DUBAI, United Arab Emirates – Dubai opened the world's tallest skyscraper Monday in a blaze of fireworks, then added a final flourish: It renamed the half-mile-high tower for the head of neighboring Abu Dhabi, whose billions bailed out Dubai amid last year's financial crisis.
Long known as Burj Dubai — Arabic for "Dubai Tower" — the building rises 2,717 feet (828 meters) from the desert. The $1.5 billion "vertical city" of luxury apartments and offices and a hotel designed by Giorgio Armani also plans to have the world's highest mosque (158th floor) and swimming pool (76th floor).
Its backers wanted the skyscraper to be a monument to the boundless, can-do spirit of Dubai — one of a federation of seven small sheikdoms that make up the United Arab Emirates — but the timing could not be worse. Property prices in parts of Dubai collapsed by nearly half in the past year, the result of easy credit and overbuilding during a real estate bubble that has since burst.
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