Dubai has opened the world’s tallest building, renaming it the Burj Khalifa in honour and gratitude of the United Arab Emirates president Sheikh Khalifa bin Zayed al-Nahyan, and his role in helping the emirate navigate the financial crisis.

Blazing fireworks and a dazzling laser show marked the spectacular opening ceremony, which was inaugurated by Dubai’s ruler Sheikh Mohammad bin Rashid al-Maktoum, and marked a new chapter in the history of the emirate.

Mohammed Alabbar, Chairman of the tower’s developer, Emaar Properties, said: “The Burj Dubai opening would have a positive impact on the first three quarters of 2010.”

“Crises come and go. And cities move on. You have to move on. Because if you stop taking decisions, you stop growing.”

The city’s supporters also point out that even if Manhattan and Hong Kong suffered financial crises when their most celebrated buildings opened, they have not done badly since.

Fireworks fired out from the sides of the building all the way up its tubular spire to its peak, dazzling the crowd of

The official height of the skyscraper was revealed as 828 metres or 2717 feet, smashing the previous record holder, Taipei 101 and brings records galore to the UAE.

As well as being the tallest building in the world, it also has the most stories and highest occupied floor of any building in the world, and ranks as the world’s tallest structure. Members of the public can look out from the highest observation deck in the world on the 124th floor, ascending to the deck in the longest lifts in the world which will take two minutes to travel 504 metres.

A launch for the world’s first Armani Hotel Dubai, located in the Burj Khalifa, was also announced. The hotel will throw its doors open to the public on March 18, while online booking will begin later this month.

Armani Hotel Dubai is the first hotel built in collaboration Giorgio Armani and Emaar Properties. The opening will be followed by Armani Hotel Milano as the group has plans to open at least ten hotels and resorts in next ten years.

Armani has plans to build hotels, resorts and residences in key international destinations such as New York, Tokyo, Shanghai and London under an agreement between Giorgio Armani S.p.A. and Emaar Properties.