Dubai - Introduction Dubai is the most popular city and emirate among the seven Emirates of the United Arab Emirates. It is the second largest in terms of territorial size after the capital, Abu Dhabi. This emirate is located in the southeast of the Persian Gulf. Dubai is a global city and business center and in recent times it has become a must-see site for many tourists. Although statistics show that in 2012, Dubai is the 22nd most expensive city in the Middle East, it is still considered "one of the best places to live in the Middle East". Dubai has an area of ​​4,114 km² and the country was founded in June 1833. It has a population of 2.106 million (as of 2013). Dubai is home to a mix of many different nationalities, which has given rise to a cosmopolitan culture. Question 1. The dirham replaced the currency of Qatar and the Dubai riyal, which were used in all emirates (except Abu Dhabi) since 1966. Coins Coins were introduced in the same year 1973 in units of 1 , 5, 10, 25, 50 fils and 1 dirham. The color of the 1, 5 and 10 wires is bronze, but the rest, 25, 50 and 1 dirham, are cupro-nickel. The value and numbers on the coins are written in Eastern Arabic numerals and the text is written in Arabic. However, in the UAE, 1, 5 and 10 wires are little used in the daily lives of citizens. Like any other country, the UAE Monetary Board has minted several commemorative coins celebrating different events and leaders. Banknotes In August 2006, it became public that the Philippine peso coin was the same size as a dirham. 1 peso is only worth 8 fils, which quickly led to ATM fraud in the UAE. From then on, a hawk watermark appeared on all dirham notes to prevent such fraud from occurring. NB: This fraud could have taken place because the populations of the United Arab Emirates and the Gulf countries had been using the Indian currency, the rupee, for a long time. A second series of notes was introduced in 1982, which removed the 1 and 1000 dirham notes. The 500 and 200 dirhams were introduced in 1983 and 1989 respectively. However, they reintroduced the 1000 dirham in 2000. Banknotes (Denomination and Color) 5 dirham - green 10 dirham - purple 20 dirham - light blue 50 dirham - pink/purple 100 dirham - green/brown 200 dirham - brown/green 500 dirham - purple/brown 1000 dirham - green/brown Dubai – The impact of the global financial crisis on real estate Before the 2008 recession, Dubai's oil reserves were dwindling , the government therefore decided to develop in other areas, such as tourism and trade. They achieved this by building the world's only 7-star hotel, a collection of opulent islands and the world's tallest tower, Burj Khalifa. However, the global housing bubble has begun to “overheat.” Studies show that property bubbles were bursting in many other countries and regions, including China, Spain, the United Kingdom and Eastern Europe, but Dubai was hit hardest. They experienced the world's most brutal real estate crisis during the global recession, with property prices falling 50% from their peak in 2008. Buildings and businesses worth hundreds of billions of dollars were either delayed or canceled. They later discovered the very real likelihood that their formidable state-owned company, Dubai World, would eventually go bankrupt. Dubai World, established on March 2, 2006, is an investment company that manages and guides a portfolio of companies and projects for the Government of Dubai across a wide range of sectors, with principal holdings and investments in the sectors of.