Arab Spring Turmoil Cuts Into Zaha Hadid’s Profits

Frank Gehry‘s Guggenheim and Jean Nouvel‘s Louvre, both in Abu Dhabi, haven’t been the only high-profile Middle Eastern projects placed on shaky ground due to the recent turmoil in the region. The Guardian is reporting that internationally-renowned architect Zaha Hadid has seen her firm’s profits cut by more than half because of the Arab Spring. Despite news like her winning the Stirling Prize for the second year in a row, and landing commissions like being included among starchitects who have built a parking garage in Miami, to even her inclusion in the Sunday Times‘ annual “Rich List,” the paper reports that the number of projects that have been put on hold due to the Arab Spring turmoil have taken “a toll on the financial position of her firm.” How bad is it? There have been 76 people laid off and “before tax slumped to £1.8m in the year to 30 April 2011 from £4.1m the year before.” While we’re certain things aren’t teetering on the brink for the celebrated architect, it certainly must be making things a bit more tricky in an already struggling industry.



Publish date: February 9, 2012 https://dev.adweek.com/digital/arab-spring-cuts-substantially-into-zaha-hadids-profits/ © 2020 Adweek, LLC. - All Rights Reserved and NOT FOR REPRINT
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