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The financial crisis emerged in the United States caused a global shock and meltdown all over the world. Dubai World was established to oversee various aspects of business and commerce in Dubai. , the Ruler of Dubai Sheikh Mohammed bins Rashid Al Maktoum started this company or entity. The company was launched in 2006 with thousands of employees around the world, this company made waves in 2008 and 2009, by delaying to pay debt of millions of dollars that moved the US markets to fall drastically. The banks at that time had lent money to Dubai World; the clearance of debt by Dubai World would do a lot of damage to the banks that actually lent the money to them. The financial crisis from 2007 showed a steep decline in the ever rising estate market in Dubai, this led the government of Dubai alert all the companies to stop payments to Dubai World. The effect of this crisis was seen even in Europe and Asia, but Europe seemed to get back up. The lifestyle of Dubai is urban and it is quite HD as well, the contribution to UAE comes from Dubai. The economy of Dubai always came from oil and petroleum reserves, but very heavy demand and supply has taken its toll and led Dubai to take the route of property and hospitality, Dubai started to make waves in other industries, specially the real estate industry, there are so many sectors that have come up in tourism and hospitality. The city of Abu Dhabi is not concerned about its economy because of its oil and gas business, so Abu Dhabi and the Central Bank did step in and helped Dubai World with a huge multimillion dollar rescue attempt. The other reason was the creation of the Burj Khalifa skyscraper in Dubai; its construction began in 2004 and was opened in 2010, it is 828 meters tall and has cost Dubai a whopping 1.5 billion dollars. The financial crisis started in 2007 and this tower was complete by the end of 2009, so it is quite logical looking at the start of the crisis and the completion of the Burj, there was a financial crisis that swept Dubai by storm. There were several construction issues that came during this time, including several labor problems. Abu Dhabi had to intervene and so the Dubai government took a loan from the Abu Dhabi Government and got it renamed to Burj Khalifa after the UAE President Khalifa bin Zayed Al Nahyan. Abu Dhabi has provided more than 20 million dollars to Dubai to clear out its debts. The city is trying to recoup through anything and everything it can work on, from the smallest stores to the biggest hospitality and real estate services. The economy of Dubai is still fighting hard to rise from its debts and is putting all its efforts in the real estate and hospitality industry as those are the principal drivers of their economy in the present and future.
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