Thousands of residents and tourists crowded today 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. The exact height of the tower is (828 meters) tall. Emirates news agency says Dubai's tallest building has been renamed Burj Khalifa, after UAE president. *Material from The Associated Press used in this report* Rights go toDubai Media. I do not take credit for this video.