Portal:Business/Selected picture/December 2009
 Photo NASA
The Palm Jumeirah is a man-made island located on the Jumeirah coastal area of the emirate of Dubai, in the United Arab Emirates. It was created using land reclamation by Nakheel, a company owned by the Dubai government in the shape of a palm tree. It consists of a trunk, a crown with 16 fronds, and a surrounding crescent island that forms an 11 kilometre long breakwater. With the onset of a global recession, Dubai's real estate market declined after a six-year boom. On November 25, 2009, the Dubai government announced that the Nakheel's parent company Dubai World "intends to ask all providers of financing to Dubai World and [its subsidiary] Nakheel to 'standstill' and extend maturities until at least 30 May 2010". |