Posted by: BayAreaComRE | January 5, 2010

Burj Dubai Opening Today

The tallest building in the world (by nearly double compared to the Tapai 101), the Burj Khalifa formerly the Burj Dubai, which stands for The Tower of Stewardship, was opened on Monday in a grand ceremony. The tower and it’s surrounding $20 billion development is the focal point of a city and region under immense public scrutiny. Dubai confessed in November, as suspected, it was having trouble paying its debts and were it not for an infusion of capital by its neighboring emirate Abu Dhabi, the province may have been in serious financial troubles.

From the WSJ:

” With Abu Dhabi’s support, Sheik Mohammed has managed to avoid financial disaster and keep his dream of making Dubai a modern, international metropolis on a par with New York, London and Hong Kong alive. The opening of the Burj Dubai is intended to symbolize that dream, according to Jim Krane, author of City of Gold: Dubai and the Dream of Capitalism.”

Remainder of the article here.

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