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Real Estate
The 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 more valuable, resulting in the property boom Dubai is currently experiencing. Construction on a cosmic scale has made Dubai known as one of the fastest growing cities in the world, only equaled by large Chinese cities.

The property boom is largely driven by mega-projects, whether off-shore such as The Palm and The world or inland such as Dubai Marina, Burj Dubai Complex, and Dubailand. These, and other, iconic developments are headed by major players in the real estate sector of the Middle East namely Emaar Properties, Nakheel and Dubai Properties.

Emaar Properties is currently constructing what will become the world’s tallest structure, the Burj Dubai. The final height of the skyscraper is a closely guarded secret - an indication of the developer's resolve to attain the title of the world’s tallest building and its intention to hold on to it for as long as possible. Estimates so far, point to a height upwards of 750m. Neighboring Burj Dubai, is another mammoth under construction: The Dubai Mall, which is promised to be the world’s largest shopping mall.

Dubai based interests have also purchased large amounts of real estate in foreign countries, in particular snapping up trophy properties in global centers like New York and London. A typical purchase in 2005 was New York's 230 Park Avenue (formerly known as the New York Central Building or the Helmsley Building) and Essex House on Central Park South.		 Cayman