Belt tightening may have become a global pastime, but in Dubai, on a palm shaped island, visible from space, the Atlantis Hotel opened for business with a lavish party. The 1.5 billion U.S. dollar mega resort opened on Thursday.

The sky was ablaze in what was represented as the biggest fireworks display the world has ever seen. The Atlantis Hotel laid out the red carpet to welcome a gathering of A-list celebrities.

Chris Tucher, actor, said, "It's like a fantasy land or something. You look out the window, you think you're in another world so it's great."

Janet Jackson, singer, said, "I love the fact that you don't have to leave the hotel for anything."

Dubai has not escaped the global financial crisis. Real estate prices on the much-vaunted Palm Jumeirah are plummeting. But you never know it from Thursday's opening. Australian diva Kylie Minogue opened the glitzy Gulf tourism mecca's ocean-motif hotel. It was the singer's debut Middle East concert.

(CCTV November 22, 2008)