Dubai to Open World's Tallest Building
Dubai is set to open the world’s tallest building on Monday, less than a month after receiving billions of dollars from neighboring Abu Dhabi to avoid a huge loan default.
Dubai’s ruler will preside over the opening ceremony for the Burj Dubai, Arabic for Dubai Tower, which has been under construction since 2004.
The developers will not reveal the exact height of Burj before its official debut, but it reportedly towers more than 800 meters, significantly taller than the previous record-holder, the Tapei 101 which rises 508 meters above Taiwan.
Dubai leaders hope the tapered metal and glass skyscraper will help restore investors’ confidence in the Gulf Arab emirate, which has been saddled with a mountain of debt since the collapse of its real estate sector at the end of 2008.
State-owned conglomerate Dubai World, known for its pricey and extravagant real estate projects, sent markets tumbling in November after it announced it could not repay $60 billion in loans.
Neighboring emirate Abu Dhabi came to Dubai’s rescue in December with a $10 billion aid package to help Dubai World repay some of its debt.