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Latest News

An omen for disaster

An omen for disaster

Not black cats, but skyscrapers. That’s right. Build a skyscraper and welcome a recession.

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October 13, 2009 1:29 by



We don’t need financial gurus, economic experts or complicated statistics to find out when the next recession is going to strike the world. According to a report in The Guardian, analyst Andrew Lawrence created the “Skyscraper index” in 1991, which claims that the construction of skyscrapers often signal the start of a financial crisis. Here are some examples from the report:

“The best example is the late 1920s, which saw an unprecedented skyscraper boom prior to the Great Depression. The Empire State Building, which was finished in 1929, didn’t achieve full occupancy for 40 years. Other examples include the Sears Tower in Chicago, finished in time for the Oil Crisis of 1974, and the Petronas Towers in Malaysia, which appeared after the Malaysian stock market went down the plughole in 1997. By the time Canary Wharf was finished in 1991, the London commercial property market was in recession.”

Of course, the most recent example is our very own Burj Dubai, which probably signaled off the current financial crisis. Perhaps Saudi and Nakheel should think twice before building their mile high towers; seems like the higher they go, the worse the crisis.



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4 Comments

  1. Ahadaustin on October 13, 2009 5:10 pm

    Hola, amigo!

    I thinks they gonna build Miles-high towers in Jeddah, Saudi Arabia not in Dubai, UAE ? Right…….

    Perhaps one think twice before he/she post; seems like financial crisis hit some people really tough.

    Ahadaustin

    Riyadh, Saudi Arabia

     
  2. fadi on October 15, 2009 2:06 pm

    Ahadaustin, i “thinks” you should read the article well before you comment…..they never said it will be built in dubai!

    and its a mile-high, not miles-high….i thinks you are high!

     
  3. Syed Tanveer Hussain on October 16, 2009 7:46 pm

    Its thought provoking reason.but its not limited to building a Single High tower but having a trend of sky scrappers turns into “ecnomic curse”.

    Syed Tanveer Hussain
    Jeddah -Saudi arabia

     
  4. DeniseTheMenace on October 19, 2009 10:55 am

    TO ALL (above) —–>>> Nakheel was planning mile-high “Nakheel Tower” part of their Nakheel Plaza (launched Oct-08, I recall) So the article reports correctly….Amigos, pls leave Middle East alone….there are too many latino issues in places of their majority……Gracias !!!

     

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