereas, in the United States, output remains on a solid growth trajectory, propelled by household demand, with GDP expansion expected to be 2.5% in 2016 and 2.4% in 2017.

The “World Economic Outlook” of the International Monetary Fund points out that the distribution of risks to global economic activity is still tilted downwards. Near-term risks include increased financial market volatility and disruptive asset price shifts, while lower potential output growth remains an important medium-term risk in both advanced and emerging market economies. Lower commodity prices also pose risks to the outlook in low-income developing economies after many years of strong growth. The “2016 Dodge Construction Outlook” predicts a cool-down of total US construction starts for 2016 with an increase of about 6%, following gains of 9% in 2014 and noteworthy growth of an estimated 13%

Pedro Rodrigues de AlmeidaHead of Basic Industries,Member of the Executive Committee

Michael BuehlerPractice Lead,Real Estate Infrastructure & Urban Development Industries

Manuel Zafra SolasPractice Lead, Engineering and Construction Infrastructure & Urban Development Industries

Alice CharlesLead,Urban Development,Infrastructure & Urban DevelopmentIndustriesGlobal Leadership Fellow

Kayo HiranoCommunity Lead,Infrastructure & Urban Development IndustriesGlobal Leadership Fellow

Lauren SilveiraProject Specialist,Partnering Against Corruption Initiative

Andreas RenzProject Manager, Shaping the Future of Construction Initiative Infrastructure & Urban Development Industries

Shamik JoshiProject Manager, Shaping the Future of Urban Development and Services InitiativeInfrastructure & Urban Development Industries

Samuel RohrProject Manager, PACI Vanguard / IU

Carla SequeiraCommunity CoordinatorBasic Industries

4 World Economic Forum Annual Meeting 2016

in 2015. For 2016, the economic environment should support further growth in global construction activity. While short-term interest rates will be increasing in 2016, given the expected rate hikes by the Federal Reserve, the rise in long-term interest rates should stay gradual. On the plus side, the US economy continues to register moderate job growth, lending standards are still easing, market fundamentals for commercial real estate continue to improve, and more funding support is coming from state and local construction bond measures.

This year’s Governors Programme will address some of the most pressing issues in the global, industry and regional agendas related to Engineering & Construction, Real Estate and Urban Development. The Forum’s Infrastructure & Urban Development Industries team will strive to make 2016 an even more successful year than 2015, bringing to fruition a number of results directly related to Forum initiatives, while making use of the vast experience and knowledge of our new Partners. The team looks forward to working with all members of the community in 2016 to advance the industries’ agendas in accordance with the Governors mandate set at the Annual Meeting 2016 in Davos-Klosters. The Infrastructure & Urban Development Industries aim to serve as a forward-thinking, valuable and internationally recognized partner for all stakeholders involved in infrastructure and urban development. In addition, it seeks opportunities to convene leaders, raise global awareness, conceive frameworks and prepare actionable recommendations in the context of improving the state of the world.

5Infrastructure & Urban Development Industries Partnership

Message from the Co-Chairs of the Infrastructure & Urban Development Community

Mu’taz El Sawwaf, Vice-Chairman of the Board and Chair of the Executive Committee, Construction Products Holding Company (CPC); Samer S. Khoury, President, Consolidated Contractors Company (CCC); Douglas Frye, former President and Chief Executive Officer, Colliers International; and Samir Brikho, Chief Executive Officer, Amec.

Dear Governors,

It is our privilege to welcome you to the Annual Meeting 2016 in Davos. As we come together to discuss the current state and opportunities within the Infrastructure and Urban Development Industries, the world is facing unprecedented challenges. The worst refugee crisis in living memory is just one reminder of how geostrategic competition, renewed regionalism and new forces of antagonism are eroding global solidarity. Concern is also growing about the effects of digitalization, robotics and shared economy on productivity growth, job creation, production systems and purchasing power. It is in this context that the World Economic Forum’s mission remains more necessary than ever in order to overcome the challenges that we now face as a society. It is also amid these circumstances where the strategic dialogues held and insights gathered at Davos will be crucial to better navigate the volatile geopolitical space that we are witnessing.

We would also like to remind you of the different initiatives that Infrastructure and Urban Development has been carrying out this year and thank you for the support you provide to make them a reference in the industry. We successfully set up the Global Council on Megaprojects under the umbrella of the Global Challenge on Long Term Investing in infrastructure and conducted a very fruitful first year of the Shaping the Future of Construction initiative. We also acknowledge the forward looking work done through the initiatives Shaping the Future of Urban Development and Services, with a focus global on the urban services industry and regionally on smart cities in India; Shaping the Future of Real Estate, focusing on risk mitigation measures for real estate bubbles; Building Foundations Against Corruption and the contribution of the Global Agenda Councils in Infrastructure, Future of Real Estate and Future of Cities.

As we gather for the World Economic Forum Annual Meeting 2016 in Davos-Klosters, under the theme of “Mastering the Fourth Industrial Revolution,” we encourage you to participate in the numerous discussions that will provide you with a fertile ground to reflect on some of the most pressing economic challenges related to our sector and on aligning the community’s goals for the future. Doing so will ensure that we can all benefit from insights and perspectives that can enhance the competitiveness of our sector and enable us all to more effectively meet the needs of an ever evolving global society.

Mu’taz El Sawwaf, Vice-Chairman of the Board and Chair of the Executive Committee, Construction Products Holding Company (CPC)

Samir Brikho, Chief Executive Officer, Amec.


The Outlook on the Global Agenda Survey 2015

The Outlook on the Global Agenda 2015 reflects the thought leadership of the world’s foremost intelligence network – a community of over 1,500 global experts. The World Economic Forum continuously strives to identify what matters to and intrigues our constituents. This year, the Forum surveyed chief executive officers and experts from business (43%), academia (22%), civil society (19%), government (9%) and international organizations (7%) across industries and regions to gather and synthesize their opinion and insights on the most important global issues. The Survey on the Global Agenda 2015 received valid replies from 1,767 respondents, which is a 10% increase compared to last year’s survey.

The findings of the Survey on the Global Agenda 2015 are chronicled in the “Outlook on the Global Agenda 2015” report, which offers a comprehensive overview of the world today, as well as an analysis of how these experts expect it to develop in the coming 12-18 months. It also outlines the nature of global trends, regional challenges, global leadership and governance, as well as the emerging issues that should be on the agendas of global leaders. In the spirit of the Forum, solutions to these issues have been developed by members of the Global Agenda Councils.

The top 10 global trends that emerged can be clustered around key topic areas: – Geopolitical and governance issues (3,628 respondents on top 10 global trends #3, #4, #7 and #9) – Social, health and employment issues (2,993 respondents on #1, #2 and #10) – Climate change and sustainability (2,725 respondents on global trends #5, #6 and #8)

In detail, the top 10 global trends were identified and selected by the survey participants to be:1. Deepening income inequality (1,224 responses)2. Persistent jobless growth (1,031)3. Lack of leadership (967)4. Rising geostrategic competition (956) 5. Rising pollution in developing world (951)6. Increasing water stress (901)7. Weakening of representative democracy (876)8. Increasing occurrence of severe weather events (873)9. Intensifying nationalism (832)10. Growing importance of health in the economy (738)

7Infrastructure & Urban Development Industry Vision 2016

Infrastructure & Urban DevelopmentIndustry Vision 2016

Industry Transformations


The World Economic Forum introduced a new and comprehensive knowledge system designed to map global transformations at its Annual Meeting 2015. Transformation Maps frame global, industry and regional issues, and provide the Forum’s communities with a system to continuously capture the knowledge and insights emerging from Forum activities.

The framework is designed to access the collective intelligence of the Forum network, including 1,000 of the world’s top experts represented in the Network of Global Agenda Councils. In the future, the knowledge system will encompass a continuous flow of insights from all Forum activities against the strategic priorities identified in the various industry, regional and global issue areas.


Real Estate Transformation Map


As a result of comprehensive discussions in our Industry Strategy Meeting in Geneva in September as well as at the Summit on the Global Agenda 2015 in Abu Dhabi in October, the Council proposed to update and prioritize the Real Estate Transformation Map as follows:

1. Sustainable Communities: The Growing Impact of Climate Change and Sustainability Issues on Urban Development

2. Enabling Infrastructure: New Requirements for the Enabling Infrastructure for Real Estate

3. Urban Management: Lack of Alignment in Governance and Urban Management

4. Migration and Urbanization: Growing Impact of Migration on Urbanization

5. Access to Finance: Shifting Investor Landscape and Innovation in Real Estate Finance

6. Technological Innovation: Disruptive Impact of Digital and Technological Innovation

7. Bubbles and Systemic Risks: Reoccurrence of Real Estate Bubbles and Systemic Risks

8. Demographic and Consumer Behaviour Shifts


Similarly, the Engineering & Construction Transformation Map was updated as follows:

– Demographic Shifts: More people means increasing demands for infrastructure

– Funding Shortfalls: A new funding model to close the financing gap is needed

– Geopolitics: Civil society is finding its voice and disrupting the status quo

– Governance: Robust governance models and best practices are needed to ensure sustainability

– Infrastructure: A global repository of best practice and bankable projects is needed to close the infrastructure gap

– Resource Scarcity: Competition on projects is increasing as firms seek to secure natural resources

– Technological Innovation: New technology can cut costs, facilitate maintenance and improve monitoring and project management

– Urbanization: The effects of urbanization will transform business models beyond physical infrastructure needs

– Vision and Leadership: Visionary leadership is needed to advance infrastructure investment

Engineering & Construction Transformation Map



Likewise, the Cities & Urbanization Transformation Map was updated as follows: – Urban Governance: Increasing

urbanization and urban density increases the demand for public services

– Urban Society: Social challenges require new engagement models for civic participation and social inclusion

– Urban Business and Economy: Urbanization and digital innovation create new business opportunities

The Transformation Maps will help our community to better understand and map industry transformations and the opportunities and challenges faced by decision-makers as the structure of the Infrastructure & Urban Development Industries undergoes profound changes. The maps allow more systematic identification of the most significant transformational trends and their drivers and impacts within and across industries, while highlighting intersecting points and areas of mutual interest between sectors. By further developing these maps, more attention can be focused on shaping our industry agenda, including defining and reassessing the key opportunities and challenges, finding common solutions, and engaging in appropriate initiatives to fulfil the Forum’s mission of improving the state of the world.

– Urban Infrastructure and Services: Significant investment is required due to increasing urbanization and the deterioration of current stocks

– Urban Environment: Increasing urbanization and urban density intensify pressure on natural resources, the environment and public health

– Smart and Sustainable Cities: Innovative technologies can come to the rescue while planning for the future

Cities & Urbanization Transformation Map


Overview of Infrastructure & Urban Development Initiatives


Shaping the Future of Construction Initiative

BackgroundCompared to other industries, the Engineering & Construction industry has traditionally seen slow technological development with no substantial productivity gains and no major disruptions. However, multiple global megatrends are shaping the future of the Construction industry – trends related to environmental factors and resilience, society, politics and regulation, and market demands. One such trend can be seen in the threefold increase in disasters reported last year as compared to 1980, calling for hazard mitigation responses; another involves the 200,000 people added

to urban areas every day who need affordable housing. Such trends pose challenges, but they also offer opportunities. In any case they require an adequate response from the industry as a whole.

The OpportunityNew developments are currently reshaping the Construction industry – from innovative technologies to new construction methods and processes that boost productivity and enhance efficiency. The industry is ripe for expansion but should more rigorously embrace the opportunities provided and thereby change the way that it has traditionally operated.

Other sectors, such as the Automotive industry, have already undergone radical changes; their digital transformation is now well under way. Another example is the transition to digital photography, which shows how emerging technologies can generate lucrative business opportunities for nimble companies – and serious risks for hesitant ones.

Given the megatrends and internal challenges affecting the Construction industry, the industry should take action in several dimensions.



Acto

rs

(Future) Best-practices

Company level

Government Regulation and Policies Public Procurement7 8

Sector level Industry Collaboration Joint Industry Marketing5 6

People, Organization and Culture

Strategy and Business Model Innovation 3 4

Processes and Operations

Technology, Materials and Tools1 2

The MissionDuring the World Economic Forum Annual Meeting 2015 in Davos-Klosters, the Forum was mandated to launch a new multi-year project to guide and support the Engineering & Construction industry during its current transformation. The project is aimed at all firms active along the construction value chain, including building material, chemical and construction equipment suppliers, contractors, architects and planning firms, as well as project owners and developers. Another target audience is governments, as they not only impact the industry through regulation, but also act as the main procurer in most infrastructure projects.

The first report, scheduled for publication in the first quarter of 2016, will describe the industry’s current state, assess relevant global trends and their impact on the industry and devise an industry transformation framework with key areas for development and action. It will also feature many best practices and case studies of innovative approaches or

solutions and will offer an impression – at different levels of action, such as company, sector and industry – of what the future of the Construction industry might look like.

The framework structures the various areas of action according to responsibility. First, the transformation relies on the initiatives of individual companies – their adoption of new technologies and tools, for example, improved processes, business-model innovation, and appropriate

adjustments to corporate culture and organization. Second, as individual action is not sufficient in such a highly fragmented and horizontal industry, many of the challenges need to be tackled jointly, so the industry as a whole has a responsibility also. It needs to establish new forms of collaboration, or improve existing forms. Finally, governments can play a large role as well, in their dual role as regulators and clients.


2015 Highlights

– The framework and recommendations were developed and discussed extensively with the Steering and Advisory Committees in three conference calls in 2015; a survey of industry experts was conducted to identify the key issues, the most important trends as well as the most vital areas for development.

– At the Annual Meeting on the New Champions 2015 in Dalian, People’s Republic of China, the Forum hosted a private session on the “Future of Construction” with Industry Partners and global experts. Participants specifically discussed the internal issues

and external challenges of the Engineering & Construction industry, new and innovative technologies, improved processes and operations as well as disruptive business models in the industry.

– At a roundtable on the “Future of Construction” held in New York in December 2015 in collaboration with Columbia University, Industry Partners and public figures met to discuss the topic of “Digital in Construction”. The session looked at how new technologies can help to improve productivity and what can be done by both the industry itself and its key clients.

Next Steps

– At the Annual Meeting 2016 in Davos-Klosters, a private session will be hosted to enable the Steering Board members of Shaping the Future of Construction initiative to further interact and engage with thought leaders on the transformation of business models in the construction sphere. Similar dialogues may be held during other Forum events in 2016.

– The first report in the World Economic Forum’s Shaping the Future of Construction Series will be published in the first quarter of 2016.



Shaping the Future of Urban Development & Services Initiative

Background Launched in 2012, Shaping the Future of Urban Development & Services (FUDS) initiative serves as a partner in the transformation of cities around the world as they address major urban challenges. It aims to make innovation accessible to city and business leaders in a mutually beneficial setting.

The initiative convenes a Steering and an Advisory Board of industry leaders, city leaders and urban experts. The Steering Board specifically includes chief executive officers and senior executives from over 20 global companies. The Advisory Board

consists of about 20 global experts in the area of urban development. For support, specific Regional WorkingGroups of local business executivesand urbanization experts have been established on a needs basis. Together, this community of experts seeks to find innovative solutions to urban development challenges through a suite of activities, outlined below.

Future of Urban Development

Steering Board (ca. 25 companies)

Advisory Board (international

experts)

Regional Working Group (Key regional stakeholders)

Shaping the Future of Urban Development and Services Initiative


Multiple organizations and communities both inside and outside the World Economic Forum are continuously expressing strong interest in collaborating with Shaping the Future of Urban Development & Services initiative. The Forum recognizes the multiple initiatives around the world involving mayors, organizations, foundations and the private sector; these organizations in turn are increasingly interested in

2015 Highlights

– Community update: The Steering Board is comprised of more than 20 industry partners, including senior executives from Hewlett-Packard and Novo Nordisk who recently joined the group. The Advisory Board is now made up of about 20 selected global experts in the area of urban development, including representatives from small-innovative start-ups, cities, public organizations, academia and NGOs, as well as urban designers and architects. Select mayors from Europe, North America and Asia have joined the Advisory Board to provide the perspective of city administration. The Forum

established a Regional Working Group for India, which includes representation from the private sector, institutions and public organizations. The community reinforces the importance of keeping cities on the global agenda and the role of the Forum as a convening power and catalyst for multistakeholder action.

– Creating impact: The regional focus on India commenced in 2015, with the Forum releasing the “Urban Development Recommendations for the Government of India”. The Forum invited stakeholders across the board to identify the solutions and reforms required to accelerate urban rejuvenation programmes in India through roundtable events in June and November 2015.

finding more efficient ways to partner with the Forum itself. The initiative has developed strong partnerships with organizations, academic institutions, the private sector and cities across the world. The Forum will further strengthen these partnerships by bringing stakeholders together at the Annual Meeting 2016 to identify solutions to address the urban challenges.

– Global Agenda Council on the Future of Cities: The Global Agenda Council identified and published “Top 10 Urban Innovations”. This report chronicles 10 of the best global examples of how cities are creating innovative solutions to a variety of problems. Many of these solutions are scalable, replicable and can be adapted to a variety of specific urban environments. Some are possible only due to new technologies while others apply technology to ideas that are as old as the city itself.

http://www3.weforum.org/docs/WEF_IU_FUDS_Urban_Development_Recommendations_Government_India_Report_2015.pdf



http://www3.weforum.org/docs/Top_10_Emerging_Urban_Innovations_report_2010_20.10.pdf




Core Activities

I. Global Dialogue on Urban Services

Steering and Advisory Board members recognize that the adoption of technology across urban domains is transforming the way urban services in the developed and developing world are delivered. Community members identified the challenges and enablers for cities intending to make a transformation and to offer improved urban service delivery while enhancing organizational efficiency.

2015 Highlights

– At the Smart Cities Roundtable in New Delhi in June 2015, the community met to define “Smart Cities” in an Indian context, identify challenges in the country across urban domains such as water, waste management, sanitation, energy, mobility, education, healthcare and ICT, and recommend solutions to be adopted by cities for urban rejuvenation. The summary of the roundtable discussion is available at: http://www3.weforum.org/docs/WEF_The_Future_Urban_Development_Services_Urban_Development_Roundtable_report_2015.pdf

– At the Annual Meeting on New Champions 2015 in Dalian, People’s Republic of China, in September, the Forum hosted a private session on urbanization in China, which was attended by mayors from China and abroad, Industry Partners and global experts. Participants specifically discussed challenges pertaining to sustainability in cities, and identified the need to adopt sustainable solutions for energy, mobility and waste management.

– At the Innovative City Forum Roundtable in Tokyo in October 2015, the community met to discuss how cities in Japan and elsewhere are becoming smart and innovating to respond to access and mobility issues, urban planning and design, urban infrastructure and services, health services, as well as the mindfulness challenges presented by an ageing population. In addition, the participants looked at what can be learned from Japan and other countries experiencing similar trends. The summary of this discussion is available at: http://www3.weforum.org/docs/WEF_The_Future_of_Urban_Development_Services_report_2015.pdf

– During India National Strategy Day in New Delhi in November 2015, the community met to address the issues with members from the private sector engaged in urban development projects, and identified the institutional and policy reforms required to enhance public-private collaboration.

Next Steps

– During the World Economic Forum Annual Meeting 2016 in Davos-Klosters in January, the FUDS initiative will host a public session entitled “Fostering Innovation in Cities”, where mayors from various regions of the world will discuss city-specific challenges with stakeholders from the private sector and academia to identify innovative solutions.

– The members of the initiative’s Steering Board will meet at the Annual Meeting 2016 to discuss Forum research on public-private partnerships pertaining to global urban challenges and risks in the delivery of urban services. The Steering Board members will develop a roadmap for cities to leapfrog several stages of urban development.

– The Forum will publish a publication on urban services in April 2016. Through it the Forum intends to strengthen the dialogue between the private and public sectors on ways to adopt innovative and technological solutions to enhance citizen experience while making the organization efficient and leaner.

http://www3.weforum.org/docs/WEF_The_Future_Urban_Development_Services_Urban_Development_Roundtable_report_2015.pdf%20





http://www3.weforum.org/docs/WEF_The_Future_of_Urban_Development_Services_report_2015.pdf





II. Project to Identify the Reforms Required to Accelerate the Development of Smart Cities in India

India has launched several urban rejuvenation programmes to prevent the degradation of urban areas and improve the standard of living across cities. Important private sector participation is required to bridge the urban infrastructure gap, which has been estimated to cost approximately $650 billion. Reforms are needed at the state and city levels to attract domestic and foreign investment. The Forum aims to help identify and recommend reforms to the state governments of Andhra Pradesh, Gujarat and Maharashtra, prior to the launch of specific projects across the states in the second half of 2016.

2015 Highlights

– At the beginning of 2015, the Forum made recommendations on integrated planning, policy reforms on private investment in urban infrastructure and the development of institutions to stimulate capacity building and attract talent. The report, “The Future of Urban Development & Services: Urban Development Recommendations for the Government of India”, published in April 2015, is available at: http://www3.weforum.org/docs/WEF_IU_FUDS_Urban_Development_Recommendations_Government_India_Report_2015.pdf

– The Forum also conducted an evaluation of the business environment in urban development projects through a survey and qualitative interviews. It identified sector-specific reforms across urban domains, such as water, waste management and sanitation, energy, mobility, healthcare, education, and safety and security. In addition it examined policy-level reforms, which impact all urban development projects irrespective of the sector, including reforms

in the permitting process, public-private partnerships, contracting and dispute resolution, as well as institutional reforms to strengthen India’s urban bodies, which are facing issues pertaining to empowerment, and managerial and technical capabilities.

Next Steps

– The initiative will publish its “Recommendations to Accelerate the Development of Smart Cities in India”, and the Government of India will announce the names of the 20 Smart Cities that will receive funding in 2016.

– The Forum will also engage the chief ministers of the selected states to highlight the reforms required to attract private sector participation.

III. Regional Collaboration with the Vision for Tomorrow Project

Today, 54% of the world’s population lives in cities, and that proportion is forecast to grow to over 66% by 2050. While the world is urbanizing at a rapid rate, it is also rapidly ageing; by 2047, the number of people over the age of 65 will exceed the number of children. Nowhere is this phenomenon more prevalent than in Japan, where about 25% of the population is currently over 65 years of age. By 2050, this proportion is set to rise to around 38%. As over 92% of Japan’s population lives in cities, the burgeoning ageing population is influencing how cities are designed, what services they offer and where people live – and these developments will continue in the future. This will particularly impact urban services, including health services and individuals’ well-being. Urban innovations are starting to challenge how ageing cities function and what they offer in services.

It is in this context that Shaping the Future of Urban Development & Services initiative has been collaborating with the Vision for Tomorrow project, to focus on the common societal dilemmas that

arise as a result of socio-economic development, and structures with implications for the current social context. In particular, the initiative’s work has focused on the challenges presented by ageing cities and opportunities to provide innovative solutions to enable the delivery of urban infrastructure and services.

2015 Highlights

– The World Economic Forum’s Shaping the Future of Urban Development & Services initiative held a roundtable in Tokyo on 15 October 2015 in partnership with Mori Building Company and the Mori Memorial Foundation. Participants from government, the Forum’s Industry Partners and guests from industry and civil society took part. Participants discussed the urban development challenges presented by ageing societies, and the implications for cities like Tokyo. They explored how cities in Japan and elsewhere are becoming smart and innovating to respond to access and mobility, urban planning and design, urban infrastructure and services, health services as well as the mindfulness challenges presented by an ageing population. In addition, participants in the roundtable looked at what can be learned from Japan and other countries experiencing similar trends. The summary of the roundtable discussion is available at: http://www3.weforum.org/docs/WEF_The_Future_of_Urban_Development_Services_report_2015.pdf

Next Steps

– The World Economic Forum’s Vision for Tomorrow project will publish a report in 2016 highlighting the challenges presented by ageing cities and the opportunities to provide innovative solutions to enable the delivery of urban infrastructure and services. In particular, it will highlight the lessons that can be learned from the experience in Japan.












IV. Global Agenda Council on the Future of Cities

The Global Agenda Council on the Future of Cities has a mandate to collate, disseminate and implement scalable, replicable and adaptable innovative solutions to urban problems by assessing and collecting the best urban solutions, raising awareness and spearheading their implementation.

2015 Highlights

– Collate: In 2014-2015 the Council brought together its collective knowledge, that of other Global Agenda Councils and experts in the field to create a long list of urban innovations. The process was started at the Summit on the Global Agenda 2014 with the development of a list of 25 innovations from individual Council sessions and cross-Council interactions. The list was circulated and other members were encouraged to add to it with the goal of gaining a list of 50+ innovations. An evaluation phase followed, and the list was categorized into a number of areas: health, mobility and use of resources, among others. The evaluation was based upon three key questions:

– Is it replicable? – Is it scalable? – Is it adaptable?

Urban innovations were scored based on the impact they could create.

– Disseminate: The urban innovations were collated into a document in the style of the Forum’s “Top 10 Emerging Technologies” report. The aim was to present the top innovations in a form that had the potential to go viral via social media. The Council chronicled the 10 best global examples of how cities can create innovative solutions to a variety of problems. The Council had a number of brainstorming sessions before preparing the list of urban innovations and voting on the top 10 urban innovations. The result was the October 2015 publication entitled “Top 10 Urban Innovations”. Top 10 Urban Innovations: full report: http://www3.weforum.org/docs/Top_10_Emerging_Urban_Innovations_report_2010_20.10.pdf Top 10 Urban Innovations: scorecards: https://agenda.weforum.org/2015/10/top-10-urban-innovations-of-2015/

Many of these solutions are scalable, replicable and can be adapted to a variety of specific urban environments. Some are possible only due to new technologies while others apply technology to ideas that are as old as the city itself.

Next Steps

– In the wake of the launch of the “Top 10 Urban Innovations” report, the Global Agenda Council on the Future of Cities will further disseminate the ideas contained in the report. To aid dissemination, the Council will hold a one-day meeting on 22 April 2016 at an event co-hosted by the World Economic Forum, MIT, the World Bank and Boston City in Boston. In addition, the Council would like to launch a series of TED Talks featuring each Council member, enabling them to outline some of the ideas in the report. This effort will be supported by the World Bank and MIT and will be aimed at city leaders and the general public. This will be filmed at the event on 22 April 2016.

– The Global Agenda Council will also seek to implement one of the innovations in Bangalore in India.




https://agenda.weforum.org/2015/10/top-10-urban-innovations-of-2015/




Shaping the Future of Real Estate

BackgroundAsset pricing dynamics impact economies from the local to the global level. Policy-makers, industry leaders and academics are currently debating whether asset-pricing dynamics can, or should, be managed in the public interest. The Shaping the Future of Real Estate initiative delves into the mechanisms of asset pricing to learn how to detect when and why markets shift away from fundamentals (or “bubbles”) and how the consequences can be mitigated.

Within its first year, the initiative developed a strong brand by engaging leading experts, central bankers and businesses from the real estate, investors and financial services industries. At the World Economic Forum Annual Meeting 2015, the Forum released two reports with recommendations and case studies. The recommendations included both short- and long-term strategies for managing asset dynamics and the case studies highlighted both common and unique factors associated with the misalignment of markets (bubbles). In its second year, the initiative will focus on selected recommendations made in the first year.

In 2015, high-level multistakeholder discussions will continue to be facilitated to further define asset ecosystems and describe how the consequences of asset bubbles can be limited through innovative solutions. This year’s focus is to help market players make more informed decisions. One work stream is focused on designing a prototype early warning system to flag markets that appear to be misaligned with fundamentals; a second work stream will focus on institutionalizing the team’s insights and learning through developing an educational curriculum.

Behavioural decision-making is key to understanding asset price dynamics, asset cycles and the macroeconomic links. The most destructive cycles were those in which asset price leverage and credits were intertwined, causing the greatest systemic effects.

Detecting bubbles in real time is – and always will be – challenging, requiring a suite of techniques embedded in a well-structured approach that leaves enough room for discretion in the decision-making process. Although research at universities and international institutions has provided us with insights, many questions still remain unanswered.

Ewald Nowotny, Governor of the National Bank of Austria, Foreword by the National Bank of Austria, “Emerging Horizons in Real Estate – An Industry Initiative on Asset Price Dynamics Executive Case Studies”, 2015


The ApproachShaping the Future of Real Estate serves as a platform for Forum Partners to shape the real estate industry agenda and to find common solutions. The initiative will support Forum Partners in designing fresh strategies to better serve their own needs and those of their clients, including to:

1. Understand the underlying mechanisms of asset pricing and the root causes of asset bubbles, and to investigate leading theories on how to identify and detect emerging bubbles, as well as assess the impact of highly volatile markets with boom and bust cycles

2. Facilitate multistakeholder discussions on how asset bubbles can be prevented and their consequences limited

3. Develop industry recommendations on how policies and strategies can contain and mitigate asset price volatility

4. Secure CEO-leadership commitment and collaboration on a shared vision and establish priorities and a long-term strategy for transformations inside and outside the real estate industry

The Opportunity1. Facilitate high-level discussions

at Forum events about how the consequences of asset bubbles can be limited through innovative solutions. Solutions are targeted to different classes of real assets, not only real estate.

2. Compile leading practices and mitigation solutions focusing on:a. improving market datab. increasing transparencyc. assessing external policy

impactsd. stabilizing interventions

addressing the specific capital structure of real estate

e. establishing special requirements for emerging markets

f. establishing requirements for an information clearing house (“hub”) to better assess the


economic costs and benefits of alternative policy options, develop financial instruments and reform the banking sector and the impact of microeconomic factors, such as long-term spatial planning regimes

3. Design and develop an early warning system to help detect real estate bubbles. This system should be publicly available and understood at a high level by both experienced real estate analysts and academics as well as casual observers. It should integrate a suite of indicators to produce an index that measures the probability of being in a bubble. The early warning system will be developed using data from the United States. It should be developed in a manner that will facilitate the ability to adjust and scale it for other markets.

4. Extend and develop the existing platform of case studies presented in the first year of the project. The focus of the second year will be to:a. expand the range of topics to

include additional subject matter (such as financial derivatives)

b. extend the focus on comparisons of different real estate markets to highlight the impacts of different policy settings, institutional arrangements and strategies

c. emphasize the options and conundrums confronting policy-makers, market regulators and market participants

In association with universities, the case studies will be packaged into a format suitable for use in higher education, professional training and public education programmes. The global coverage reflected in the existing case studies will be further reinforced with input from a wider range of contributors. The case studies programme is intended to be open-ended, so that additional material can be included on a demand-driven basis in response to feedback from the users of this material.

5. Next year, based on Governors and Strategy Officers’ recommendations, the social angle of wealth destruction caused by asset bubbles, particularly in housing, will be assessed. Mitigation options will include:a. affordable housing solutionsb. novel funding, investing,

financing and business options, and new urban services to mitigate the risk of uncontrolled informality

c. new financial instruments to mitigate extreme volatility

d. transparency and anti-corruption solutions

e. regional specifics, including emerging markets


Recent PublicationsThe two reports released so far are direct results of a cooperative process with leaders from government, civil society and the private sector, in particular the real estate and financial services industries, as well as investors.

Community and AudienceThe initiative convenes Steering and Advisory Committees consisting of business leaders, government central bankers, leading academics, among them Nobel laureates, as well as representatives from international organizations, such as the International Monetary Fund and the Royal Institute of Chartered Surveyors. To leverage cross-industry insights, the multi-year industry initiative will span across important sectors, including financial services, investors, as well as infrastructure and urban development. The two committees comprise around 60 members.

Industry Agenda Council on the Future of Real Estate & UrbanizationThe Industry Agenda Council on the Future of Real Estate & Urbanization seeks to identify the drivers of change in the real estate industry and intersections with other industries to create a holistic view of the key transformations in the sector. Recognizing the insufficiently shared vision, alignment and collaboration among key stakeholders related to sustainable and resilient urban development practices, the Industry Agenda Council on the Future of Real Estate & Urbanization has refined its Council mandate as follows:

In its 2014-2016 term, the Council collaboratively designed and delivered a set of principles for the real estate industry to contribute to sustainable and resilient urban development. The Council aims to achieve an explicit commitment by users, investors and cities to embed measurable practices towards a sustainable and resilient built environment.

The Industry Agenda Council on the Future of Real Estate & Urbanization recommends that real estate industry leaders commit to a set of sustainability strategies and create a community around the diligent adoption of specific initiatives that serve these principles. The goal is to embody a wider sense of stewardship for the natural environment, consistent with the ethical and professional conduct of business. Moreover, a clear business and economic rationale for embedding environmental sustainability in firm-wide decisions, policies and strategies can result in improved risk-adjusted returns, long-run cost reduction and enhanced property values.

Corporate leadership should focus sustainability efforts on: – Reducing greenhouse gas

emissions – Implementing water/waste

management – Reducing pollutants in air, water

and land (surface and underground)



PACI/IU Phase II – Building Foundations for Transparency

Background Launched in 2004, the Partnering Against Corruption Initiative (PACI) is one of the Forum’s most prominent cross-industry collaborative efforts and the only CEO-led anti-corruption initiative. PACI signatories have created a highly visible and dynamic agenda-setting anti-corruption platform, working together across industries and with the support of international organizations and governments around the world. The PACI Vanguard community is comprised of chief executives who are signatories to PACI and who want to be at the forefront of business-driven global, regional and industry efforts to design corruption out of the system. The Vanguard was launched in 2014 to bring more business leaders into the anti-corruption initiatives supported by the Forum and to drive a stronger global agenda.

While corruption is considered one of the greatest obstacles to

economic and social development, transparency is seen as the key factor to establish systematic conditions conducive to economic growth and thus as an important anti-corruption tool. A level playing field is critical in creating a business climate of openness, inclusion and efficiency. Transparency results in more accessible markets, lower risks for investors and greater ease of doing business. For the Infrastructure & Urban Development (IU) Industries, mitigating corruption risk through more transparent processes and enhancing efficiency are mutually beneficial to all stakeholders. They can also lead to lower transaction costs and faster delivery as well as more equal access to quality services and products for citizens and taxpayers.

In the IU industries, barriers to entry include high levels of interaction between governments and the private sector, dense regulations and complex processes and transactions involving subcontractors and agents, providing numerous opportunities for bribery and corruption. In fact, Transparency International’s Bribe Payers Index 2011 (p. 15) identifies public works contracts and construction as the industries most affected by bribery, followed by real estate, property, and legal and business services. As a result, many firms face reputational risks that may deter expansion into new markets and, ultimately, discourage foreign direct investment in the region.

Phase I – Building Foundations Against CorruptionThe first phase of the project focused on value chains, identifying corruption risks and determining at which point in a project life cycle corrupt practices are likely to occur. From this examination, a set of collective actions could be developed to address the highest priority corruption risk areas.

This first phase successfully concluded an analysis of corruption in the industry. Recommendations include the need for collective action on permits and licences and increased interaction between the industry and government. The first phase also highlighted special cases of corruption in the report entitled “Learnings from the Field: Cases on Corruption in the Infrastructure and Urban Development Industries”.


Phase II – Building Foundations for Transparency and the India PilotIn response to the findings of the global assessment of corruption risks for the IU industries in the first phase, in the project’s second phase a country-level pilot in India was launched to establish a dialogue between business and local public officials on potential transparency-enhancing process changes in permits and licences as well as land acquisition and registration.

The project committee members initiated a local dialogue between industry, local policy-makers and public officials in Maharashtra to discuss specific needs on a city/state level and to find solutions to make processes more transparent in key risk areas. Stakeholders identified the role of technology in transaction processes as increasingly important for providing smarter urban governance, which is an

integral part of the development of the cities of tomorrow. As solutions with a high potential impact are identified, an implementation strategy will be developed and preparations initiated to test them.

In parallel to the dialogue, experts from the Advisory Committee will work to develop a diagnostic tool

specifically adapted to transparency needs in the IU industries. The tool will help dismantle and identify sub-issues within key risk areas and assess where the greatest opportunities can be unlocked through process improvement. Through this comprehensive toolkit, the project has the potential to be replicated in other regions.

The Global Challenge on Infrastructure, Long-Term Investing and Development

Seven years after the global financial crisis, the world is still faced with a unique economic environment, characterized by slow growth, unconventional monetary policy in major economies and constrained government budgets. This environment creates challenges along the following dimensions: – Long-term investors – in particular,

pension funds, insurance companies and sovereign wealth funds (collectively, institutional investors) – struggle to find investment destinations that offer the returns necessary to match their future liabilities for society.

– Infrastructure, historically mainly funded through the public purse and already underinvested prior to the financial crisis, is either deteriorating (in developed economies) or not being built (in developing economies). Given the well-known multiplier effect of infrastructure, this situation acts as a brake on global economic growth.

– Development finance, also underfunded prior to the crisis in most countries, is being cut further as OECD governments need to prioritize their own economies and welfare systems. This further stifles

the emergence of new markets that could help the global economy grow.

The magnitude of this challenge is extraordinary. Public pension shortfalls in the United States alone are estimated between $1 trillion and $2 trillion, some 10% of annual US GDP. The investment need for basic infrastructure is estimated to be nearly $60 trillion over the next 15 years, with some 25% of that amount unfunded. And while estimates vary, United Nations Conference on Trade and Development (UNCTAD) analysts



2015 Highlights

Creating Impact – Council on Transformational

Projects: In this work stream, the collective expertise of contractors/developers, investors, financiers, risk managers, academics and the public sector is deployed to help overcome well-known problems with transformational projects. These projects are either very large-scale (e.g. over $5 billion in developed markets) or of great relevance (e.g. critical-path enablers in emerging markets) to warrant specific attention.

– In the Regional Acceleration Projects work stream, a successful book of work on the central corridor pilot project in Africa was handed over to the New Partnership for Africa’s Development for final implementation. Successful country roundtables were held in Mexico, Brazil, Egypt and Indonesia. A roundtable with the European Investment Bank in December 2015 explored opportunities to accelerate the Investment Plan for Europe (the “Juncker Plan” or the European Fund for Strategic Investments).

– The efforts on standardization and risk mitigation have borne fruit on several fronts. Partnership with the G20 Global Infrastructure Hub (GIH) was established and an agreement was reached to synchronize efforts for mutual benefit. Building on a standardization proposal designed by the European Financial Services Roundtable, key regulators were brought into the discussion. As a result, the International Organization of Securities Commissions is likely to make infrastructure finance a priority for 2016, adding significant momentum to the drive towards infrastructure as an asset class. The Forum’s Global Agenda Council on Infrastructure is conducting a global survey on risk mitigation tools, which for the first time will compare practitioners’ needs with a map of

the instruments on offer, and will identify gaps. This work will inform the G20 GIH in its efforts, as well as allow multilateral agencies to adjust their offerings.

– Sustainable Development Investment Partnership (SDIP): Old approaches to financing infrastructure alone will be insufficient to solve the world’s future infrastructure financing needs. The Challenge on Infrastructure, Long-Term Investing and Development has therefore recognized that new approaches must also be part of its remit, and in particular the strategic use of development finance to mobilize private capital for future development. The Blended Finance agenda promises to pioneer one of these new approaches, with an ambitious goal to raise $100 billion over the next five years. The SDIP and Convergence Platforms were launched in July 2015 at the UN Financing for Development Conference held in Addis Ababa. They will be piloting their first deals in 2016. The partnership at this stage combines major donor governments (Canada, Denmark,

the Netherlands, Norway, Sweden, the United States, the United Kingdom), financiers (Citi, Deutsche Bank, East Capital, Standard Chartered, Storebrand, Sumitomo Mitsui Banking Corporation) and foundations/institutional investors (the Bill & Melinda Gates Foundation, the Danish Investment Fund for Developing Countries, the Development Bank of South Africa, the International Finance Corporation, PKA, PensionDanmark and the Senegal Sovereign Wealth Fund). The World Economic Forum and OECD provide institutional support. The meeting of inaugural partners in September 2015 was a success and confirmed the positive outlook. Convergence will go live in early 2016.

The workflow is overseen by the Global Agenda Trustees, a group of 20 to 30 senior public and private sector representatives who provide strategic guidance and feedback twice a year, of which one interaction takes place under the Infrastructure Investment Summit banner at the World Economic Forum Annual Meeting in Davos-Klosters.


World Economic Forum Annual Meeting 2016 – Governors Meeting for Infrastructure & Urban Development Industries


This year’s programme for the Governors Meeting for Infrastructure & Urban Development Industries will include a joint session on PACI Vanguard with PACI members, IU Governors leadership and IU Governors policy-makers.

The IU Governors Policy-Makers Meeting will split in two parallel sessions: one focusing on real estate/urban development and the other on engineering & construction/infrastructure. In each session, Governors and experts from outside

the industry will exchange perspectives on disruptive trends and will look at actions that policy-makers must adopt to put the industry on the right track to foster innovation and better adapt to disruptive business models. In the IU Governors Leadership Meeting, the Governors will agree on the areas on which the community should focus in 2016 and the projects and industry-related activities that the World Economic Forum will undertake throughout the year.


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Infrastructure & Urban Development Industries


Governors

Mohamed Alabbar, Chairman, Emaar Properties PJSC, United Arab EmiratesTeruo Asada, Chairman of the Board, Marubeni Corporation, JapanJohn M. Beck, Chairman and Chief Executive Officer, Aecon Group, CanadaSamir Brikho, Chief Executive Officer, Amec, United KingdomNeil Alexander Bruce, President and Chief Executive Officer, SNC-Lavalin Group, CanadaLuis Castilla, Chief Executive Officer, Acciona Infrastructure, Water and Services, Acciona, SpainJean Louis Chaussade, Chief Executive Officer, Suez Environment, FranceNiels B. Christiansen, President Chief Executive Officer, Danfoss, DenmarkAliko Dangote, President and Chief Executive Officer, Dangote Group, NigeriaThomas DeRosa, Chief Executive Officer, Welltower, USADouglas Durst, Chairman, The Durst Organisation, USAColin Dyer, President and Chief Executive Officer, JLL, USA Martin Eurnekian, Director and Member of the Board, Corporacion America, UruguayAntoine Frérot, Chief Executive Officer, Veolia Environment, FranceYoshiaki Fujimori, President and Chief Executive Officer, LIXIL Group Corporation, JapanMichel Giannuzzi, Chief Executive Officer, Tarkett, FranceBalkrishan Goenka, Chairman, Welspun Corp., IndiaBarry M. Gosin, Chief Executive Officer, Newmark Grubb Knight Frank, USAAjit Gulabchand, Chairman and Managing Director, Hindustan Construction Company, IndiaGregory Hodkinson, Chairman, Arup Group, United KingdomGeorge Kwok Lung Hongchoy, Executive Director and Chief Executive Officer, Link Real Estate Investment Trust, Hong Kong SARJoe Kaeser, President and Chief Executive Officer, Siemens AG, GermanyTravis Kalanick, Chief Executive Officer and Co-Founder, Uber, USAJohan Karlström, President and Chief Executive Officer, Skanska AB, SwedenSamer S. Khoury, President, Engineering and Construction, Consolidated Contractors Company (CCC), Greece Klaus Kleinfeld, Chairman and Chief Executive Officer, Alcoa, USAUwe Krüger, Chief Executive Officer, WS Atkins, United KingdomPeter S. Lowy, Co-Chief Executive Officer, Westfield Corporation, USA Manoj Menda, Corporate Vice-Chairman, RMZ Corp., IndiaMasashi Muromachi, Chairman of the Board, Toshiba Corporation, JapanHiroaki Nakanishi, Chairman and Chief Executive Officer, Hitachi, Japan Doug Oberhelman, Chairman and Chief Executive Officer, Caterpillar Inc., USAHideaki Omiya, Chairman of the Board, Mitsubishi Heavy Industries, JapanHenry Ross Perot, Chairman of the Board, The Perot Companies, USAAtul Punj, Chairman, Punj Lloyd, IndiaG. M. Rao, Group Chairman, GMR Group, IndiaFahd Al Rasheed, Chief Executive Officer, Emaar Economic City, Saudi ArabiaJudith Rodin, President, The Rockefeller Foundation, USAMu’taz El Sawwaf, Vice-Chairman of the Board and Chair of the Executive Committee, Construction Products Holding Company (CPC), Saudi ArabiaDavid T. Seaton, Chairman and Chief Executive Officer, Fluor Corporation, USAUlrich Spiesshofer, President and Chief Executive Officer, ABB, SwitzerlandJean-Pascal Tricoire, Chairman and Chief Executive Officer, Schneider Electric, FranceShingo Tsuji, President and Chief Executive Officer, Mori Building Company, JapanKapil Wadhawan, Chairman, Rajesh Wadhawan Group, IndiaWang Jianlin, Chairman, Dalian Wanda Group, People’s Republic of ChinaSandra Wu Wen-Hsiu, Chairperson and Chief Executive Officer, Kokusai Kogyo Co., Japan

Global Agenda Council on the Future of Real Estate & Urbanization

Taffy Adler, Director, Revitalization Programme, University of the Witwatersrand, South AfricaNajla Alshirawi, Deputy Chief Executive Officer and Chief Operating Officer, Securities & Investment Company BSC (SICO), Bahrain

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Marilyne Andersen, Professor, Sustainable Construction Technologies and Dean, School of Architecture, Civil and Environmental Engineering (ENAC), Ecole Polytechnique Fédérale de Lausanne (EPFL), SwitzerlandMárcio Araujo Lacerda, Mayor of Belo Horizonte, City Of Belo Horizonte, BrazilNicholas Brooke, Chairman, Harbourfront Commission, Hong Kong SARJane Burston, Head, Climate and Environment, National Physical Laboratory (NPL), United KingdomKoon Hean Cheong, Chief Executive Officer, Housing and Development Board of Singapore, SingaporeYongheng Deng, Provost’s Chair Professor and Director, Institute of Real Estate Studies, National University of Singapore, SingaporeJacques Gordon, Global Investment Strategist, LaSalle Investment Management, USAA. Barry Hirschfeld (Vice-Chair), President and Chief Executive Officer, AIP Healthcare Japan GK, JapanPer-Ola Karlsson, Senior Vice-President, Strategy&, United Arab EmiratesPeter Lacy, Global Managing Director, Accenture Strategy, Accenture, United KingdomKent Larson, Director, City Science Initiative, MIT Media Lab, Massachusetts Institute of Technology (MIT), USAColin Lizieri (Chair), Grosvenor Professor of Real Estate Finance, University of Cambridge, United KingdomPatrick McAllister, Professor, School of Real Estate and Planning, University of Reading, United KingdomEliane Monetti, Professor, Construction Engineering Department, University of São Paulo, BrazilHenry Ross Perot, Chairman of the Board, The Perot Companies, USAKen Rosen, Chairman, Fisher Center for Real Estate and Urban Economics and Professor Emeritus, University of California, Berkeley, USADylan E. Taylor, President and Chief Operating Officer, Colliers International, USALynn Thurber, Chairman, ULI-the Urban Land Institute, USASteven Wechsler, Chief Executive Officer, NAREIT - National Association of Real Estate Investment Trusts, USA

Global Agenda Council on the Future of Cities

Rob Adams, Director, City Design, City of MelbourneChan Heng-Chee, Chairman, Lee Kuan Yew Centre for Innovative Cities, Singapore University of Technology and Design (SUTD)Gretchen Effgen, Vice-President, Business Development, coUrbanizeRosemary Feenan, International Director of Global Research Programmes, JLLAbha Joshi-Ghani, Director, Knowledge and Learning, World BankMary Keeling, Manager, Economic Analysis, Smarter Cities, IBMLi Tie, Director-General, China Center for Urban DevelopmentManoj Menda, Corporate Vice-Chairman, RMZ Corp.Anil Menon (Vice-Chair), President, Smart+Connected Communities and Deputy Chief Globalization Officer, Cisco Systems (India)Toshiko Mori, Robert P. Hubbard Professor in the Practice of Architecture, Harvard University Graduate School of DesignAdele Naudé Santos, Architect, Urban Designer and Dean, MIT, School of Architecture and PlanningJuan Jose Pocaterra, Co-Founder and Business Director, ViKuaCarlo Ratti (Chair), Director, SENSEable City Laboratory, MIT - Department of Urban Studies and PlanningDaan Roosegaarde, Artist, Studio RoosegaardeÍñigo de la Serna, Mayor of SantanderJens Martin Skibsted, Founding Partner, Skibsted IdeationMalek Sukkar, Chief Executive Officer, AverdaAnthony Townsend, Senior Research Scientist, Rudin Center for Transportation Policy and Management, New York UniversityFleming Voetmann, Head, Public Affairs and Leadership Communication, DanfossLinar Yakupov, Chief Executive, Tatarstan Investment Development Agency

Shaping the Future of Real Estate

Steering Committee

Reza Amirkhalili, President and Managing Director, Faithful+Gould North America, WS Atkins, USACharles Biele, Chief Executive Officer, Residential Development, Emaar Economic City, Saudi ArabiaChristelle Bron, Executive Managing Director, Newmark Grubb Knight Frank, USAJack Chandler, Managing Director and Chairman, Global Real Estate business, BlackRock, USADeepak Chhabria, Managing Director, Finance, RMZ Corp., IndiaDouglas Durst, Chairman, The Durst Organization, USAColin Dyer (Project Champion), President and Chief Executive Officer, JLL, USARosemary Feenan, Director, Global Research Programmes, JLL, United KingdomSaeid Garebaglow, Vice-President, Corporate Real Estate, Faithful+Gould, WS Atkins, USA


Barry M. Gosin (Project Champion), Chief Executive Officer, Newmark Grubb Knight Frank, USAWalter de Luna, Chief Executive Officer, Real Estate, Acciona, SpainManoj Menda, Corporate Vice-Chairman, RMZ Corp., IndiaBeth Mlynarczyk, Vice-President, Policy and Strategy, Two Harbors Investment, USALuis Moreno Salas, Director, Strategy and Business Development, Acciona Inmobiliaria, Acciona, SpainMarshall O’Moore, Director, Newmark Grubb Knight Frank, USADouglas L. Peterson, President and Chief Executive Officer, McGraw Hill Financial, USATodd Platt, Chief Executive Officer, Hillwood, USAFahd Rasheed, Chief Executive Officer, Emaar Economic City, Saudi ArabiaDavid Rees, Regional Director and Head, Research & Consulting - Australia, JLL, AustraliaPaul Sheard, Chief Global Economist and Head, Global Economics and Research, Standard & Poor’s Ratings Services, USAColin Teichholtz, Partner and Senior Portfolio Manager, Pine River Capital Management LP, USAMaureen Welch, Project Manager, Newmark Grubb Knight Frank, USA

Advisory Committee

Mahmoud Hesham El Burai, Chief Executive Officer, Dubai Real Estate Institute, Dubailand, United Arab EmiratesYongheng Deng, Provost’s Chair Professor and Director, Institute of Real Estate Studies, National University of Singapore, SingaporeLuci Ellis, Head, Financial Stability Department, Reserve Bank of Australia, AustraliaNuno Fernandes, Professor of Finance, Director of the Strategic Finance Program, IMD International, SwitzerlandSteven R. Grenadier, William F. Sharpe Professor of Financial Economics, Stanford Graduate School of Business, USAErkki Liikanen, Governor of the Bank of Finland/Suomen Pankki, FinlandColin Lizieri, Grosvenor Professor of Real Estate Finance, University of Cambridge, United KingdomPrakash Loungani, Adviser, Research Department, International Monetary Fund (IMF), Washington DCKiyohiko G. Nishimura, Dean, Graduate School of Economics, University of Tokyo, JapanEwald Nowotny, Governor of the Austrian National Bank (OENB), AustriaVenkatesh Panchapagesan, Professor of Finance, Head, IIMB-Century Real Estate Research Initiative, Indian Institute of Management Bangalore, IndiaAlessandro Rebucci, Assistant Professor, The Johns Hopkins Carey Business School, Johns Hopkins University, USA Ken Rosen, Chairman, Fisher Center for Real Estate and Urban Economics, and Professor Emeritus, University of California, Berkeley, USANouriel Roubini, Professor of Economics and International Business, Leonard N. Stern School, New York University, USASimon Rubinsohn, Chief Economist, Royal Institute of Chartered Surveyors (RICS), United KingdomNicholas Scarles, Group Finance Director, Grosvenor, United KingdomRobert J. Shiller, Sterling Professor of Economics, Yale University, USADidier Sornette, Professor in Entrepreneurial Risk, ETH Zurich, SwitzerlandKatja Taipalus, Head, Macroprudential Analysis, Bank of Finland/Suomen Pankki, FinlandStijn Van Nieuwerburgh, Professor of Finance, and Director, Center for Real Estate Finance Research, New York University, USASusan Wachter, Richard B. Worley Professor of Financial Management and Professor of Real Estate, The Wharton School, University of Pennsylvania, USAKo Wang, Professor and Dean’s Chair in Real Estate and Infrastructure, Johns Hopkins University, USA

PACI / IU Phase II – Building Foundations for Transparency

Steering Committee

Tony Awad, Corporate Ethics Compliance Officer, Consolidated Contractors Company (CCC), GreeceLaurence Bates, Chief Legal Officer, LIXIL Group Corporation, JapanJohn M. Beck, Executive Chairman, Aecon Group Inc., CanadaDeepak Chhabria, Managing Director, Finance, RMZ Corp., IndiaJeanne Cranford, Senior Managing Director, Newmark Grubb Knight Frank, USADiane De Saint Victor, General Counsel and Company Secretary, Member of the Executive Committee, ABB Ltd, SwitzerlandDouglas Durst, Chairman, The Durst Organization, USAKen B. Graversen, Officer, Corporate Ethics and Compliance, Danfoss A/S, DenmarkAjit Gulabchand, Chairman and Managing Director, Hindustan Construction Company Ltd, IndiaGregory Hodkinson, Chairman, Arup Group Ltd, UKCarlos Moreira, Chairman, Chief Executive Officer and Founder, WISeKey, SwitzerlandRaja Nahas, Executive Manager, Corporate Office, Construction Products Holding Company (CPC), Saudi ArabiaMark Ohringer, General Counsel and Corporate Secretary, JLL, USAAnne Randall, Chief Compliance Officer, WS Atkins Plc, UK



Susan Ringler, Vice President and Chief Ethics and Compliance Officer, Alcoa Inc., USADaniel Trujillo, Senior Vice President, Chief Ethics & Compliance Officer – International, Wal-Mart Stores Inc., USALee Charles Tashjian, Special Assistant to the Chairman and Chief Executive Officer, Fluor Corporation, USAJon Vacarro, Chief Executive Officer, Cantor Real Estate, USASabine Zindera, Vice-President, Legal and Compliance, Siemens AG, Germany

Advisory Committee

Gemma Aiolfi, Head, Corporate Governance, Compliance and Collective Action, Basel Institute on Governance, SwitzerlandYetunde Allen, Chief Executive Officer, Clean Business Practice Initiative, NigeriaAbdullah Al-Nimri, Secretary General, Saafah Foundation, Saudi ArabiaNorman Anderson, President and Chief Executive Officer, CG/LA Infrastructure, USAJacqueline Beckett, Founder, Beckett Ethics & Compliance, USASusan Cote-Freeman, Transparency International, GermanyJan V. Dauman, Chairman- Advisory Council, International Business Leaders Forum, UKMahmoud El Burai , Chief Executive Officer, Dubai Real Estate Institute, United Arab EmiratesBlair Glencorse, Founder and Executive Director, Accountability lab, USARobert Klitgaard, University Professor, Claremont Graduate University, USAVasilis Koulolias, Director, eGovlab, Stockholm University, SwedenDouglas Krone, Chief Executive Officer, Dynamism, USAWilliam S. Laufer, Associate Professor of Legal Studies and Sociology, The Wharton School, University of Pennsylvania, USAEmanuel Macedo de Medeiros, Chief Executive, ICSS Europe, UKPetter Matthews, Director, CoST, UKGalina Mikhlin-Oliver, Director Operations and Strategy, The World Bank, USAAndreas Pohlmann, Partner, Pohlmann & Company, GermanySushanta Sen, Principal Advisor, Confederation of Indian Industry (CII), IndiaPranjal Sharma, Consulting Editor, Consulting Editor, Businessworld, IndiaNeville Tiffen, Principal, Neville Tiffen & Associates, AustraliaEnrico Vink, Managing Director, FIDIC, Switzerland

The Global Challenge on Infrastructure, Long-Term Investing and Development

Trustees

John Beck, Executive Chairman, Aecon Group, CanadaGordon Brown, Chair, World Economic Forum Global Strategic Infrastructure Initiative United KingdomPatrick Khulekani Dlamini, Chief Executive Officer and Managing Director, DBSA, South AfricaMajid Jafar, Chief Executive Officer, Crescent Group, United Arab Emirates Uwe Krüger, Chief Executive Officer, WS Atkins, United KingdomMichel M. Liès, Group Chief Executive Officer, Swiss Re, Switzerland Arif M Naqvi, Founder and Group Chief Executive, The Abraaj Group, United Arab Emirates Doug L. Peterson, President and Chief Executive Officer, McGraw Hill Financial, USAMichael Sabia, President and Chief Executive Officer, Caisse de dépôt et placement du Québec, Canada Daniel Truell, Chief Investment Officer, The Wellcome Trust, United Kingdom

Global Agenda Council on Infrastructure

Norman Anderson, President and Chief Executive Officer, CG/LA Infrastructure, USASolomon Asamoah, Vice-President, Infrastructure, Private Sector and Regional Integration, African Development Bank (AfDB), Cote d’Ivoire Amer Baig, Adviser to the Managing Director and World Bank Group Chief Financial Officer, World Bank, USAGordon Brown, Chair and Adviser, Global Strategic Infrastructure Initiative, Member of UK ParliamentPeter Chamley, Director: Chair, Global Infrastructure Practice, Arup Group, United KingdomEdwin Charnaud, Managing Director and Chairman, Global Infrastructure Practice and Managing Director, Private Equity and M&A Practice, EMEA, Marsh & McLennan Companies, United KingdomMatthew Farnum-Schneider, Chairman, Global Infrastructure Investor Association, United KingdomGuido Fuerer, Group Chief Investment Officer and Member of the Executive Committee, Swiss Re, Switzerland Reuben Jeffery, Chief Executive Officer, Rockefeller & Co., USA Rashad R. Kaldany (Vice-Chair), Executive Vice-President, Growth Markets, Caisse de dépôt et placement du Québec, CanadaSamer S. Khoury, President, Engineering and Construction, Consolidated Contractors Company (CCC), GreeceSpencer Lake, Group General Manager; Global Head, Capital Financing, HSBC Bank, United KingdomThomas Maier (Chair), Managing Director, Infrastructure, European Bank for Reconstruction and Development United Kingdom



Paul Moy, Global Head, Infrastructure and Private Equity, UBS Global Asset Management, United KingdomJulia Prescot, Chief Strategy Officer, Meridiam Infrastructure, France Robert Prieto, Senior Vice-President, Fluor Corporation, USAJames Stewart, Chairman, Global Infrastructure, KPMG, United KingdomRamesh Subramaniam, Director-General, Operations Service and Financial Management Department (OSFMD) Asian Development Bank,PhilippinesHélcio Tokeshi, Managing Director, Infrastructure Investments, GP Investments, BrazilSandra Wu Wen-Hsiu, Chairperson and Chief Executive Officer, Kokusai Kogyo, JapanDeborah Zurkow, Chief Investment Officer and Head, Infrastructure Debt, Allianz Global Investors United Kingdom

Shaping the Future of Urban Development and Services

Steering Board

Chris Bilton, Director, Research and Technology, BT, United Kingdom Ton Büchner, Chief Executive Officer and Chairman of the Board of Management, AkzoNobel, Netherlands Roland Busch, Member of the Managing Board, Siemens, Germany Niels B. Christiansen, President and Chief Executive Officer, Danfoss, Denmark Abha Joshi Ghani, Director, Knowledge, Exchange & Learning, World Bank, Washington DCMatthew Grob, Executive Vice-President and Chief Technology Officer, Qualcomm, USA Ajit Gulabchand, Chairman and Managing Director, Hindustan Construction Company, India Niklas Gustavsson, Executive Vice-President, Sustainability and Public Affairs, Volvo Group, Sweden Gregory Hodkinson (Chair), Chairman, Arup Group, United Kingdom Hiroo Ichikawa, Executive Director, Mori Memorial Foundation and Board Member, Mori Building, Japan Manoj Menda, Corporate Vice-Chairman, RMZ Corp., IndiaVineet Mittal, Co-Founder and Managing Director, Welspun Energy, IndiaPan Qing, Executive Vice-President, Audi China, Audi, People’s Republic of China Jakob Riis, Executive Vice-President, China, Pacific and Marketing, Novo Nordisk, DenmarkEdward G. Skyler, Managing Director, Global Public Affairs, Citi, USASrinath Sridharan, Senior Vice-President and Head, Strategic Alliances, Rajesh Wadhawan Group, India Shoji Takenaka, Global Vice-President, Smart Community Division, Toshiba Corporation, Japan Nicola Villa, Global Head, Public Sector Internet Business Solutions Group, Cisco, Netherlands Sandra Wu Wen-Hsiu, Chairperson and Chief Executive Officer, Kokusai Kogyo Co., Japan Mats Williamson, Executive Vice-President, Skanska, Sweden

Advisory Board

Reuben Abraham, Chief Executive Officer and Senior Fellow, IDFC Institute, India Jit Bajpai, Independent Consultant and Adjunct Professor, The Earth Institute, USAEugenie Ladner Birch, Nussdorf Professor and Co-Director, Penn Institute for Urban Research, University of Pennsylvania, USARichard Burdett, Director, LSE Cities and Urban Age, London School of Economics Cities Programme, United KingdomJoan Enric Ricart Costa, Professor, IESE Business School, Spain Isabel Dedring, Deputy Mayor for Transport, City of London, United KingdomYongheng Deng, Provost’s Chair Professor and Director, Institute of Real Estate Studies, National University of Singapore, SingaporeSunil Dubey, India Ambassador, Metropolis, Australia Peter Edwards, Director, Singapore-ETH Centre, Future Cities Laboratory, ETH Zurich, SwitzerlandMiguel Ángel Mancera Espinosa, Mayor of Mexico City, MexicoJuan Herrera, Architect, Medellín City Planning Department, Strategic Projects Workshop, ColombiaJerry Hultin, Senior Presidential Fellow, New York University, USAEmani Kumar, Deputy Secretary-General, ICLEI, India Peter Madden, Chief Executive, Future Cities Catapult, United KingdomAmir Peleg, Founder and Chief Executive Officer, TaKaDu, IsraelFahd Rasheed, Chief Executive Officer, Emaar Economic City, Saudi ArabiaApril Rinne, Adviser, Sharing Economy, USASteve Weir, Vice-President, Global Programme Development and Support, Habitat for Humanity, USA

Shaping the Future of Construction

Steering CommitteeJamal Akl, Group Vice-President, Sales, Proposals and Support, Consolidated Contractors Company, GreeceMark Brown, Global Director, Fabrication, Fluor, USANeil Alexander Bruce, President and Chief Executive Officer, SNC-Lavalin Group, CanadaRoland Busch, Member of the Managing Board, Siemens, GermanyTon Büchner, Chief Executive Officer and Chairman of the Board of Management, AkzoNobel, NetherlandsLuis Castilla, Chief Executive Officer, Acciona Infrastructure, Acciona, Spain


Peter Chamley, Director: Chair, Global Infrastructure Practice, Arup Group, United KingdomNick Doherty, Executive Vice-President. Skanska, SwedenDirk Funhoff, Head, Construction Network Teams, BASF, GermanyAntoine Haddad, Vice-President, Consolidated Contractors Company, GreeceJeff Herriman, Group Director, Corporate Development, WS Atkins, United KingdomNis Jessen, Vice-President, Business Development and Strategy, Danfoss, DenmarkHanseul Kim, Director and Head, Corporate Initiative Group, Lixil, JapanCharles Mouzannar, President, Construction and Specialty Consulting (CSC) Operating Unit, Amec Foster Wheeler, United KingdomSteve Nackan, President, Aecon Concessions, Aecon, CanadaShiba Panda, Managing Director, Essar, IndiaPatrick Le Pense, Manager, Flat Products, ArcelorMittal, FranceTodd Platt, Chief Executive Officer, Hillwood Investments, Perot Group, USA

Advisory Committee

Victor Chen Chuan, Professor of Engineering Management, Business School, Sichuan University, People’s Republic of ChinaJames Dalton, Chief, Engineering and Construction, U.S. Army Corps of Engineers, USAJuan Elizaga, President, European Network of Construction Companies for Research and Development (ENCORD), SpainBent Flyvbjerg, BT Professor and Chair of Major Programme Management, Oxford University, United KingdomTimothy Geer, Director, Public Sector Partnerships, WWF International, SwitzerlandTiago Guerra, Founder and Managing Partner, TG International Manager, SpainShervin Hagsheno, Professor of the Department of Civil Engineering, Geo- and Environmental Sciences, Karlsruhe Institute of Technology, GermanyGeoffrey Hamilton, Senior Economic Affairs Officer, United Nations Economic Commission for Europe (UNECE), GenevaFranziska Hasselmann, Director of Studies CAS MIA, Institute of Accounting, Control and Auditing, University of St Gallen, SwitzerlandFiona Murie, Global Director, Health and Safety and Construction, Building and Wood Worker’s International (BWI), SwitzerlandIbrahim Odeh, Director, Research and Founder, Global Leaders in Construction Management (Research Group), Columbia University, USAAris Pantelias, Lecturer and Course Director, MSc Infrastructure Investment and Finance, The Bartlett School of Construction & Project Management, University College London, United KingdomSpiro Pollalis, Professor of Design, Technology and Management, Harvard Design School; Director of the Zofnass Program for Infrastructure Sustainability, USANorbert Pralle, Vice-President, European Network of Construction Companies for Research and Development (ENCORD), GermanyAaaron B. Schwarz, Managing Director, Plan A Architecture + Design, USADouglas Stollery, Stollery Charitable Foundation, USAJan van Schoonhoven, Senior Advisor, PPP and International Relations to the Netherlands Government, NetherlandsEnrico Vink, Managing Director, International Federation of Consulting Engineers (FIDIC), SwitzerlandEdmundo Werna, Senior Specialist, International Labour Organization (ILO), GenevaJames X. Zhan, Director, Investment and Enterprise, United Nations Conference on Trade and Development (UNCTAD), Geneva


Contact Information

Contact Information

The Infrastructure & Urban Development Industries aim to serve as a forward-thinking, valuable and internationally recognized partner for all stakeholders involved in infrastructure and urban development. In addition, it seeks to shape the sector’s agenda, creating unparalleled opportunities to convene leaders, raise global awareness, conceive frameworks and prepare workable recommendations in the context of improving the state of the world.

Pedro Rodrigues de AlmeidaHead of Basic IndustriesHead of Infrastructure & Urban Development IndustriesMember of the Executive CommitteeWorld Economic Forum Tel.: +41 (0)22 869 3613Mob. +41 (0)79 593 7033Email: [email protected]

Michael Max BüehlerPractice LeadReal Estate Infrastructure & Urban Development IndustriesWorld Economic Forum Tel.: +41 (0)22 869 1327Mob: +41 (0)79 590 2744Email: [email protected]

Manuel Zafra SolasPractice Lead Engineering and Construction Infrastructure & Urban Development Industries World Economic Forum Tel.: +41 (0)22 869 3857Mob: +41 (0)79 590 2744Email: [email protected]

Alice CharlesLeadUrban Development Infrastructure & Urban Development IndustriesGlobal Leadership FellowWorld Economic Forum Tel.: +41 (0)22 869 3667Mob: +41 (0)79 590 2744Email: [email protected]

Kayo HiranoCommunity LeadInfrastructure & Urban Development IndustriesGlobal Leadership Fellow World Economic Forum Tel.: +41 (0)22 869 1234Fax: +41 (0)22 786 2744Email: [email protected]

Lauren SilveiraProject Specialist,Partnering Against Corruption InitiativeWorld Economic Forum Tel.: +41 (0)22 869 3521Fax: +41 (0)22 786 2744Email: [email protected]

Andreas RenzProject Manager Shaping the Future of ConstructionInfrastructure & Urban Development IndustriesWorld Economic Forum Tel.: +41 (0)22 869 1212Fax: +41 (0)22 786 2744Email: [email protected]

Shamik JoshiProject Manager, Shaping the Future of Urban Development and ServicesInfrastructure & Urban Development Industries World Economic Forum Tel.: +41 (0)22 869 1313Fax: +41 (0)22 786 2744Email: [email protected]

Samuel RohrProject Manager, PACI Vanguard / IUInfrastructure & Urban Development IndustriesWorld Economic Forum Tel.: +41 (0)22 869 1297Fax: +41 (0)22 786 2744Email: [email protected]

Carla SequeiraCommunity CoordinatorBasic IndustriesWorld Economic Forum Tel.: +41 (0)22 869 1258Fax: +41 (0)22 786 2744Email: [email protected]

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The World Economic Forum, committed to improving the state of the world, is the International Organization for Public-Private Cooperation. The Forum engages the foremost political, business and other leaders of society to shape global, regional and industry agendas.

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