Saturday, November 28, 2009

Burj Dubai, symbol of overabundance and now downfall

Burj Dubai , the tallest building in the world
Burj Dubai, originally uploaded by Joi.

Burj Dubai, the skyscraper being constructed in Dubai, UAE, is claimed to be the tallest man-made structure ever built with a height of 818 meters (2,684 ft) and as announced earlier is expected to be completed and ready for occupancy on 4 January 2010, but in view of the financial turmoil in Dubai and crash of real estate market to an all-time low, is likely to be quite late when completion will be over. The building is at the First Interchange along Sheikh Zayed Road, near Dubai's main business district, constructed as per the designs of architect Adrian Smith, the main builders being Samsung Engineering & Construction and Besix along with Arabtec. The projected original cost for the Burj Dubai is about US$4.1 billion. Now it seems, with the financial crunch that has hit the Dubai business and the Government of Dubai, coupled with the crash of stock market to an all time low of 6%, the costs are likely to change drastically. Dubai, though built on oil revenues, now accounts for only 6% of its revenue from oil and depends on tourism, real estate development and other sectors of industry for its income.

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