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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.

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 economic crisis taking a heavy toll on property values, construction and employment. As of February 2009 Dubai's foreign debt was estimated at approximately $80 billion, although this is a tiny fraction of the sovereign debt worldwide.

A City Mayors survey rated Dubai as 44th among the world's best financial cities, while another report by City Mayors indicated that Dubai was the world's 33rd richest city, in terms of purchasing power parity (PPP). Dubai is also an international financial centre and has been ranked 37th within the top 50 global financial cities as surveyed by the Mastercard Worldwide Centres of Commerce Index (2007), and 1st within the Middle East.

1.2.3 DUBAI PROPERTY MARKET- THE CRUX

In the pursuit of excellence, the Government of Dubai has always looked upon the private sector as full partners. With no personal corporate or sales taxes, foreign direct investment has expanded strongly and mega projects have become synonymous with Dubai's development.

The thriving economy of Dubai, the state-of-the-art infrastructure and standards of living that are unsurpassed almost anywhere else in the world, have earned Dubai the name 'Pearl of the Gulf'.

The Dubai property market is booming and is set to continue to do so over the next decade. Dubai has taken steps to scrap its protective property laws and is positioning itself as a holiday home destination, which also offers plenty of property investment opportunities.

Reflections can be seen through recently built or proposed massive projects such as Dubai Marina, Emirates Hills, Palm Islands and many more.

Developers are busy reclaiming vast swaths of desert to build leisure and residential property havens. British expatriates, Saudi Arabians, Iranians and Indians have already been rapidly purchasing properties in these new areas.

The city is undergoing constant transformation as the new developments dotting the skyline testify. In particular, the Dubai Marina on the Arabian Gulf is testament to the changing face of the city. Three years ago it was sand but today over a hundred tower blocks huddle around the vast artificial lake and retail spaces.

While the property laws are opening up, certain aspects of ownership and residency rights for foreigners still need to be set in stone. The liberalisation of Dubai's property laws is such that in some cases foreigners can benefit from a 10-year resident visa if they purchase properties. Mortgage financing is also becoming more readily available on a 10 to 15-year basis and as interest rates are linked to those in the US they are currently low.

CHAPTER 2

2.1 THE EDUCATION FRONT

UAE has always been a pr