Burj Dubai, the world's tallest tower, started at the height of the economic boom and was built by some 12,000 laborersDUBAI (Agencies)
Dubai's Burj Khalifa tower, the new tallest building in the world, is 828 metres tall, it was revealed on Monday at the skyscraper's official opening in the Gulf emirate.
Sheikh Mohammad unveiled a plaque and gave a brief speech during which he renamed the building the "Burj Khalifa," after the United Arab Emirates president, Sheikh Khalifa bin Zayed al-Nahayan.
Many say the edifice, believed to have cost $1.5 billion to build, is an architectural marvel.
Started at the height of the economic boom and built by some 12,000 laborers, Burj Khalifa tower, whose opening has been delayed twice since construction began in 2004, marked another milestone for the deeply indebted emirate with a penchant for seeking new records.
Dubai's Emaar Properties said on Monday the final cost of the world's tallest tower stood at $1.5 billion, with 90 percent of the building already sold, and that it would benefit 2010 results.
Chairman Mohamed Alabbar, who held a media briefing on Monday for the opening of the skyscraper, said the Burj Dubai opening would have a positive impact on the first three quarters of 2010.
Dubai, one of seven members of the United Arab Emirates, gained a reputation for excess with the creation of man-made islands shaped like palms and an indoor ski slope in the desert.
With investor confidence in Dubai badly bruised by the emirate's announcement in November that it would seek a debt standstill for one of its largest conglomerates, the Burj Dubai is seen as a positive start to the year after a bleak 2009.
The tower's height was kept a closely guarded secret until the opening, when it was revealed to stand at 828 meters (2,716.5 feet).
Experts believe Dubai's recent financial troubles have not hurt sales of approximately 1,100 residential units in the Burj -- meaning tower in Arabic -- saying they were nearly all sold.
Dubai's real estate sector crashed at the end of 2008 when the global financial crisis hit the emirate after a six-year economic boom. Thousands of jobs were slashed and projects worth billions of dollars were cancelled or delayed.
With analysts suggesting tax-free Dubai might sell some of its assets to boost revenues and slash $80 billion in debt, many wondered if the tower was on the list for grabs.
In December, the emirate received a $10 billion lifeline from neighboring Abu Dhabi to repay a $4.1 billion bond for Nakheel, a property arm of indebted Dubai World, and other obligations.
Dubai's Burj Khalifa tower, the new tallest building in the world, is 828 metres tall, it was revealed on Monday at the skyscraper's official opening in the Gulf emirate.
Sheikh Mohammad unveiled a plaque and gave a brief speech during which he renamed the building the "Burj Khalifa," after the United Arab Emirates president, Sheikh Khalifa bin Zayed al-Nahayan.
Many say the edifice, believed to have cost $1.5 billion to build, is an architectural marvel.
Started at the height of the economic boom and built by some 12,000 laborers, Burj Khalifa tower, whose opening has been delayed twice since construction began in 2004, marked another milestone for the deeply indebted emirate with a penchant for seeking new records.
Dubai's Emaar Properties said on Monday the final cost of the world's tallest tower stood at $1.5 billion, with 90 percent of the building already sold, and that it would benefit 2010 results.
Chairman Mohamed Alabbar, who held a media briefing on Monday for the opening of the skyscraper, said the Burj Dubai opening would have a positive impact on the first three quarters of 2010.
Dubai, one of seven members of the United Arab Emirates, gained a reputation for excess with the creation of man-made islands shaped like palms and an indoor ski slope in the desert.
With investor confidence in Dubai badly bruised by the emirate's announcement in November that it would seek a debt standstill for one of its largest conglomerates, the Burj Dubai is seen as a positive start to the year after a bleak 2009.
The tower's height was kept a closely guarded secret until the opening, when it was revealed to stand at 828 meters (2,716.5 feet).
Experts believe Dubai's recent financial troubles have not hurt sales of approximately 1,100 residential units in the Burj -- meaning tower in Arabic -- saying they were nearly all sold.
Dubai's real estate sector crashed at the end of 2008 when the global financial crisis hit the emirate after a six-year economic boom. Thousands of jobs were slashed and projects worth billions of dollars were cancelled or delayed.
With analysts suggesting tax-free Dubai might sell some of its assets to boost revenues and slash $80 billion in debt, many wondered if the tower was on the list for grabs.
In December, the emirate received a $10 billion lifeline from neighboring Abu Dhabi to repay a $4.1 billion bond for Nakheel, a property arm of indebted Dubai World, and other obligations.
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