Friday, December 04, 2009

Burj Dubai: world's tallest building in financial trouble as world real estate crisis deepens

Dubai investors cannot repay their massive loans due to a global downturn in the real estate market. Their default on payments could lead to a world-shaking financial crisis.

Here's how they've been spending their money:

Burj Dubai, a supertall skyscraper under construction in Dubai, United Arab Emirates, is the tallest man-made structure ever built, at 818 m (2,684 ft). Construction began on 21 September 2004, and the tower is expected to be completed and ready for occupancy by the end of 2009.

The building is part of the 2 km2 (0.8 sq mi) flagship development called "Downtown Burj Dubai" at the "First Interchange" along Sheikh Zayed Road, near Dubai's main business district. The total budget for the Burj Dubai project is about US$4.1 billion, and for the entire new "Downtown Dubai", US$20 billion.

Outside, and at a cost of Dh 800 million (US$217 million), a record-setting fountain system was designed by WET Design, the California-based company responsible for the fountains at the Bellagio Hotel Lake in Las Vegas. Illuminated by 6,600 lights and 50 colored projectors, it is 275 m (900 ft) long and is shooting water 150 m (490 ft) into the air, accompanied by a range of classical to contemporary Arabic and world music.
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