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meltdown. But it must be noted here that this is the problem with almost all the companies in Dubai and this is not the case with Emaar only.

STRATEGIES ADOPTED BY EMAAR TO GET OVER FINANCIAL TROUBLES

The top management at Emaar group have been in quite some trouble due to the problems that they are facing because of the economic meltdown. The company decided that it would move out its focus from its property business within Dubai for the time being. Moreover it would develop more of hospitality related buildings within United Arab Emirates and Dubai and not concentrate on residential complexes.

Its residential projects will only be carried on in countries like India which have not been hit by the global economic meltdown. New projects within the region of Dubai have been stalled as of now.

Moreover within Dubai Emaar may merge with companies like Nakheel. Nakheel is also amidst the middle of the Dubai meltdown. Moreover help from Indian partners MGF has been sought by Emaar in order to get over this meltdown issue. Hospitality is the main area in which Emaar will be make investments and developments in the near future. Many hotels and hospitals and malls shall be opened in international markets by Emaar in the coming time. Hospitality sector is yet to be affected by either of the meltdowns.

Although it will be wrong to say that it has not been affected at all but it is still at better grounds than other sectors. Moreover the launch of Burj Khalifa itself is being said to be a positive step being taken by Emaar. Burj Khalifa is the tallest building in the world. This building has added many stars to the image of Dubai and all goes to the credit of Emaar for this.

While the top management is deciding its strategies to get out of this pit of debt there are many managers and labourers which have suffered the real blow of this meltdown. There have been quite a few employees which were fired by Emaar in order to decrease its expenditures. Many poor migrant labourers from the Indian sub-continent who survived on a day to day basis were also thrown out of their jobs by Emaar. Many investors who had invested in the properties of Emaar were also in a shock as the prices of their properties instead of appreciating had depreciated to as low as 50% within a short span of six months.

The top managers at Emaar agreed that they had expanded way beyond their own capacity and way beyond the capacity of the people to invest in such properties. Another negative for Emaar was that they basically aimed only at capturing the rich and the wealthy either in Dubai or even in their international ventures. And as common says the rich were the ones who suffered more than the already poor ones in the meltdown.

Emaar has therefore decided that especially in its international ventures more specifically in India it will fasten its attention more on the middle class and the upper middle class rather than building exclusively for the upper class. The Indian market is a potential market for Emaar and they must at all costs capture it if they wish to get out of the meltdown. Moreover not only residential complexes around the world should be built for the middle and upper middle class families even the hospitality sector should be developed while keeping such families in mind.

CONCLUSION

Conclusion in our research basically d