More ambitious projects include the kilometer length tower that was announced by Nakheel. These projects have been undertaken by state owned enterprises known collectively as “Dubai Inc” including in the renks Dubai World, Investment Corporation ofDubai, and Dubai Holding. Each of these has their own master-developer: Nakheel, Emaar and Dubai Properties respectively (DubaiA new world.).
The Real Estate market peaked at around September of 2008 which was reached after foreigners were allowed to purchase free hold properties in designated areas of the emirate. After that, the credit crunch started taking its toll on the economy that was built on borrowed money. From the time when mega projects like the Jumeirah Garden were being scheduled andDubaihaving 25 percent of the cranes in the world,Dubai’s Real Estate and construction saw a rapid decline (Black). Prices fell by nearly one-fourth in the last quarter of 2008 with subsequent downfall in the following year as well.