Why A New Skyscraper In Saudi Arabia Could Mean Doom For The Global Economy
The building in Jeddah is expected to cost $1.23 billion and stand 3,280 feet tall, according to the Saudi Gazette.
That's 568 feet taller than Dubai's Burj Khalifa.
Construction is also underway on Sky City in China, which is projected to be 2,749 feet tall. Sky City is expected to finish before the Kingdom Tower and will for a very brief period hold the title of the world's tallest building.
All of this construction has some talking of the Barclays' Skyscraper Index, which suggests that construction booms highlighted by record-breaking skyscrapers coincide with the beginning of economic downturns.
Drawing on Barclays' Skyscraper Index, we pulled 10 skyscrapers whose constructions coincided with the financial crises of their times.