. . . and we thought the Freedom Tower was going to be tall . . .

It is always fun to preview cool architectural achievements around the world! We’ve covered everything from the world’s smallest apartment to the coolest architectural projects in the middle east (includes the then proposed-tallest building in the world) to the world’s largest building (proposed in Moscow - slated to dwarf the Pentagon).

Once again, we’ve learned of a building that is slated to make the competition cry tears of inadequacy . . .

The Daily Mail reported today that Saudi Prince al-Walid bin Talal, one of the richest men on Earth, has unveiled plans to build a tower that will be 1 mile tall (5,280 feet) in Jeddah, Saudi Arabia - dubbed the Mile-High Tower.

Photo Courtesy of The Daily Mail

This building, expected to cost £5billion ($10 billion US), if completed, will be more than twice as tall as any planned or completed skyscraper on Earth . . . talk about ambitious!

“Experts say the technical challenges are enormous. Much of the lifting will be carried out by helicopters, which will also be used as commuter transport for builders. The tower will have to be capable of withstanding a wide range of temperatures, with its top baking in the desert sun by day but dropping to well below freezing at night. To resist the strong winds prevalent in the area and stop it swaying, giving its occupants a form of high-rise seasickness, it will be fitted with a giant computer-operated damper. “

Dramamine, anyone?

The Concept

In looking into the concept a bit more, I discovered some insight from SkyScraperPage.com: “Exploring urban issues facing 21st century, The Mile High Tower offers a fresh perspective on an idea that has been debated by architects for a century”1 mile =1600 M . Exploding land values, growing populations and expanding economies are placing extraordinary burdens on many culturally rich, but land deprived Asian regions. In response to these pressures we have proposed a vertical city. In conceiving the tower as a vertical city, the design team has integrated technological, architectural and urban planning strategies into a single structure that breathes with urban complexity. The scale of the building and the scope of the program force the reevaluation of current skyscraper precedents for form, purpose, infrastructure, transportation, structure, and sustainability.”

Pay close attention to the rendering below. To the right of the tower stands a scale size Petronas Towers, one of the current leaders in tall construction . . . Petronas is dwarfed by the Saudi model!

Artist rendering below:

Mile-High Tower compared to other skyscrapers in the Middle-East:

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Tags: Architecture, dubai, Jeddah, Mile-High Tower, Prince al-Walid bin Talal, saudi arabia, skyscraper, tallest, tallest building, tower

If anyone has any doubt…and they shouldn’t…that the subprime mortgage debacle (sort of running out of ways to describe this…any suggestions?) is having an enormous impact on not only the world of real estate, but the world in general, they need to consider this sobering fact:

Citigroup today posted a $9.83 billion dollar loss for the first quarter, it’s first such quarterly loss since 1998 when the current configuration of the banking empire was created.

To raise money, Citigroup has had to hold out the tin cup to foreign investors, including Arab enterprises. So much for U.S. national security post 9/11.

Citigroup has raised 14 and a half BILLION dollars from the Kuwait Investment Authority and a Saudi Arabian prince who has long been an investor in the bank. Apparently, the house of Saud is the only house around without a mortgage problem.

A hefty amount of the raised money comes from the government of Singapore.

So let’s see–that means two Middle Eastern countries, including Saudi Arabia which contributed most of the 9/11 hijackers–will have access to all sorts of personal banking information of each and every American who does business with Citibank–social security numbers, mortgage histories, loans, credit arrangements, addresses, phone numbers, places of residence and business, number of people in your family, your entire spending history if you are a Citibank customer.

But, do remember to take your shoes off at the airport lest you encourage terrorism!

Citibank is the nation’s largest bank, by the way.

The bank is saying its capital base has been depleted by the beating it has taken on subprime mortgages.

But, there is more to this story, of course.

Citigroup also says consumers are really falling behind regular credit—credit cards, loans, that sort of thing.

That, too, is directly related to the housing mess because fewer and fewer people are able to use their homes to borrow against since the value of their homes has more than likely declined.

I don’t like making financial predictions, but, here goes: What began as a mortgage issue will soon become the worst banking fiasco in recent memory as more and more major and not so major banks post losses.

It has already started; it has only just begun. (Yes, I like that Carpenters song, too!)

subprime mortgage, real estate, Citigroup, security, 9/11, Kuwait, loans, credit, subprime

Tags: citibank, citigroup, kuwait, saudi arabia, singapore, subprime mortgage