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Sep 02
Home Features Kamundohan Features Debt-hit Dubai heralds world's tallest tower

Debt-hit Dubai heralds world's tallest tower

Photo: “through the clouds” by Jason Rodman, c/o Flickr. Some Rights ReservedBurj Khalifa (Khalifa Tower), officially the world’s tallest building at 828 meters (2,716 ft), is Dubai’s latest collection in its line of luxurious real estate properties such as the Atlantis Hotel and Burj Al Arab, the only seven-star hotel.

Befitting the “luxurious” claims and proclamations, the building's launch last January 4 was equally grandiose, with a display of 10,000 fireworks, as well as laser, light and fountain shows happening all at the same time. Six thousand guests witnessed the opening ceremony, 300 of which were members of the media. Security was tight, with 900 police and 1,000 security personnel onsite, 40 surveillance cameras, and special force teams and snipers to monitor the area. Dubai’s ruler, Sheikh Mohammed Bin Rashid Al Maktuom, led the unveiling of the 160-storey tower.

The glass-and-steel tower offers 1,044 luxury apartments, 49 floors of office spaces, and soon a 160-room Armani-designed hotel - in total, about 500,000 sq.m. space for offices and flats, which can accommodate about 12,000 people. To top it off, the tower’s spire can be seen even from 60 miles (95 km) away.

Burj Khalifa holds other world records – highest observation deck (124th floor), highest occupied floor for the mosque (158th floor) and the swimming pool (76th floor), tallest performing fountain (900 meters) and the tallest service lift (504 meters).

In terms of safety, Mohamed Ali Alabbar, Chair of Emaar Properties, the developer recounted, “We have been hit with lightning twice, there was a big earthquake last year that came across from Iran, and we have had all types of wind which has hit us when we were building. The results have been good and I salute the designers and professionals who helped build it." Greg Sang, Emaar’s director of projects, explained, "The Burj has ‘refuge floors’ at 25- to 30-story intervals that are more fire-resistant and have separate air supplies in case of emergency." And its reinforced concrete structure, he said, makes it "stronger than steel-frame skyscrapers." He added, "It's a lot more robust. A plane won't be able to slice through the Burj like it did through the steel columns of the World Trade Center."

The design ideas for Burj Khalifa were inspired by traditional Islamic architecture and its tower base by the Hymenocallis dessert flower.

Dubai’s Debt Crisis

While Dubai celebrated its grand achievement, many in the international financial community are criticizing what they perceive as an "ostentatious display of wealth." This is because Dubai is mired in debt amounting to US$100 billion (P4.62 trillion). In fact, Dubai was forced to change the name of the tower from Burj Dubai to Burj Khalifa in recognition of its savior, Abu Dhabi ruler Sheikh Khalifa bin Zayed Al Nahayan. It was he who bailed out Dubai, injecting both directly and indirectly a total of US$25 billion (P1.16 trillion) to help pay off its immediate obligations.

In 12 months, the emirate was a witness to the downfall of its property market, spiraling down real estate values by as much as 50 percent. The worst came when Dubai shocked the investors with its loan repayment holiday request made by the state-backed company, Dubai World.

"Crises come and go. And cities move on," Mohammed Alabbar told reporters before the inauguration. "You have to move on. Because if you stop taking decisions, you stop growing.”


Photo: “through the clouds” by Jason Rodman, c/o Flickr. Some Rights Reserved.



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