Burj Khalifa, World's New Tallest Building, Opens in Dubai

Asia has been winning the "tallest building in the world" race for over a decade now: the Petronas Towers in Kuala Lumpar, Malaysia took the crown from Chicago's Willis Tower (formerly Sears Tower) in 1998, and held it until the Tapei 101 in Taiwan replaced them in 2004. As of Monday, the title goes to a structure much further East, and over a thousand feet taller than the previous record-holder: the Burj Khalifa in Dubai, which stands at a staggering 2,717 feet.

The official height was kept a secret until the opening ceremony, which featured fireworks, streams of water and parachute jumpers, the New York Times reported. The $1.5 billion dollar tower holds a mixture of nightclubs, mosques, literary suites, and boardrooms. It will eventually hold the world's first Armani hotel, the world's highest swimming pool, and the world's highest mosque. More than 12,000 people will reside in its 6 million square feet.

The Burj Khalifa takes its name from Sheik Khalifa bin Zayed Al Nahyan, the president of Abu Dhabi, the capital of the United Arab Emirates. The last-minute renaming -- the tower was originally to be called the Burj Dubai -- reflected the troubled economic situation surrounding its completion. The capital has poured billions in the financially ailing Dubai to cover its debts.