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URBAN WORLD |
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All about cities and
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Global crisis stops skycraper construction |
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May 9, 2009 |
Global economic crisis strikes negative
impact on construction works and city developments in many cities of the
planet. Skyscrapers (especially supertalls) suffers the most - because
they are the most expensive development projects.
Dubai dream to create a business and entertainment oasis in the middle of
a desert can vanish as a mirage, Latvian daily newspaper "Diena" reports.
Many of city's magnificent projects have been stopped - more than 50 % of
construction sites are on hold. The kilometer-tall Nakheel Tower is one of
them.
Dubai experienced incredible growth because of massive borrowing (total
debt reaches 80 bln USD) and the development of real estate market,
tourism, commerce and finance sector. All these industries has incured
losses due to global crisis. Moreover, the price of oil has dropped from
140 USD/barrel in last year to 40 USD today and that makes the situation
even worse. Short time ago it was the world's most perspective future city
and largest construction field, but now Dubai starts to become a ghost
city. Tens of thousands of guest workers (they makes up to 80 % of Dubai
population) leaves the place. Dubai is still constructing the world's
tallest building - Burj Dubai, but the end of the Arabian dream is near.
Other major cities aren't in much better situation. In Chicago, work has
stopped at the planned 150-stories and 610 metres high Chicago Spire which
was supposed to be finished by 2012 when it would be tallest building in
Western Hemisphere and 6th tallest of the world. But after digging a
76-foot-deep (23 m) hole and sinking caissons, construction on the
twisting Spire -- inspired, its famed architect Santiago Calatrava said,
by swirling smoke from a Native American campfire -- was stalled in
January by the credit crisis that is stifling construction worldwide,
Reuters reports.
The global crisis has forced to halt some constructions in Moscow too. The
Russian capital, which started to build a great skyscraper cluster in
previous years, has stopped the construction of it's main pride - planned
612 m high Russia Tower. Even more - developers plans to seriously reduce
it's height - by 200 or even 400 metres (in that case it wouldn't be
supertall anymore). However, there are still another 5 supertalls U/C in
Moscow at the moment.
Globally, work has been halted on 142, or 11 percent, of 1,324 skyscraper
projects, including 29 of 301 U.S. projects, according to Emporis GmbH, a
German company that tracks development. Work is stalled on the five
tallest buildings on five continents.
Only country which seems to cope with the situation and continues to
develop impressive projects, is China. Many skyscrapers are under
construction in Beijing, Shanghai and other megacities of China, China
Daily reports. The leader in it's reaches to sky is Shanghai, where
construction works of 632 m high and 2.2 bln USD worth Shanghai tower are
on-going.
In the picture: Sheikh Zayed Road in
Dubai, picture by Wikimedia Commons.
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