The world’s largest building was officially opened in Dubai today.

The 160-story Burj Dubai tower is being renamed Burj Khalifa, after the president of the United Arab Emirates.

It cost about $1.5 billion to build the building’s tapering metal-and-glass spire billed as a “vertical city” of luxury apartments and offices. It boasts four swimming pools, a private library and a hotel designed by Giorgio Armani.

At a reported height of 2684 feet, the skyscraper long ago vanquished its nearest rival, the Taipei 101 in Taiwan.

Not everyone is a fan. German architects have reportedly snubbed it as a bad example for building design.

“Nobody knows where the planning hubris of the sheikhs will lead,” says Christian Baumgart, president of the German architects’ association DAI.

German architect Meinhard von Gerkan, who designed Berlin’s central train station, calls it “an economically pointless symbol of prestige, representing the power of money.”