The world's tallest building, the Burj Khalifa, formerly known as the Burj Dubai, opened early Tuesday morning Korea time in the United Arab Emirates.

In the opening ceremony, Dubai's ruler Sheikh Mohammed bin Rashid Al Maktoum declared the name change to the 162-story Burj Khalifa, named after UAE President Sheikh Khalifa.

The name change was kept a secret until the tower's opening. The change is believed to be Dubai’s way of paying respect to President Sheikh Khalifa for his role in eliciting Abu Dhabi’s support, in the form of financial assistance, for debt-ridden Dubai.

The Burj Khalifa stands 828 meters high, 320 meters taller than the world’s second tallest skyscraper, Taipei 101.