The world's tallest skyscraper was unveiled Monday in Dubai. Not exactly the best time to debuting such a structure, especially with the world's bleak financial atmosphere, but then again Dubai has never been a destination known for its modesty.
The Burj Khalifa, which is the hotel's full name, scrapes the sky at roughly an impressive 2,700 feet. The exact height of the Burj was kept top secret until it was opened Monday by developer Emaar Properties. A massive audience of thousands gathered around the massive building for its grand opening.
At about $1.5 billion US to build, that translates to about $9 million US per floor to construct. When the Burj first started selling apartments in the building they sold for nearly $2,000 US per square foot. But due to a worldwide financial disaster, you could get an apartment at the new Dubai property for half price.
The economic meltdown forced the owners of the Burj to ask Abu Dhabi for about $25 billion US in bailout loans to pay off debt they had amassed. As of this post, nearly 90 percent of the Burj has been sold. The building was named in honor of the ruler of Abu Dhabi and the president of the United Arab Emirates, Sheik Khalifa bin Zayed Al Nahyan.
Source: Associated Press