By Faarooq Mehmood www.topnews.ae
Dubai’s officials said that a dazzling display of fireworks at the inauguration of World’s tallest tower-Burj Khalifa was aimed to give message of Dubai emerging from the worst financial crisis and the emirate has started its new journey for scaling new heights of growth.
Experts believe that last minute renaming of the skyscraper from Burj Dubai to Burj Khalifa indicates change in its policy shift apparently to oblige the ruler of neighboring Abu Dhabi and the President of the Emirates who announced a $10 billion bailout for Dubai which surprised the World by announcing standstill on its debt obligations.
However, Dubai’s finances remained unstable despite Abu Dhabi’s financial dose, but the emirate avoided possible default of Nakheel, the property division of Dubai World. Dubai still needs some concrete measures for putting itsfinancial health on track and attain its past growth stories it had been famous for.
Bill O’Neill, a portfolio strategist at Merrill Lynch Wealth Management for Europe, the Middle East and Africa added, “I don’t see this as total salvation, but I do see it as a necessary and positive first step.”