Since the economy of Dubai relies majorly on real estate, transportation and tourism, it was highly exposed to the impact of the coronavirus pandemic. In April 2020, the American business and financial services company, Moody's Corporation reported that the coronavirus outbreak is likely to pose acute “negative growth and fiscal implications” in Dubai. It was reported that in order to bolster its finances and overcome the impact of coronavirus on its economy, Dubai was in talks to raise billions of dollars of debt privately, where it was seeking loans of 1 billion dirhams ($272 million) to 2 billion dirhams from each lender. On 6 May, Dubai's businessman from the hospitality sector, Khalaf Al Habtoor stated that the coronavirus pandemic left the economy and his companies “bleeding”. The owner of seven hotels in the country, including the Waldorf Astoria on the man-made island Palm Jumeirah, Habtoor stated that Dubai's economy cannot afford to wait for the vaccine, before resuming the major activities. In June 2020, the Moody’s Investors Service cut down its ratings for eight of the biggest banks based in the UAE from stable to negative. In effect, the benchmark stock index of Dubai dropped the most among all the Gulf nations, where the DFM General Index lost as much as 1.3 per cent.