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Emaar Properties is an investment company established in the UAE in 1997. The company is headquartered in Dubai. The company's core business is investing in construction projects in the Gulf region, primarily in cities such as Dubai and Abu Dhabi. Emaar Properties owns more than 60 subsidiaries that own various construction projects. The company is the largest property developer in the Arab world. In Dubai, the company owns more than 14,000 buildings that are in various stages of construction. The company also owns and operates the Gold and Diamond Park. In 1998, Emaar began construction of its most ambitious project called Downtown Dubai, which includes the Burj Khalifa, the tallest building in the world, commissioned in 2009. Emaar also owns several apartment blocks in the Greens, as well as lakefront villas that are rented out to tenants. The company was founded by Mohamed Ali Rashed Alabbar, who previously headed the Department of Economic Development in the Dubai government. In addition to the UAE, the company has projects in Egypt, Saudi Arabia, Morocco, India, Pakistan, Turkey, Lebanon and the US. Real estate from Emaar is very popular, as evidenced by record sales.