Burj Khalifa: World's Tallest Tower Renamed After UAE President Khalifa Bin Zayed

Burj Khalifa: That is the new name for Burj Dubai, the world's tallest tower, which officially opened today, Jan. 4, 2010.

Burj Khalifa, which translates to the Khalifa Tower, is named after UAE President Khalifa Bin Zayed.

The renaming of the 828-meter structure came as a surprise for many, as it had always been referred to as Burj Dubai.

Dubai ruler Mohammed Bin Rashid inaugurated the tower in a ceremony this evening in Dubai.

Dubai has lived in an age of excess. Besides the Burj Khalifa, the spectacular Dubai Fountain can be found nearby in Dubai MIll.

DUBAI, United Arab Emirates -- Dubai has opened the world's tallest skyscraper, hoping to shift international attention away from the Gulf emirate's deep financial crisis and rekindle the optimism that once fueled its turbocharged growth.

Thousands of residents and tourists have crowded around the tapering half-mile high tower, which stands at least 160 stories high.

Dubai's hereditary ruler unveiled a plaque at the tower's base, kicking off inaugural festivities that included traditional Gulf Arab dance performances and skydivers landing parachutes emblazoned with the colors of the United Arab Emirates flag near the tower's base.