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.
As of February 2009 Dubai's foreign debt was estimated at approximately billion, although this is a tiny fraction of the sovereign debt worldwide.
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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.
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.
During the summer, 20 °C (68 °F) is common during the day while 14 °C (57 °F) is common at night; in the past, temperatures have reached as high as 30 or 35 °C (86 or 95 °F). Dubai's gross domestic product as of 2011 was US $83.4 billion.
Although Dubai's economy was built on the back of the oil industry, revenues from oil and natural gas currently account for less than 7% of the emirate's revenues.
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The emirate's top import sources are India (US$ 12.55 billion), China (US$ 11.52 billion) and the United States (US$ 7.57 billion).