Dubai's economy was hit hard by the global financial crisis as its total government debt reached $80 billion. Dubai World, the government investment company, requested to delay debt payments of $59 billion, causing stock markets to plunge. Dubai had pursued a model of taking on large debts to fund major real estate and infrastructure projects, but this led to a mismatch between high demand and supply that has now left Dubai struggling with its debt repayments. The crisis has impacted Dubai through falling real estate prices, layoffs in the construction industry, decreased demand for gold imports, and a slight depreciation of the UAE dirham currency.