Monday, February 08, 2010: 02:51:27 PM

Global News

Burj Khalifa, the World’s Tallest Manmade Structure Opens in Dubai

The world’s tallest building was recently inaugurated in Dubai. The 818-m tall structure has been developed by Emaar, Dubai’s state-owned developer, with a capital investment of $1.5 billion. Built entirely of glass, concrete and steel, the structure will accommodate around 12,000 people. The 160 storey building will house the world’s highest mosque. Though officially opened, the building is not yet completely finished, with work still underway in offices and apartments. However, with its completion timeline nearing, the developers are hopeful the the building will have an effect on rejuvenating the current economic condition of the emirate.

Last year, Abu Dhabi bailed out the failing real estate business in Dubai by lending $24 billion. This happened after Dubai World, the state developer of most of Dubai’s infrastructure and real estate projects, put a hold on paying back tranches of around $60 billion in debt. Thus, considering the previous year’s scenario, speculations were high about the role of Burj Dubai in the real estate of the region, despite its impressive guest list.

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