project, having stalled since 2008, building 1,700 villas and 6,000 apartments on the man-made islands, having previously contacted existing investors offering to buy back their contracts for plots and properties. Financial crisis of 2007–2008 Nakheel prospered until the financial crisis of 2007–2010 started a decline in Dubai's real estate market, putting Dubai World at risk of bankruptcy in November 2009. After write-downs of real estate values and lower sales, Nakheel had made a loss of 13.4bn dirham ($3.65 billion) in the first half of 2009, and despite a cash bail-out in May, the company sought to delay the December repayment of a $3.5 billion bond. This happened because Dubai's government refused to bail out Nakheel's parent company, due to which it requested a stay on debt payments, and consequently it was downgraded to junk status. However, on 14 December 2009, in the nick of time, neighbouring Abu Dhabi invested $10bn in Dubai, warding off Nakheel's debt default, and in March 2010, the government of Dubai rescued Dubai World, providing $9.5bn to help ensure Nakheel bond-holders would be paid on time and in full. The move was seen as key to resolving Dubai's debt crisis: "Fix Nakheel, and you go a long way to fixing Dubai real estate; fix real estate, and you fix Dubai," said Aidan Burkitt, hired from Deloitte to be Dubai World's chief restructuring officer. Portfolio Nakheel Properties has a portfolio of projects in Dubai across the residential, retail, hospitality and leisure sectors. Property development projects include: Al Furjan Culture Village Discovery Gardens Dragon City Dragon Mart Dubai International City Dubai Islands Dubai Maritime City Dubai Waterfront The Gardens Ibn Battuta Mall Jebel Ali Gardens Jebel Ali Village Jumeirah Bay Jumeirah Heights Jumeirah Islands Jumeirah Park Jumeirah Village Lake Shore Towers Logo Islands Nad Al Sheba Nakheel Mall Nakheel Tower Palm Gateway Palm Islands Palm Jebel Ali Palm Jumeirah Palm Tower Trump International Hotel and Tower The Universe Warsan Village The World Retail project developments include Ibn Battuta Mall, Dragon Mart 1 and 2, Golden Mile Galleria, Nakheel Mall, The Pointe, Deira Mall, Deira Islands Night Souk, Warsan Souk, Al Khail Avenue, The Circle Mall and Nad Al Sheba Mall, as well as extensions to Dragon Mart (renamed Dragon City) and Ibn Battuta Mall. Nakheel has also developed properties outside Dubai, in Montenegro for example. See also List of largest corporate profits and losses References Dubai World 2003