The Burj Dubai opens

The finished product contains more than 160 floors. That is over 50 stories more than Chicago's Willis Tower, the tallest record-holder in the U.S. formerly known as the Sears Tower.

At their peak, some apartments in the Burj were selling for more than $1,900 per square foot, though they now can go for less than half that, said Heather Wipperman Amiji, chief executive of Dubai real estate consultancy Investment Boutique.

Besides luxury apartments and offices, the Burj will be home to a hotel designed by Giorgio Armani.

It's also the centerpiece of a 500-acre development that officials hope will become a new central residential and commercial district in this sprawling and often disconnected city. It is flanked by dozens of smaller but brand-new skyscrapers and the Middle East's largest shopping mall.

That layout — as the core of a lower-rise skyline — lets the Burj stand out prominently against the horizon. It is visible across dozens of miles of rolling sand dunes outside Dubai. From the air, the spire appears as an almost solitary, slender needle reaching high into the sky.

The Burj's opening comes at a tough time for Dubai's economy. Property prices in newer parts of the sheikdom have collapsed by nearly half over the past year.

The city-state turned to its richer neighbor Abu Dhabi for a series of bailouts totaling $25 billion in 2009 to help cover debts amassed by a network of state-linked companies. Burj developer Emaar is itself partly owned by the government, but is not among the companies known to have received emergency cash.

Emaar has said the entire Downtown Burj Dubai development, which includes the tower, will cost $20 billion to build. Sales of properties around the Burj are meant to help pay for the tower itself, which analysts say is unlikely to be profitable on its own.

Jan Klerks, research and communications manager for the Council on Tall Buildings and Urban Habitat, which tracks world's tallest claims, said the building's real value might be that it is the "biggest city marketing campaign" Dubai could have come up with.

"Put your name and that of the Burj Dubai on an envelope, and no postal service in the world will have problems delivering the mail," he said

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