Dubai opened the world's tallest structure in a glitzy ceremony meant to to rekindle optimism despite the financial crisis.
Dubai's ruler Sheikh Mohammad bin Rashed al-Maktoum officially opened the building this afternoon.
He renamed the building the 'Burj Khalifa', after the United Arab Emirates president, Sheikh Khalifa bin Zayed al-Nahayan.
Burj Khalifa, the opening of which had been delayed twice since construction began in 2004, marks another milestone for the deeply indebted emirate.
The 828-metre high tower was started at the height of the economic boom and was built by 12,000 labourers.
It replaces Taipei 101 (509 metres) in Taiwan as the the world's tallest structure.
Dubai, one of seven members of the United Arab Emirates, gained a reputation for excess with the creation of man-made islands shaped like palms and an indoor ski slope in the desert.
With investor confidence in Dubai badly bruised by the emirate's announcement in November that it would seek a debt standstill for one of its largest conglomerates, the tower is seen as a positive start to the year after a bleak 2009.
The project has been scrutinised by human rights groups, which have objected to its treatment of labourers, as well as by environmentalists who said the tower would act as a power vacuum, increasing the city's already massive carbon footprint.
But despite the criticism, many say the edifice, believed to have cost $1.5bn to build, is an architectural marvel.
Experts believe Dubai's recent financial troubles have not hurt sales of approximately 1,100 residential units in the building, saying they were nearly all sold.
Dubai's property sector crashed at the end of 2008 after a six-year economic boom.
Thousands of jobs were cut and projects worth billions of dollars were cancelled or delayed.
With analysts suggesting tax-free Dubai might sell some of its assets to boost revenues and slash $80bn in debt, many wondered if the tower was on the list.
Dubai, with few natural resources of its own, expects a budget deficit of 2% of GDP this year.
In December, the emirate received a $10bn lifeline from neighbouring Abu Dhabi to repay a $4.1bn bond for Nakheel, a property arm of indebted Dubai World, and other obligations.
