With the onset of the financial crisis of 2007–2010, Dubai's real estate market declined after a six-year boom. On 25 November 2009, the Dubai government announced that the company "intends to ask all providers of financing to Dubai World to 'standstill' and extend maturities until at least 30 May 2010". The company has laid off 10,500 employees worldwide. At that time, Dubai World had debts of $59-billion, accounting for nearly three-quarters of the emirate's US$80-billion debt. This includes a US$3.5-billion loan which the company was unable to repay by its December deadline.In response to the government announced moratorium of Dubai World's debts, both Moody's and Standard & Poor's Investors Services heavily downgraded the debt of various Dubai government-related entities with interests in property, utilities, commercial operations and commodities trading. In Moody's case, the downgrade meant that the affected agencies lost their investment grade status.Concerns over the fallout from Dubai's debt problems contributed to the main European stock indexes falling over 3% on 26 November. This was followed by drops in Asian stocks on 27 November. However the European stock markets rebounded as investors' fears subsequently subsided as they decided the estimated debt wasn't big enough to trigger a systemic failure in global financial markets.  "For now, the market is taking the view that the Dubai debt issue may be a storm rather than a hurricane," said Jane Foley, a research director at Forex.com in London. The American markets were closed on 26 November but American stocks fell on the afternoon of 27 November as similar fears rattled Wall Street in a thinly-traded half-day session.  The Dow Jones Industrial Average (INDU) fell 155 points, or 1.5%, after closing 25 November at a 13-month high. The Dow had lost 233 points in the morning. Also, concerns of the crisis led to a sharp rally in the U.S. dollar and Japanese Yen against most other world currencies as these currencies had been perceived as "safe haven" currencies during times of uncertainty.An unnamed senior official told news agencies on 28 November that Abu Dhabi, the wealthy capital of the United Arab Emirates, would "pick and choose" how to assist Dubai World.  "We will look at Dubai's commitments and approach them on a case-by-case basis," the official told the Reuters news agency by telephone, adding: "It does not mean that Abu Dhabi will underwrite all of their debts."  Meanwhile, India's central bank governor said an assessment of the impact of Dubai's debt problems was needed before deciding on a response.  "We should not react to instant news like this. One lesson of the crisis is that we must study the developments, and I think we must measure the extent of the problem there and how it impacts India," Duvvuri Subbarao said in Hyderabad, India.A public statement on 30 November 2009, of the Dubai Finance Department Director-General, that the Dubai World debts are "not guaranteed by the government" appears to correctly reflect the legal position, as the Dubai Government were not required by the lenders, and nor did they provide, any contractual guarantees in respect of the Dubai World debt:

Question: Where is Burj Khalifa located?
Answer: Dubai