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Flamingo Creek, the first residential community within The Lagoons master development at Dubai Creek, has sold out all its residential units during a recent pre-launch event. The freehold project owned by National Bonds Corporation comprises 244 villa-style apartments and townhouses, all with unique floor plans, spread over 500,000 square feet within The Lagoons.

Tashyed, the property development joint venture set up by Nakheel and Dubai Islamic Bank, has today broken ground on its first development at Jumeirah Heights. Located on land sourced from Nakheel, and comprising a built-up area of approximately 625,000 sq ft, this lake-front development will offer residential accommodation in the heart of New Dubai. The project will consist of approximately 250 to 300 apartments, townhouses and villas accommodating a population of more than 1,000 people. Commencement of the project is expected in the first quarter of 2009.

Abu Dhabi-based property developer Sorouh is planning to raise Dhs4bn ($1.1bn) by selling asset-backed securities that comply with Islamic law to finance infrastructure projects, reported Reuters. Sorouh will begin marketing the bonds 'over the next few weeks', the company said.

The Ras Al Khaimah government wants to give property buyers long-term residence visas that exceed the current three-year residency permits, reported Gulf News. Property buyers are now allowed a three-year renewable residency permit, facilitated through developers and offshore companies, according to Dr Khater Massaad, chief executive of the Ras Al Khaimah Investment Authority.