Despite the current global economic climate, Dubai has recently celebrated the opening of a new hotel in true luxury style by throwing a $20m party with fireworks and celebrities.

Over 2000 clebrities were at the party including sports heroes and film stars such as Robert de Niro, Mischa Barton and Wesley Snipes.

The party celebrated the opening of the $1.5 billion “Atlantis, The Palm”, which has 1539 rooms and is made up of two rose towers connected by a bridge housing a $35000-a-night suite.

The luxury hotel is built on a man-made palm-shaped island. “Where we are now there was water five years ago,” said Sultan Ahmad Bin Sulayem, the chairman of local developer Nakheel, at the inauguration.

Sol Kerzner, the South African billionnaire, hotel and gambling tycoon, who organised the $20m party, said “We built something that’s quite extraordinary. We’ve got to tell the world about it.”

Aside from its spectacular structure, the hotel boasts the largest water park in the Middle East and an enormous aquarium.