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Do not fill this in! ===Real estate and property=== [[File:Dubai Creek from Bur Dubai (5374118618).jpg|thumb|Dubai Creek, which separates [[Deira, Dubai|Deira]] from [[Bur Dubai]], played a vital role in the economic development of the city.]] In September 2019, Dubai's ruler Sheikh [[Mohammed bin Rashid Al Maktoum]] ordered to establish the Higher Committee for Real Estate Planning to study and evaluate future real estate construction projects, in ordered to achieve a balance between supply and demand,<ref>{{cite web |title=Mohammed bin Rashid issues directives to establish a committee to ensure balance between supply and demand in the real estate sector |url=http://www.mediaoffice.ae/en/media-center/news/2/9/2019/%D9%85%D8%AD%D9%85%D8%AF-%D8%A8%D9%86-%D8%B1%D8%A7%D8%B4%D8%AF-%D9%8A%D9%88%D8%AC%D9%87-%D8%A8%D8%AA%D8%B4%D9%83%D9%8A%D9%84-%D9%84%D8%AC%D9%86%D8%A9-%D9%84%D8%B6%D8%A8%D8%B7-%D8%A5%D9%8A%D9%82%D8%A7%D8%B9-%D8%A7%D9%84%D9%85%D8%B4%D8%A7%D8%B1%D9%8A%D8%B9-%D8%A7%D9%84%D8%B9%D9%82%D8%A7%D8%B1%D9%8A%D8%A9-%D9%81%D9%8A-%D8%A5%D9%85%D8%A7%D8%B1%D8%A9-%D8%AF%D8%A8%D9%8A-%D9%88%D8%AE%D9%84%D9%82-%D8%AA%D9%88%D8%A7%D8%B2%D9%86-%D8%A8%D9%8A%D9%86-%D8%A7%D9%84%D8%B9%D8%B1%D8%B6-%D9%88%D8%A7%D9%84%D8%B7%D9%84%D8%A8-%D9%88%D8%AA%D8%B9%D8%B2%D9%8A%D8%B2-%D8%AC%D8%A7%D8%B0%D8%A8%D9%8A%D8%A9-%D8%A7%D9%84%D9%82%D8%B7%D8%A7%D8%B9.aspx |website=www.mediaoffice.ae |access-date=7 September 2019 |archive-date=5 January 2022 |archive-url=https://web.archive.org/web/20220105135600/https://www.mediaoffice.ae/404?item=%2fmedia-center%2fnews%2f2%2f9%2f2019%2f%d9%85%d8%ad%d9%85%d8%af-%d8%a8%d9%86-%d8%b1%d8%a7%d8%b4%d8%af-%d9%8a%d9%88%d8%ac%d9%87-%d8%a8%d8%aa%d8%b4%d9%83%d9%8a%d9%84-%d9%84%d8%ac%d9%86%d8%a9-%d9%84%d8%b6%d8%a8%d8%b7-%d8%a5%d9%8a%d9%82%d8%a7%d8%b9-%d8%a7%d9%84%d9%85%d8%b4%d8%a7%d8%b1%d9%8a%d8%b9-%d8%a7%d9%84%d8%b9%d9%82%d8%a7%d8%b1%d9%8a%d8%a9-%d9%81%d9%8a-%d8%a5%d9%85%d8%a7%d8%b1%d8%a9-%d8%af%d8%a8%d9%8a-%d9%88%d8%ae%d9%84%d9%82-%d8%aa%d9%88%d8%a7%d8%b2%d9%86-%d8%a8%d9%8a%d9%86-%d8%a7%d9%84%d8%b9%d8%b1%d8%b6-%d9%88%d8%a7%d9%84%d8%b7%d9%84%d8%a8-%d9%88%d8%aa%d8%b9%d8%b2%d9%8a%d8%b2-%d8%ac%d8%a7%d8%b0%d8%a8%d9%8a%d8%a9-%d8%a7%d9%84%d9%82%d8%b7%d8%a7%d8%b9&user=extranet%5cAnonymous&site=GDMOwebsiteMainWWW |url-status=live}}</ref> which is seen as a move to curb the pace of construction projects following property prices fall.<ref>{{cite web |last1=Batrawy |first1=Aya |title=Dubai to curb pace of construction projects as prices fall |url=https://www.apnews.com/76375d175bc048baabe4056025be75dd |website=AP NEWS |access-date=7 September 2019 |date=2 September 2019 |archive-date=4 September 2019 |archive-url=https://web.archive.org/web/20190904204821/https://apnews.com/76375d175bc048baabe4056025be75dd |url-status=live}}</ref> The government's decision to diversify from a trade-based, oil-reliant economy to one that is service- and tourism-oriented made [[real estate|property]] more valuable, resulting in the property appreciation from 2004 to 2006. A longer-term assessment of Dubai's property market, however, showed depreciation; some properties lost as much as 64% of their value from 2001 to November 2008.<ref>{{Cite news |title=Dubai's Palm Jumeirah sees prices fall as crunch moves in |url=https://www.telegraph.co.uk/finance/newsbysector/constructionandproperty/3489393/Dubais-Palm-Jumeirah-sees-prices-fall-as-crunch-moves-in.html |work=The Daily Telegraph |location=UK |date=20 November 2008 |access-date=20 November 2008 |first=Louise |last=Armitstead |archive-url=https://web.archive.org/web/20081201011113/http://www.telegraph.co.uk/finance/newsbysector/constructionandproperty/3489393/Dubais-Palm-Jumeirah-sees-prices-fall-as-crunch-moves-in.html |archive-date=1 December 2008 |url-status=live}}</ref> The large-scale real estate development projects have led to the construction of some of the tallest skyscrapers and largest projects in the world such as the [[Emirates Towers]], the [[Burj Khalifa]], the [[Palm Islands]] and the most expensive hotel, the [[Burj Al Arab]].<ref name=burjalarab>{{Cite news |url=http://news.bbc.co.uk/2/hi/middle_east/545499.stm |title=World's Tallest Hotel Opens Its Doors |work=BBC News |date=1 December 1999 |access-date=31 July 2009 |url-status=live |archive-url=https://web.archive.org/web/20090619185856/http://news.bbc.co.uk/2/hi/middle_east/545499.stm |archive-date=19 June 2009}}</ref> Dubai's property market experienced a major downturn in 2008<ref>{{cite web|last=|first=|date=17 March 2012|title=Dubai: The Good, The Bad and The Ugly|url=http://drshem.com/2011/09/25/dubai-the-good-the-bad-and-the-ugly/|archive-url=https://web.archive.org/web/20120418063228/http://drshem.com/2011/09/25/dubai-the-good-the-bad-and-the-ugly/|archive-date=18 April 2012|access-date=17 March 2012|website=}}</ref> and 2009 as a result of the slowing economic climate.<ref name="Propertywire.com" /> By early 2009, the situation had worsened with the [[Great Recession]] taking a heavy toll on property values, construction and employment.<ref>[https://www.nytimes.com/2009/02/12/world/middleeast/12dubai.html "Laid-Off Foreigners Flee as Dubai Spirals Down"] {{webarchive|url=https://web.archive.org/web/20170111092442/http://www.nytimes.com/2009/02/12/world/middleeast/12dubai.html |date=11 January 2017}} article by Robert F. Worth in ''The New York Times'' 11 February 2009.</ref> This has had a major impact on property investors in the region, some of whom were unable to release funds from investments made in property developments.<ref>{{cite news|url=http://gulfnews.com/news/gulf/uae/housing-property/jlt-owners-still-waiting-for-homes-promised-in-2007-1.526478|title=JLT owners still waiting for homes promised in 2007|date=12 November 2009|last=Hanif|first=Nadeem|work=Gulf News|access-date=10 April 2012|url-status=dead|archive-url=https://web.archive.org/web/20121114053950/http://gulfnews.com/news/gulf/uae/housing-property/jlt-owners-still-waiting-for-homes-promised-in-2007-1.526478|archive-date=14 November 2012}}</ref> {{as of|2009|February}}, Dubai's foreign debt was estimated at $80 billion, although this is a tiny fraction of the sovereign debt worldwide.<ref>Warner, Jeremy (27 November 2009) [http://blogs.telegraph.co.uk/finance/jeremywarner/100002318/dubai-is-just-a-harbinger-of-things-to-come-for-sovereign-debt/ Dubai is just a harbinger of things to come for sovereign debt] {{webarchive|url=https://web.archive.org/web/20100330173433/http://blogs.telegraph.co.uk/finance/jeremywarner/100002318/dubai-is-just-a-harbinger-of-things-to-come-for-sovereign-debt/ |date=30 March 2010}}. The Telegraph</ref> In Dubai, many of the property owners are residents or genuine investors. However, the 2020 Data from the [[Center for Advanced Defense Studies|centre for Advanced Defense Studies]] (C4ADS) exposed that a number of real estate owners in the city were either facing international sanctions or were involved in criminal activities. Some others were public officials, with a minimal possibility of purchasing it with their known incomes. The report, "Dubai Uncovered" mentioned names of 100 [[Russian oligarchs]], public officials and Europeans involved in [[money laundering]]. Benefiting from Dubai's lack of real estate regulations, a number of corrupt people owned a house away from home, laundered their illicit money, and even invested to store their wealth. Names of some of such questionable figures included [[Daniel Kinahan]], [[Alexander Borodai]], Roman Lyabikhov, Tibor Bokor, [[Ruslan Baisarov]], Miroslav Výboh and others.<ref>{{cite web|url=https://www.occrp.org/en/investigations/dubai-uncovered-data-leak-exposes-how-criminals-officials-and-sanctioned-politicians-poured-money-into-dubai-real-estate|title=Dubai Uncovered: Data Leak Exposes How Criminals, Officials, and Sanctioned Politicians Poured Money Into Dubai Real Estate|access-date=3 May 2022|website=OCCRP}}</ref> Summary: Please note that all contributions to Christianpedia may be edited, altered, or removed by other contributors. If you do not want your writing to be edited mercilessly, then do not submit it here. You are also promising us that you wrote this yourself, or copied it from a public domain or similar free resource (see Christianpedia:Copyrights for details). Do not submit copyrighted work without permission! 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