Dubai’s New Tower Rises as Finances Sink

Dubai’s New Tower Rises as Finances Sink

Photo from Picasa

Photo from Picasa

An Amazing Sight to See

The ever evolving emirate of Dubai is altering its landscape once again. According to an Associated Press article (See: http://finance.yahoo.com/news/Dubai-opens-halfmilehigh-apf-1107781099.html?x=0), the world’s tallest skyscraper was formally opened on Monday. In typical sensational Dubai style, the building was presented amid a spectacular showering of 10,000 fireworks. The structure is an astounding 2717 feet high and boasts lavish apartments, high-end office spaces and a Giorgio Armani-designed hotel. Resembling a sort of space shuttle, this monstrous steel and glass construction required 1.5 billion dollars to complete. Once financially gainful, Dubai has become deeply in debt. Even amid all of this apparent opulence, there are financial difficulties.

And the Neighbors come to the Rescue

The tower itself, once known as Burj Dubai (or Dubai Tower) has now been named Burj Khalifa in reference to the leader of neighboring emirate Abu Dhabi. Sheik Khalifa Bin Zayed Al Nahyan has come to the aid of Dubai in its financial crisis. The oil-rich Abu Dhabi has a great deal of money to spare and has contributed billions in recent months, to help with Dubai’s financial predicament. In addition to being designed in a luxurious manner, the tower had additional costs related to its astonishing size. As explained on the UK site, The First Post, the 192 concrete piles that make up the foundation of the building had to be sunk 150 feet into sandstone bedrock. A series of airlocks were also required to hold back the cold air flowing down from the top of the tower, which could otherwise develop into a forceful wind.

Is it Even Safe?

At more than 1000 feet higher than the next tallest building, Taiwan’s Taipei 101, there are bound to be concerns voiced over the new structure’s safety. Developers of the tower insist that it is very safe, due in part to its reinforced concrete structure. Also included every 25 to 30 floors are refuge floors which have separate air supplies and enhanced fire resistance to offer occupants added protection in case of emergency.

Is the Cost Worth it?

Even outside of the cost of Burj Khalifa, Dubai has been battling some serious financial woes. The property market has taken a plunge and government owned investment company, Dubai World has fallen into serious debt. The good news is that most of the apartments, 1044 in total, have been sold thus far. The office space remains a struggle as it has yet to be claimed.

The Idea Behind it All

It has been suggested that Dubai undertook such a large scale project to revive confidence in its strength, power and influence, but many seem to see the venture as ostentatious and unnecessary. Perhaps all of the attention and speculation surrounding the intent of the tower is exactly what this area needs now though. After all, it is tough to go back at this point. Dubai is probably better off making the most of the renewed interest in the area with all of its extravagant and unique structures. After all it has been said that there is no such thing as bad publicity, and that may just be the case in this instance. Dubai will have to wait and hope

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