Dubai witnesses opening of World's Tallest Skyscraper
The inauguration of the tower, Burj Dubai, has raised a number of queries such as what it should be named and what is its worth.
The 2716 feet tall monumental tower, "super scraper", is double the height of the empire State Building and took more than $1 billion and 22 million man hours for its construction.
Some of analysts said, "You can call it hubris, but we're in awe of the architectural and engineering achievement it represents."
Monitor's Laurent Belsie mentioned that earlier in the past the Empire State Building was inaugurated during the Depression, the Sears Tower during the mid-1970s downturn, and Malaysia's Petronas Tower during the 1990s Asian financial crisis and all of these towers withstood the difficult times.
However few have shown apprehension. Jim Krane, author of City of Gold, Dubai and Dream of Capitalism, said, "If you look at it, it's a really bad idea. It uses as much electricity as an entire city. And every time the toilet is flushed they've got to pump water half a mile into the sky."
The investors in the Dubai properties, who bought these in 2004, are having very difficult times in renting these as the luxury apartment prices are unaffordable. The real estate prices also dropped to half during 2008.
Regarding the change in the name of the tower Chicago Times mentioned that this would cause losses such as the T-shirts, bearing the old name, as the souvenir will have to be thrown away, the security guards would require new uniforms bearing the new logo, the road sign mentioning Burj Dubai shall require replacement.
However some enterprising speculators have bought the domain name www. burjkhalifa. com.
New Zealand News
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