Dubai World, a holding company owned by the ruler of Dubai, faced a debt crisis in 2009 when it requested a six-month standstill on $26 billion of debt owed by its subsidiaries. This triggered a financial crisis as Dubai had extensive real estate investments and debts around the world. The crisis exposed Dubai's overreliance on real estate and the lack of economic diversification beyond oil and tourism. It had ambitious growth targets but its economy was unstable without a strong manufacturing base.