Dubai's Emaar Properties, which is building the world's tallest tower in Dubai, has invested more than half a billion dollars in an Indian joint venture.

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Farnood insisted that he had already paid his debts, as his properties in Dubai and Kabul were confiscated.

BBC: Sherkhan Fe=arnood at his hearing

Dubai World still owns properties in New York, including 450 Lexington Avenue, The W Hotel Union Square, The Mandarin Oriental Hotel and the Knickerbocker on Times Square.

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In a move that could spell more trouble for Dubai's Emaar Properties, revenue officials from India's Enforcement Directorate Thursday raided Emaar MGF Land, the Indian unit of the UAE developer, in New Delhi for allegedly violating foreign exchange regulations.

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Like many properties here, Burj Dubai was sold "off-plan" or before the building was completed.

BBC: Burj Dubai sets records and makes profits

The Dubai state investment agency planned to sell some properties in London and New York and redeploy some capital to real estate in Asia, its chief investment officer, Yu Lai Boon, said this month.

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But Peter Slatin, founder of the real estate newsleter The Slatin Report, said it was generally Dubai World's strategy to hold onto real estate properties for a long time.

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Kirkland said Formula One was a "large pie" and there was more to the sport than hosting a grand prix, as Union Properties was proving with its MotorCity development in Dubai.

CNN: Middle East fuels Formula One's expansion

Though he had enjoyed living in the villa in Dubai, he said, he warned Farnood against buying luxury properties there, because the market was heading for a crash.

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Next to New York City, which has the greatest number of Starwood hotels at 21, Dubai has the most of any city, 14, and is set to open six new properties.

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