Dubai developments
Real Estate - Dubai, Dubai, United Arab Emirates
Dubai developments Employees
Dubai developments Details
The Dubai government's decision to diversify from a trade-based but oil-reliant economy to one that is service- and tourism-oriented has made real estate and other developments more valuable, resulting in the property boom from 2004–2006. Construction on a large scale has turned Dubai into one of the fastest-growing cities in the world. There are a number of large-scale projects which are currently under construction or will be constructed in the future. Due to the heavy construction which is taking place in Dubai, 30,000 construction cranes, which are 25% of cranes worldwide, are operating in Dubai.[citation needed] Due to the burst of construction, Dubai has acquired various building-related records, which include: the world's tallest tower (Burj Khalifa), the world's largest shopping mall (Dubai Mall), the world's largest fountain (The Dubai Fountain) and the world's tallest hotel (Gevora Hotel). Also under construction is Dubailand, which will be almost twice the size of the Walt Disney World Resort.In 2009, many construction real estate projects were suspended or abandoned, due to the worsening financial crisis of 2007–2010. That has also caused property prices to fall considerably throughout the United Arab Emirates, but most notably in Dubai. A Real Estate Regulatory Agency study found that over 200 projects had been cancelled between 2009 and 2011. In 2013 Prime Minister Sheikh Mohammed bin Rashid Al Maktoum created a committee to consider liquidating stalled building projects to pay off investors.
