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r in all of Middle East. It is also making its presence felt in North Africa and in the Indian sub-continent. China, USA, Canada and U.K. are amongst other countries in which the company has ongoing projects at present.

INTERNATIONAL BUSINESS

The Emaar group started a new company under the name of Emaar international back in 2004. This company was established 7 years after the original company got established. Within those 7 years Emaar group had shown what it was capable of doing and what it had in its mind. But it must be noted here that before Emaar international was established Emaar group did not have any business connections outside the United Arab Emirates.

It was with the opening of Emaar international that Emaar group decided to enter the international market. It was a move by Emaar group to reduce the risk of operating within the United Arab Emirates and in the gulf countries itself because chances were that the market in these countries would saturate in the coming 10-15 years. So the company had to diversify and explore new markets. Moreover this would ensure sustained development of the firm itself in the future.

The company through its international subsidiary aimed at tapping the many emerging international markets in countries like India, Bangladesh. Countries in northern Africa. This would diversify the source of revenue for the company and ensure stability on a long term basis. Moreover it would reduce the company’s dependence on revenues from the Middle Eastern markets. The main international business of Emaar is being generated from the Indian subcontinent, North African countries and from gulf countries other than United Arab Emirates. Just like in Dubai the company has introduced master planned lifestyle solutions in these countries also.

Almost all of Emaar internationals international projects are on the completion stage and they will add new level of meaning to the world luxury in these countries. Especially in the Indian market the company has emphasized on high end luxury products due to the emerging rich professional class in the country. The company has taken a wise step of establishing partnerships with major real estate developers which are already established in these countries.

This has given a head start to Emaar international as it was prevented from doing the leg work of establishing itself in a new country. Although Emaar international is still a new company and the international ventures of Emaar group are under process and hardly any of them is complete and functional at the moment still, the company has aroused attention in its project due to its success in Dubai and due to their claims of providing extra ordinary luxury to their customers. Within the near future the company is sure to create wonders in the international market.

DUBAI FINANCIAL CRISIS

We know that the United Arab Emirates and Dubai in particular has grown many a times in the past decade. The city of Dubai has turned from just another capital city to a centre of wealth and finance in the world. It is now one of the most important cities of the world. It is the financial hub of all of gulf area.

The city exploded with development in the nineties and that phenomenon has continued till very recent. The city on one hand recently inaugurated the world’s tallest building the Burj Khalifa and at the same t