The tallest skyscraper in the world, the Burj Khalifa, officially opened on Monday, just months after Dubai's government announced that one of its largest government-owned conglomerates would be unable to pay its debts, triggering a slide in world markets and prompting many to question the city's economic model. Officials hope the opening will give Dubai's economy a much-needed boost. Known as the Burj Dubai during construction, the tower was renamed after the president of the United Arab Emirates and emir of Abu Dhabi, Sheikh Khalifa bin Zayed Al Nahayan. Standing 2,717 feet (828 meters) tall, it far surpasses Taiwan's Taipei 101, which had previously been the world's tallest skyscraper at 1,670 feet (509 meters).