Dubailand is an entertainment complex being built in Dubai, United Arab Emirates, which is owned by Tatweer (which belongs to Dubai Holding). When announced in 2003 it was one of the most ambitious leisure developments ever proposed anywhere in the world costing $64.3 billion, but development has been severely impacted by global recession and Dubai's financial crisis. The development was put on hold in 2008 but resumed in mid-2013. Updates in 2013 show that $55 billion has been raised towards the works. Current estimates predict that Dubailand will open before 2020.