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Dubai Housing Crash In 2009
2009 Dubai housing crash was a major economic crisis that hit the Emirate of Dubai, one of the seven emirates that make up the United Arab Emirates (UAE). The crisis was sparked by the 2008 financial crisis, which severely impacted Dubai's economy, particularly its real estate sector. The crisis was caused by several factors, including oversupply, speculation, and easy credit. Background In 2006-2007 Dubai's economy was actively developing, driven largely by its real estate and construction industries. The government of Dubai had invested heavily in infrastructure projects, such as the Palm Jumeirah and the Burj Khalifa, the tallest building in the world. In addition, Dubai had become a hub for international business and tourism. However, the 2008 financial crisis had a severe impact on Dubai's economy. House prices in the Desert Sheikh fell an incredible 40% in the first three months of 2009, outpacing the fall anywhere else in the world after the investment bubble burst. The c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Emirate Of Dubai
The Emirate of Dubai is one of the seven emirates of the United Arab Emirates. It is the most populous emirate of the UAE. The capital of the emirate is the eponymous city, Dubai. Governance Dubai is governed as an absolute monarchy by the Al Maktoum family, who have ruled since 1833. It operates within the federal structure of the UAE, with the Ruler of Dubai also serving as the Vice President and Prime Minister of the UAE. Geography The city of Dubai is located on the coast of the Persian Gulf, while the Emirate stretches inland and is bordered to the south by the emirate of Abu Dhabi, to the northeast by the emirate of Sharjah, to the southeast by the country of Oman, to the east by the emirate of Ajman, and to the north by the emirate of Ras Al Khaimah. Subdivisions The emirate and the coterminous city is subdivided into nine numbered sectors. Dubai is divided into 9 sectors of which 1 to 6 are urban and 7 to 9 are rural. In numbers of 2007: 1.511.423 urban, 18.369 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United Arab Emirates
The United Arab Emirates (UAE), or simply the Emirates, is a country in West Asia, in the Middle East, at the eastern end of the Arabian Peninsula. It is a Federal monarchy, federal elective monarchy made up of Emirates of the United Arab Emirates, seven emirates, with Abu Dhabi serving as its capital. It shares land borders with Oman to the east and northeast, and with Saudi Arabia to the southwest; as well as maritime borders in the Persian Gulf with Qatar and Iran, and with Oman in the Gulf of Oman. , the UAE has an estimated population of over 10 million, of which 11% are Emiratis; Dubai is List of cities in the United Arab Emirates, its most populous city and is an international hub. Islam is the State religion, official religion and Arabic is the official language, while English is the most spoken language and the language of business. The United Arab Emirates Oil reserves in the United Arab Emirates, oil and natural gas reserves are the world's List of countries by pr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
2008 Financial Crisis
The 2008 financial crisis, also known as the global financial crisis (GFC), was a major worldwide financial crisis centered in the United States. The causes of the 2008 crisis included excessive speculation on housing values by both homeowners and financial institutions that led to the 2000s United States housing bubble, exacerbated by predatory lending for subprime mortgages and deficiencies in regulation. Cash out refinancings had fueled an increase in consumption that could no longer be sustained when home prices declined. The first phase of the crisis was the subprime mortgage crisis, which began in early 2007, as mortgage-backed securities (MBS) tied to U.S. real estate, and a vast web of Derivative (finance), derivatives linked to those MBS, collapsed in value. A liquidity crisis spread to global institutions by mid-2007 and climaxed with the bankruptcy of Lehman Brothers in September 2008, which triggered a stock market crash and bank runs in several countries. The crisis ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Dubai
Dubai (Help:IPA/English, /duːˈbaɪ/ Help:Pronunciation respelling key, ''doo-BYE''; Modern Standard Arabic, Modern Standard Arabic: ; Emirati Arabic, Emirati Arabic: , Romanization of Arabic, romanized: Help:IPA/English, /diˈbej/) is the List of cities in the United Arab Emirates#Major cities, most populous city in the United Arab Emirates and the capital of the Emirate of Dubai. It is located on a Dubai Creek, creek on the south-eastern coast of the Persian Gulf, Persian Gulf. As of 2025, the city population stands at 4 million, 92% of whom are Expatriates in the United Arab Emirates, expatriates. The wider urban area includes Sharjah and has a population of 5 million people as of 2023,https://www.demographia.com/db-worldua.pdf while the Dubai–Sharjah–Ajman metropolitan area counts 6 million inhabitants. Founded in the early 18th century as a Cultured pearl, pearling and fishing settlement, Dubai became a regional trade hub in the 20th century after declaring itself a f ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Oversupply
In economics, overproduction, oversupply, excess of supply, or glut refers to excess of supply over demand of products being offered to the market. This leads to lower prices and/or unsold goods along with the possibility of unemployment. The demand side equivalent is underconsumption; some consider supply and demand two sides to the same coin – excess supply is only relative to a given demand, and insufficient demand is only relative to a given supply – and thus consider overproduction and underconsumption equivalent. In lean thinking, overproduction of goods or goods in process is seen as one of the seven wastes (Japanese term: '' muda'') which do not add value to a product, and is considered "the most serious" of the seven.EKU OnlineThe Seven Wastes of Lean Manufacturing ''Eastern Kentucky University'', accessed 6 March 2023 Overproduction is often attributed to previous overinvestment – creation of excess productive capacity, which must then either lie idle (or u ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Speculation
In finance, speculation is the purchase of an asset (a commodity, good (economics), goods, or real estate) with the hope that it will become more valuable in a brief amount of time. It can also refer to short sales in which the speculator hopes for a decline in value. Many speculators pay little attention to the fundamental value of a security and instead focus purely on price movements. In principle, speculation can involve any tradable good or financial instrument. Speculators are particularly common in the markets for stocks, bond (finance), bonds, commodity futures, currency, currencies, cryptocurrency, fine art, collectibles, real estate, and derivative (finance), financial derivatives. Speculators play one of four primary roles in financial markets, along with hedge (finance), hedgers, who engage in transactions to offset some other pre-existing risk, arbitrageurs who seek to profit from situations where Fungibility, fungible instruments trade at different prices in dif ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Easy Credit
Predatory lending refers to unethical practices conducted by lending organizations during a loan origination process that are unfair, deceptive, or fraudulent. While there are no internationally agreed legal definitions for predatory lending, a 2006 audit report from the office of inspector general of the US Federal Deposit Insurance Corporation (FDIC) broadly defines predatory lending as "imposing unfair and abusive loan terms on borrowers", though "unfair" and "abusive" were not specifically defined. Though there are laws against some of the specific practices commonly identified as predatory, various federal agencies use the phrase as a catch-all term for many specific illegal activities in the loan industry. Predatory lending should not be confused with predatory mortgage servicing which is mortgage practices described by critics as unfair, deceptive, or fraudulent practices during the loan or mortgage servicing process, post loan origination. One less contentious definition of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Construction Industry
Construction are processes involved in delivering buildings, infrastructure, industrial facilities, and associated activities through to the end of their life. It typically starts with planning, financing, and design that continues until the asset is built and ready for use. Construction also covers repairs and maintenance work, any works to expand, extend and improve the asset, and its eventual demolition, dismantling or decommissioning. The construction industry contributes significantly to many countries' gross domestic products ( GDP). Global expenditure on construction activities was about $4 trillion in 2012. In 2022, expenditure on the construction industry exceeded $11 trillion a year, equivalent to about 13 percent of global GDP. This spending was forecasted to rise to around $14.8 trillion in 2030. The construction industry promotes economic development and brings many non-monetary benefits to many countries, but it is one of the most hazardous industries. For ex ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Infrastructure
Infrastructure is the set of facilities and systems that serve a country, city, or other area, and encompasses the services and facilities necessary for its economy, households and firms to function. Infrastructure is composed of public and private physical structures such as roads, railways, bridges, airports, public transit systems, tunnels, water supply, sewers, electrical grids, and telecommunications (including Internet connectivity and broadband access). In general, infrastructure has been defined as "the physical components of interrelated systems providing commodities and services essential to enable, sustain, or enhance societal living conditions" and maintain the surrounding environment. Especially in light of the massive societal transformations needed to mitigate and adapt to climate change, contemporary infrastructure conversations frequently focus on sustainable development and green infrastructure. Acknowledging this importance, the international co ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Palm Jumeirah
The Palm Jumeirah is an archipelago of artificial islands on the Persian Gulf in Jumeirah, Dubai, United Arab Emirates. It is part of a larger series of developments called the Palm Islands, including Palm Jebel Ali and the Dubai Islands, which, when completed, will together increase Dubai's shoreline by a total of . It has a population of over 25,000 as of 2022. The islands were created using land reclamation. As the name implies, they were created to resemble a palm tree and are roughly divided into three areas: "trunk", "fronds", and "outer crescent". The trunk is a mixed commercial and residential area, the fronds are reserved for residential homes and villas, while the outer crescent is used for luxury and upscale resorts. The Palm Jumeirah construction was done by a Dutch specialist dredging company, Van Oord. The same company also created The World. Construction Construction of The Palm Jumeirah Dubai island began in June 2001 and the developers announced h ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Burj Khalifa
The Burj Khalifa (known as the Burj Dubai prior to its inauguration) is a megatall skyscraper in Dubai, United Arab Emirates. With a total height of 829.8 m (2,722 ft, or just over half a mile) and a roof height (excluding the antenna, but including a 242.6 m spire) of 828 m (2,717 ft), it is the list of tallest structures in the world, world's tallest structure. And it has also held the record of the List of tallest buildings and structures, tallest building in the world since its topping out in 2009, surpassing the Taipei 101, who was the holder of that status since 2004. Construction of the Burj Khalifa began in 2004, with the exterior completed five years later in 2009. The primary structure is reinforced concrete and some of the structural steel for the building originated from the Palace of the Republic, Berlin, Palace of the Republic in East Berlin, the seat of the former Volkskammer, East German parliament. The building was opened in 2010 as part of a new development c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Real-estate Bubble
A real-estate bubble or property bubble (or housing bubble for residential markets) is a type of economic bubble that occurs periodically in local or global real estate markets, and it typically follows a land boom or reduced interest rates. A land boom is a rapid increase in the market price of real property, such as housing, until they reach unsustainable levels and then decline. This period, during the run-up to the crash, is also known as froth. The questions of whether real estate bubbles can be identified and prevented, and whether they have broader macroeconomic significance, are answered differently by schools of economic thought, as detailed below. Bubbles in housing markets are more critical than stock market bubbles. Historically, equity price busts occur on average every 13 years, last for 2.5 years, and result in about a 4 percent loss in GDP. Housing price busts are less frequent, but last nearly twice as long and lead to output losses that are twice as large (IMF ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
