Morning Round-up: Bridge Over Troubled Water

The Somali pirates aren't going to like this. Cowi, a design consultant based in Denmark, has submitted plans for the first bridge across the red sea, linking Yemen and Djibouti. The National's Angela Giuffrida reports that company is designing the first phase of the 28.5km link, which is being developed by Dubai's Middle East Development. It is estimated to cost $13.99bn, with the first phase to be completed over 15 years. Hopefully pirates will have been relegated back to their rightful place in children's adventure literature by then.

Property auctions are commonplace in the West, but so far have not been a part of the market here in the UAE. That will change next week, reports Emirates Business 24/7, as Madania Real Estate organises the country's first open house auction. Three villas in Arabian Ranches and a Jumeirah Beach Resident penthouse will go on the block.

And Khaleej Times reports that a study by a parliamentary panel has concluded that rents accounted for more than 81 per cent of individual spending in 2007, compared to the international average of less than 25 per cent. The Federal National Council committee called on the government to figure out how to regulate property investment and development, while providing adequate housing for the country's workers.

Rent definitely seems to take up a jaw-dropping chunk of the monthly paycheck here in the UAE, but 81 per cent? Give us your thoughts at [e-mail].