| 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 2717 ft, 200 storeys into the sky, exceeding the next highest structure by some 1000 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. |
