Word of Dubai’s financial troubles in the construction of the world’s tallest building shook international investors in the booming metropolis, but worries did not halt the completion of the project. Today Dubai opens the world's tallest skyscraper, transferring the attention from the nation’s dubious financial crisis to the international optimism once directed toward the expanding U of E.
The 160-story tower, which extends more than a half mile in the air, or 800 plus meters according to the developer, attracted crowds of thousands both local and international.
Dubai’s ruler placed a plaque at the base of the building in recognition of the completion of the $1.5 billion vertical city complete with luxury apartment, offices, four swimming pools, a library and an Armani designed hotel.
The celebration for the tower includes fireworks and a light show; however, the whole project is less light hearted.
Dubai’s reliance on cheap loans led the nation to over extend themselves and forced them to accept aid from neighboring nation Abu Dhabi when they were unable to begin repaying debts.
The completion of the tower is thought to be a double edged sword, in one sense breaking records and representing the penultimate in the city’s transformation from a tired village to a booming capital, but also representative of unfulfilled expectations for the city. Much of the surrounding area has been over developed with housing and office spaces still left empty. Many hope the novelty of the tower will help it meet a different rate than surrounding developments and reignite enthusiasm for investment in Dubai.
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