Standing at approximately half a mile high, the tower's 828 meter estimated height easily outdoes the previous record holder -- the 509 meter Taipei 101, located in Taiwan.  The new record holder's principal builder was the South Korean Samsung C&T, who also built the Taipei 101 and the Petronas Twin Towers.

The tower features nearly 3.6 million square feet and cost the Dubai sheikdom an estimated $20B USD.  The building project was masterminded by Sheik Mohammed bin Rashid Al Maktoum, the city-state's 60-year-old hereditary leader.

Saud Masud, head of research at UBS AG in Dubai said the tower was designed to help Dubai "stay in the limelight as home to a global landmark."

Hopes are high amid trouble in the region.  Worldwide, the sheikdom has garnered criticism for its profiteering on high oil prices in the 90s and current decade.  At the same time it suffered substantial loss of wealth during the recent recession with November bringing the announcement that one of nation's largest government-owned conglomerates could not repay its debts, news that sent shockwaves through the global investing economy.

Despite over $80B USD in debt and the expectation that Dubai real estate prices could drop 30 percent in 2010, after falling 50 percent in 2009, the sheikdom is looking to spare no expense at the tightly secured grand opening ceremony today.  The opening ceremony is said to involve 10,000 fireworks.

While Dubai has suffered financially, its southern neighbor Abu Dhabi has thrived, wisely reinvesting oil profits and largely weathering the recession.  Sheik Mohammed turned to Abu Dhabi for financial assistance.  The fellow emirate lent Sheik Mohammed an undisclosed amount, helping to reduce his emirate's debt burden and continue with ambitious construction projects like the Burj Khalifa.

Dubai now turns its attention to the upcoming Nakheel Towers, a new skyscraper, currently under construction, which aims to reach 1 kilometer high.  A similar kilometer-high tower, the Burj Mubarak is being built in Kuwait.