Sovereign wealth funds and multinationals from the developing world will in future take the place of the western banking sector in financing and paying for major construction projects, according to consultant Turner & Townsend.

Vince Clancy, chief executive, cited clients Bharti Airtel, the Indian mobile operator, and Qatari Diar, the sovereign wealth fund-owned property company behind the Shard at London Bridge, as emblematic of the trend.