Dubai opening world's tallest building amid crisis

Burj Dubai (Burj Khalifa) the tallest building in the world is officially open with a spectacular ceremony.

Thousands of residents and tourists have crowded around the tapering half-mile high tower, which stands at least 160 stories high. The exact height of the tower remains uncertain. The building's developer has said it stands more than 2625 feet (800 meters) tall.

The developer's chairman said it cost about $1.5 billion to build the tapering metal-and-glass spire billed as a "vertical city" of luxury apartments and offices. It boasts four swimming pools, a private library and a hotel designed by Giorgio Armani.

Then property prices in parts of sheikdom collapsed by nearly half over the past year. Now Dubai is mired in debt and many buildings sit largely empty — the result of overbuilding during a property bubble that has since burst.

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