Morning round-up: Federal regulation on the horizon

There are efforts underway to create a federal body to oversee the country's property sector, Mahmoud Haboush reports in The National. The Federal National Council debated the topic yesterday, discussing ways to control is "over-funding" of property projects and prevent developers from starting up a project and then fleeing with the money.

"We should protect the real estate sector in these difficult times," - Obaid Humaid al Tayer, the Minister of State for Financial Affairs

In other news ...

Nakheel is delaying its US$3bn mall expansion plans by a year. This isn't the first time Nakheel has "delayed something by 12 months". In January, the company did the same thing to its more than 1km tall tower.

Property and construction stocks had a good day, with Emaar Properties rising by 10.5 per cent and Deyaar increasing by 2.04 per cent. Analysts say that the Gulf markets are taking inspiration from a spike in confidence in the US because of the stimulus plan underway there.

The plan for the federal funds going to Dubai because of the financial crisis will come out in two weeks. A five-member committee has been put together to handle the crisis.

Al Madar Group is planning to start offering more flexible payment plans for projects that include Scala Tower in Business Bay.

The Dubai Fountain (of course, the biggest in the world) is being tested. It shoots water up 500 ft - the equivalent of a 50-storey building.