Dubai Unveils The Worlds Tallest Structure

The city of Dubai got a much needed boost in the media last night. The occasion on 04 January 2010 was the unveiling of the worlds tallest building- the Burj Dubai. Sheikh Mohammad Bin Rashid Al Maktoum, the ruler of Dubai did the honors in a glitzy ceremony. As expected the media were out in full frenzy, as were more than a 1000 city dwellers. It was a festive atmosphere not unlike honoring a Hollywood icon, to which the Sheikh once compared his city. A colorful hot air balloon served as a vantage point for celebrities and journalists. The atmosphere was loud with cheers and traditional Arabic songs blared through the noise. Laser lights had been placed at different locations on the structure. Then at the penultimate moment as Sheikh Mohammad cut the ribbon, the sky was lit with a 1000 fireworks. The celebrations lasted well into the night.

With 160 storeys and a height of 828 meters (2717 feet), the Burj is twice the height of the Empire State building, once the worlds tallest structure. Moreover it is considerably higher than the next tallest structure at present, the Taipei 101. With excavations started on 04 January 2004, the Burj took six years to complete, at a cost of US$1.5 billion.

The tower, which has been renamed Burj Khalifa in honor of the ruler of Abu Dhabi, promptly recognizes the timely assistance of Abu Dhabi in dishing out US$ 25 billion to assist Dubai in meeting debt obligations. US$10 billion promptly went to Dubai World to cover its exposure on Nakheel and Limitless. Even so, the financial and economic sector of Dubai is yet to recover from the shock created by the impending crisis. The Government of Dubai also mishandled the situation, first saying that it would support Dubai World and then reneging on its promise. This led the Western world to believe that Dubai itself was in danger of bankruptcy. Though the present crisis has been averted by a meeting with creditors and a standstill for 6 months on debt of US$22 billion, the economy has still not recovered. The lackluster performance of the stock market and the tightening of credit in the financial sector are indications that Dubai is still in the doldrums. If market forces do not stop this downhill trend, pretty soon the Government of Dubai will have to artificially stimulate the economy.

The good news is that work has resumed in over 60 percent of the construction projects in Dubai previously held back due to staffing, administrative and financial difficulties. Work crews can be seen once again on the streets. People are coming to Dubai albeit cautiously as the picture of the last exodus of expatriates still looms large. But with work activity resuming, it is hoped that people will flock to this cosmopolitan city once again. There is no shortage of apartments to rent in Dubai, and many of them are being rented at affordable prices. Property such as marina hotel Dubai is still being quoted at a premium. Firms like Just Rentals specialize in Dubai property rental in this emirate. Using their expertise makes it easier to rent property in Dubai. You can register on the site and check out the services of Just Rentals Dubai, proceed to trace the latest prices of rental in Dubai on various types of property, and also look at some Dubai rental properties in the Just Rentals portfolio being advertised on the website.

About the Author:
About The Author

David Martin is a respected, well read columnist in Dubai and considered an expert on the economy and issues connected with living and working in the emirate. Expatriates like to quote him on everything from Dubai apartments to how to live the lavish lifestyle and be part of the nightlife that Dubai has to offer, otherwise considered the prerogative of the wealthy and knowledgeable.

Rent in Dubai

Article Originally Published On: http://www.articlesnatch.com

Tags: Dubai Real Estate , Dubai property , Dubai apartments , Dubai villas , Dubai properties , Dubai Rent , Rent in Dubai ,

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