Well that is what you get when you bailout your debt sunken neighbor: they name their triumph tower after you. Whether it was through hand-twisting or utmost kindness, Dubai surprised the world today with the last minute change in name. Sheikh Mohammed told live television: “The world’s tallest point should be associated with big names and I hereby officially announce Burj Khalifa bin Zayed.” Burj Khalifa, the new name for Burj Dubai, developed by Emaar Properties PJSC, is the world’s tallest man-made skyscraper standing at 828-meters of construction. It is named after Sheikh Khalifa Bin Zayed ruler of Abu Dhabi and President of the United Arab Emirates. The Burj broke new records with its inauguration today as the tallest structure with the highest place of worship, highest service elevator, swimming pool, and observation deck.

The Burj is seen by some as a symbol of excess and a proof that supports Economist Andrew Lawrence’s Skyscraper’s Index. Ironically, the inauguration which is expected to have cost less that last year’s $24 million inauguration of Atlantis Dubai, is hoped to rekindle optimism into the debt-ridden sheikhdom. Thousands of people and hundreds of VIP individuals attended the opening ceremony, but it was peculiar that the “celebrated” Sheikh Khalifa Bin Zayed himself wasn’t there. In the six years it has taken to build the $1.5 billion tower and the $20B surrounding overall project, Dubai’s debt-fueled property market has gone from the best to worst performing market.

While Emaar sold 90% of the properties in the tower, it is expected to have an occupancy rate of 75%. Apartment prices have soared in the peak of 2008 to as much as 10,000 dirham ($2,700) per square foot only to plummet to less than half that amount. Maintenance fees at Burj Khalifa are expected to range between 80– 90 dirham per square foot annually, which is much higher than the 18- 20 dirham average in the surrounding area. I’m not sure if anyone, company or person, can justify paying premiums today for luxury over practicality.