Jan 4, 2010 9:46 AM by Associated Press

Dubai's record tower has high price: $1.5 billion

The lead developer of the world's tallest skyscraper says the final price tag on the now completed building is $1.5 billion.

That comes out to nearly $9.4 million per floor in the more than 160-story Burj Dubai, which is scheduled to officially open later on Monday. The building reportedly stands at 2,684 feet, or 818 meters.

But Mohammed Alabbar, the chief of Emaar Properties, says the official height will not be announced until the evening inauguration ceremony.

Alabbar says the landmark glass-and-steel tower is 90 percent sold in a mix of residential units, offices and other space- a counterpoint to the current struggles across Dubai. The former Gulf
boomtown is now mired in debt and many buildings sit empty as companies pull up stakes.




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