London Dubai Overseas Property Investment

Dubai-based Union Properties (UP) is looking at its legal options after a report issued by investment bank Morgan Stanley giving the company a negative rating and claiming that house prices in Dubai were likely to fall, sent its shares plummeting 15% in a week. UP has approached DFM regulator, the Emirates Securities and Commodities Authority, to see if it has any legal recourse.

UAE developer Desert Dream Real Estate has announced that it will launch its Dhs1.7bn Dream Harbour project on August 14. The 48-storey tower, to be set in Nakheel's Waterfront development, will have its launch for private investors at the Madinat Jumeirah in Dubai.

Tatweer member Dubai Industrial City has announced that construction has begun on four office buildings. The projects are said to have investments over Dhs200m. The development currently has four existing office buildings on site.

Business information company Naseba will hold a Real Estate Investment World Summit in Riyadh, on October 19 and 20. The associated exhibition will feature Kuwait Finance House, Abraj Tourism, Dubai Islamic Bank, Nakheel, The Land Holding, Al Oula Development, TMG Holding, Al Rajhi Bank and Palm Hills Developments

Dubai Municipality has announced it will develop a legal framework for green buildings soon, compatible with Dubai's local conditions and in conformity with international design and construction practices. The framework will be implemented in all new buildings across Dubai by January 1 next year.