Commercial real estate is supposed to be in deepdoodoo but Dubai seems to defy that
What a gem of a site in the dimming sunlight of the Arabian Seas:
It’s the world’s tallest free standing structure with the highest floor topping out at 124. They say it’s sold out, but developers have a way of saying that whatever the real situation is!
And here’s the latest news (2010/1/4) via Al Jazeera:
Dubai has opened the world’s tallest building as the emirate tries to re-establish some of the optimism it experienced prior to its financial crisis.
As he inaugurated the 828-metre high tower on Monday, Sheikh Mohammad bin Rashed al-Maktoum, the ruler of Dubai, renamed it Burj Khalifa in honour of Sheikh Khalifa bin Zayed al-Nahayan, the president of the United Arab Emirates.
Burj Khalifa, which took about 12,000 labourers to build, overtook its nearest rival – the Taipei 101 in Taiwan which rises to only 508 metres.
I guess that’s a form of re-payment of the financial support given to Dubai recently by UAE bankers!
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