World's tallest skyscraper

The world's tallest skyscraper opens in a blaze of glory... and it's been renamed after Arab

ruler who bailed out Dubai with $25bn












Dubai opened the world's tallest skyscraper in a glitzy ceremony this evening that was meant

to put a brave face on crushing debt woes.


The £1billion tower reaches 2,717 ft, 200 storeys into the sky, exceeding the next highest

structure by some 1,000 ft.

Dubai's ruler Sheikh Mohammed bin Rashid al-Maktoum renamed the tower Burj Khalifa after the

president of the United Arab Emirates and the ruler of the neighbouring emirate of Abu Dhabi,

Sheikh Khalifa bin Zayed al-Nahayan.

Abu Dhabi has facilitated $25 billion in bailout funds for Dubai in the past year, fuelling

expectations that Dubai will make concessions or cede some of its commercial power to its

wealthier neighbour.

Concerns about Dubai's $100-billion debt pile, which has made Dubai's stock exchange one of

the world's worst performing, overshadowed both the ceremony and boasts by the builder, Emaar

Propertie, that the Burj heralds a new dawn.









Blast off: More than 6,000 guests watched as the world's tallest skyscraper was officially

opened with a spectacular fireworks display





'The worry for Dubai is that the event will be remembered as a second bout of hubris,' said

David Butter, regional director for Middle East and North Africa at Economist Intelligence

Unit.

The first bout was in November, 2008, two months after the collapse of Lehman Bros, when Dubai

spent $24 million on the opening ceremony of the Atlantis Hotel, an event that did more to

highlight a taste for extravagance than assuage fears that the economic crisis was not being

taken seriously.

Emaar says property prices have now stabilised, confounding wider expectations for stress in

the sector.

'You have to ask, "why we are building all this?" To bring quality of life and a smile to

people and I think we should continue to do that,' said Mohamed Alabbar, chairman of Emaar,

the Arab world's largest listed developer.

'Crises come and go,' Alabbar said. 'We build for years to come ... We must have hope and

optimism.'

A number of the higher floors - up to the 160th - have been designated as office space, while

there is a restaurant on the 122nd floor and a gym, with an indoor and outdoor swimming pool,

on the 123rd floor - some 1,440 feet off the ground

The complex of apartments, offices, shops, restaurants, a mosque, gym, nightclub and Giorgio

Armani-designed hotel, was designed to the brief that residents need never leave.

Everything they could possibly need is supposedly provided.

The hotel takes up the first eight floors with suites on the 38th and 39th.
Residential apartments go up to the 108th floor – at about 1,300 feet.

A number of the higher floors – up to the 160th – have been designated as office space, while

there is a restaurant on the 122nd floor and a gym, with an indoor and outdoor swimming pool,

on the 123rd floor – some 1,440 feet off the ground.

On the 124th floor is the world's highest observation deck. The Burj Dubai is also intending

to host the world's highest nightclub – on the 143rd floor.

Spectacular: Even though many of the building's 200 storeys are unfinished, organisers are

celebrating the launch with an arsenal of fireworks

Officials insist the tower is no white elephant. It is still the 'jewel in the gulf', a

spokesman said.

'It is the tallest building in the world and the first of its kind,' he said. 'From inside it

looks like a Porsche if you want to talk about luxury.'

Thousands are said to have been rushed in over the weekend in a desperate push to complete the

job.

And in response to the increasing terrorist threat throughout the world - such as those on the

World Trade Center, the bombings in London and the attempted detonation of an explosive on a

plane in Detroit on Christmas Day
- the Burj has in-built 'refuge floors', situated at 25 to 30 storey intervals that are more

fire resistant and have separate air supplies in case of emergency.

Greg Sang, Emaar's director of projects, said:'It's a lot more robust. A plane won't be able

to slice through the Burj like it did through the steel columns of the World Trade Center.'


Guests watched in awe at the opening ceremony, which took place despite the building not yet

being finished inside


The Burj was designed to show off Dubai's new wealth and industrial might

Over the last three decades Dubai has witnessed a massive surge in cash.
Developers backed by new money invested heavily - turning the once struggling desert city into

a sprawling metropolis of lights and plush buildings.

The city is now dealing with a real estate crash as the borrowed money needed to make the

Dubai dream come true continues dries up.

While development still surged forward at the Burj Khalifa, it was made possible only by

gigantic billion dollar bailouts from rich United Arab Emirates cousin Abu Dhabi.

And on the day of its official completion, interested parties face further problems. All of

the apartments are said to have been sold but its still a mystery who will eventually move in.

There is also said to be little interest in new Dubai office space. Developers still say that

their vision will come true.

But as the city celebrates, the building is mainly vacant and could leave officials red-faced

on Monday.

Even though many of the building's 200 stories are unfinished, organisers are celebrating the

launch with an arsenal of fireworks.

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