Burj Dubai- world’s tallest skyscraper to open
January 3, 2010 – 2:36 pmOn Monday, the world’s tallest skyscraper will open. The Burj Dubai is a landmark building in Dubai and it could make or break the fortunes of the already financially beleaguered city. With the recent downturn in economy and the collapse of Dubai economy, the Burj Dubai has been surrounded by controversy.
Sheikh Mohammed bin Rashid al Maktoum, the ruler of Dubai is hoping that the monumental structure will enhance reputation of the city and bring in more investors.
In November came news that Dubai largest government owned Corporations could not pay their debts and had to borrow money from the neighboring province of Abu Dhabi. The overall perception of Dubai has been declining and investors have become fearful of investing more money. The city is no longer seen as a role model anymore in the Arab world.
Sheikh Mohamed wants the Burj to be the highlight of Dubai and a global landmark. However, despite the optimistic thinking experts indicate that real estate prices in Dubai are going to drop even more in 2010- by as much as 30-50 percent.
Dubai is facing an $80 billion debt but Sheikh Mohamed has gone all out to make the opening of the Burj a world class event. The building is set to open tomorrow under intense security and promises to showcase a spectacular firework ceremony.
The opening of Burj Dubai is envisioned to represent Dubai as the city of gold and capitalism at its very best.
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Tags: burj dubai, dubai, skyscraper
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