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DUBAI, UAE-Dubai has officially opened the tallest building in the world today, despite recent economic troubles. In gratitude for the bailout Abu Dhabi offered the country, the building was named Burj Khalifa after the UAE President Sheikh Khalifa bin Zayed Al Nahyan, according to an Associated Press report.

Burj Khalifa stands 2,717 feet tall and is considered a vertical city. The building houses offices, a hotel (designed by Giorgio Armani), retail space and luxury apartments. There are four swimming pools and a private library within the structure as well. It’s estimated that the project cost $1.5 billion.

The project started in 2004 and was originally planned to be shorter than the final product. Plans to add floors surfaced over the past couple years, with the final layout surpassing even the Taipei 101. In total there are 160 floors.

As GlobeSt.com reported in December, Abu Dhabi gave its struggling neighbor Dubai $10 billion to help bail the government out of its mounting debt load.

To read the full report by the Associated Press click here.

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