Beyoncé, a $100k-a-night suite and a red carpet of influencers: Dubai basks in its booming economy - CNBC

Atlantis The Royal's launch is itself somewhat symbolic of Dubai's meteoric economic recovery since the coronavirus pandemic and the emirate's drive to become one of the world's top three destinations for tourism, luxury and business.

Already well-known for its often over-the-top opulence, glitzy skyscrapers and record-breaking creations —like the world's tallest building, largest Ferris wheel and biggest mall — the city that ballooned from a small fishing town into a teeming metropolis in just the last few decades seems to be making a new statement.

"We have ambitious growth targets for the sector over the next ten years," Sheikh Mohammed bin Rashid, the ruler of Dubai, said in a statement after touring the property.

"The UAE and Dubai seek to build on their deep partnerships with the private sector to strengthen the country's status as the world's most popular destination for international tourists."

"Our steadfast commitment to building an exceptionally safe and stable environment and a world-class infrastructure over the last few decades has created the foundations for a remarkable future," he added.

"With an uncertain global economic outlook, possibility of recession and a buoyant property market, it's natural to ask whether history is repeating itself with the opening of Atlantis The Royal," he told CNBC.