People walk in front of the Burj Dubai, the world's tallest tower, in Dubai January 3, 2010. Started at the height of the economic boom and built by some 12,000 labourers, the world's tallest building will open on Monday in Dubai as the glitzy emirate seeks to rekindle optimism after its financial crisis.(Xinhua/Reuters Photo) Photo Gallery>>>

    BEIJING, Jan. 4 (Xinhuanet) -- Dubai is set to open the world's tallest building to cater to growing numbers of tourists to the Gulf Arab emirate amid tight security, according to media reports Monday. 

    The tower is being celebrated as a bold feat on the world stage, despite the city state's shaky financial footing.

    But the final height of the Burj Dubai -- Arabic for Dubai Tower -- remains a closely guarded secret. It long ago vanquished its nearest rival, the Taipei 101, and ranks as the world's tallest structure, beating out a television mast in North Dakota, Dubai-based architects said.

People walk in front of the Burj Dubai, the world's tallest tower, in Dubai January 3, 2010. Started at the height of the economic boom and built by some 12,000 labourers, the world's tallest building will open on Monday in Dubai as the glitzy emirate seeks to rekindle optimism after its financial crisis. (Xinhua/Reuters Photo) Photo Gallery>>>

    Some 12,000 workers and 100 cranes have built the hotel, residential and shopping complex which will include over 1,000 luxury apartments. The tower alone would cost at least 1 billion U.S. dollars to construct, excluding the complex malls, lakes and smaller tower blocs.

    "The design has pushed the limits of what technology can achieve, no one has gone that high before. You have to invent new elevators that can sustain such heights," Naaman Atallah, sales manager for its owner Emaar told.

    The Burj's record-seeking developers didn't stop there. The building boasts the most stories and highest occupied floor of any building in the world. Its observation deck -- on floor 160 -- also sets a record.

A general view of the Burj Dubai, the world's tallest tower, in Dubai January 3, 2010. Started at the height of the economic boom and built by some 12,000 labourers, the world's tallest building will open on Monday in Dubai as the glitzy emirate seeks to rekindle optimism after its financial crisis.(Xinhua/Reuters Photo) Photo Gallery>>>

    Designed by a U.S.-based consultancy, the tower employs the geometric patterns of Islamic architecture around a base in the form of a six-petalled desert flower.

    The plans show an ambitious single structure comprising conjoined tube-shaped towers with the kind of space-age look seen in the New Age album covers of 70s progressive rock bands.

    Dubai -- part of the oil-rich United Arab Emirates -- received more than 5.4 million visitors in 2004, up 9 percent from 2003, and that the number is expected to grow three times by the end of the decade.

    (Agencies)

A general view of the Burj Dubai, the world's tallest tower, in Dubai January 3, 2010. Started at the height of the economic boom and built by some 12,000 labourers, the world's tallest building will open on Monday in Dubai as the glitzy emirate seeks to rekindle optimism after its financial crisis. (Xinhua/Reuters Photo) Photo Gallery>>>

Special Report:  Global Financial Crisis

 

Burj Dubai features world's highest elevators

    BEIJING, Jan. 4 (Xinhuanet) -- When the Burj Dubai tower opens Monday, there will not be a single elevator to carry people to the 160th floor. Instead they will have to change. No elevators are installed to travel all 160 floors of the 818 metre tall tower. Instead, they are strategically grouped to align with the floor layout, offering passengers a direct express service to their destination by bypassing other floors. Full story

Abu Dhabi provides $10 bln to cover Dubai World's debt

    ABU DHABI, Dec. 14 (Xinhua) -- The Abu Dhabi government has agreed to fund 10 billion U.S. dollars to Dubai to meet upcoming obligations on the state-owned conglomerate Dubai World, the official news agency WAM reported Monday.

    "The government of Abu Dhabi has agreed to fund 10 billion dollars to the Dubai Financial Support Fund that will be used to satisfy a series of upcoming obligations on Dubai World," Sheikh Ahmad bin Saeed Al Maktoum, chairman of the Dubai Supreme Fiscal Committee (SFC), was quoted by the report as saying. Full story

Unified currency, Dubai debt woes to top GCC summit: Kuwait official

    CAIRO, Dec. 12 (Xinhua) -- Ratification of a monetary union agreement as well as Dubai debt woes will top the agenda of the 30th Gulf Cooperation Council (GCC) summit due to kick off in Kuwait City on Monday, a Kuwait official said.

    The six GCC member states are keen on going ahead with the monetary union, which will help facilitate internal trade and promote cooperation, Kuwaiti ambassador to Egypt Rashid al-Hamad said in a recent interview with Xinhua. Full story

Dubai stock market sees strong recovery after official's speech

    DUBAI, Dec. 10 (Xinhua) -- Dubai stock market rebounded strongly Thursday after a top government official criticized global media for creating panic with "inaccurate reports" on the state-owned conglomerate Dubai World.

    After losing 27 percent of value during the last two weeks, the Dubai Financial Market (DFM) was boosted by bargain hunting. The DFM Index gained 7 percent straight and closed at 1,640.76 points on the last day before the Islamic weekend. Full story

UAE stock markets continue to slump on Dubai World concerns

    ABU DHABI, Dec. 8 (Xinhua) -- Stock markets in the United Arab Emirates (UAE) plunged in free fall Tuesday due to increasing selling pressure as a result of Dubai World's debt issue, a local newspaper reported.

    The Dubai Financial Market (DFM) index fell 6.22 percent as of 1:00 p.m. (0900 GMT) to 1,636.22, while in Abu Dhabi, the index fell 3.22 percent to 2541.10, Gulf News said on its website. Full story

Dubai to fulfill commitments inside UAE, abroad: official

    ABU DHABI, Dec. 7 (Xinhua) -- The Dubai government is capable of honoring and meeting its commitments inside and outside the United Arab Emirates (UAE), a senior official said Monday.

    A distinction should be made between the Dubai government and Dubai World, one of Dubai's largest and most important conglomerates, Abdul Rahman Al Saleh, director general of Dubai Finance Department, told al-Jazeera TV, according to the official news agency WAM. Full story

Dubai crisis rings bells of prudent investment

File photo shows Kuwaiti traders follow the market's movement at the Stock Exchange in Kuwait City Dec. 1, 2009. (Xinhua File Photo/Noufal Ibrahim) Photo Gallery>>>

    JERUSALEM, Dec. 6 (Xinhua) -- Until last month, Dubai was acclaimed worldwide as an exotic Manhattan on the sea, with huge skyscrapers towering in desert sands alongside golden beaches crowded with stunning hotels and upscale shopping malls.

    Unsurprisingly, news of the financial collapse of the emirate's key construction firms came as a shock to many, but as far as regional economists were concerned, the Dubai bubble had been ready to burst for some time. Full story

[1] [2] [3] [4] [5] [6]