Technology, Electronic Commerce and Media Free Zone Authority) is one such enclave whose members include IT firms such as EMC Corporation, Oracle Corporation, Microsoft, and IBM, and media organisations such as MBC, CNN, BBC, Reuters, Sky News and AP.
The government's decision to diversify from a trade-based, oil-reliant economy to one that is service and tourism-oriented made property more valuable, resulting in the property appreciation from 2004–2006. A longer-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 world's fourth tallest, and most expensive hotel, the Burj Al Arab. The Dubai Financial Market (DFM) was established in March 2000 as a secondary market for trading securities and bonds, both local and foreign. As of fourth quarter 2006, its trading volume stood at about 400 billion shares, worth $95 billion in total. The DFM had a market capitalisation of about $87 billion. The other Dubai-based stock exchange is NASDAQ Dubai, which is the international stock exchange in the Middle East. Its unique market enables a range of companies, including UAE and regional small and medium-sized enterprises, to trade on an exchange with an international brand name, with easy access by both regional and international investors.
Dubai's property market experienced a major downturn in 2008 and 2009 as a result of the slowing economic climate. Mohammed al-Abbar, Chief Executive Officer of Emaar told the international press in December 2008 that Emaar had credits of $70 billion and the state of Dubai additional $10 billion while holding estimated $350 billion in real estate assets. By early 2009, the situation had worsened with the global
