Dubai's Humiliating Name-Change For World's Tallest Building

It was heralded as Dubai's crowning achievement but the cash-strapped emirate was forced to swallow its pride today and rename the world's tallest building after its financial rescuer - the ruler of its oil-rich neighbour, The Australian reported. The humiliating announcement was made by Dubai’s own leader at the dazzling launch of the $1.5 billion Burj Dubai, which will now be known as Burj Khalifa in honour of Sheikh Khalifa bin Zayed bin Sultan al-Nahyan, President of the United Arab Emirates. The launch was intended to be the latest grand statement announcing Dubai’s further emergence on to the world stage. Instead, a massive fireworks display to inaugurate the 828m (2,716ft) megalith could not disguise the reality that Dubai’s achievements are not its own so long as Abu Dhabi is picking up the tab. In the past 12 months Dubai has witnessed the collapse of its property market, driving down real estate values by up to 50 per cent. Confidence within international financial markets that it could honour its debts evaporated when one of its biggest state-backed companies asked for a loan repayment holiday in November. Abu Dhabi has had to step in to bail its neighbour out, lending Dubai $25 billion (£15.5 billion) to meet its immediate obligations. Few doubt that more is to follow. Read more.