Well... I say build it!
Practical or not, it will be a lesson learned. Breaking into new territory here. Some people in the UAE just seem to have assloads of money to burn, so why not innovate? If its beautiful or hideous, either way there is significant knowledge to be taken away from the effort. I'd bet on the result being hideous, but hey, its Dubai, it wouldnt really mess up their already stellar skyline!
In fact, it would blend right into the freakshow!
Huge practical problems? You bet. Unique engineering solutions to these problems? Sure. If they want it, DO IT! Folly or not, all of us will walk away from this experiment a little bit smarter.
This goes way beyond the "rotating resturant"! I want to see a massive civil engineering project like this cross over into the realm of mechanical engineering! Not just statics here, this is now a question of dynamics and machine design!
Please think again before you poo-poo all over this. You dont need to invest your own cash into this project, or even like it. But you cant deny that trying new things and learning from them is a good thing!