Feb. 26--BAHRAIN TO ISSUE $800M IN BONDS FOR HOUSING: Bahrain's government has authorized the nation's Ministry of Housing to issue bonds worth nearly $800m to finance housing projects in Bahrain. The country's Minister of Housing, Sheikh Ibrahim bin Khalifa Al Khalifa, said during an interview on CNBC Arabiya that financial institutions will issue the bonds in segments over the next six months. The Ministry of Housing will use the bonds worth Bahraini Dinars 300 million to fund projects in the housing sector, the recipient of the bulk of Bahrain's capital investment budget over the next two years.

DUBAI HOUSING SUPPLY MAY DIP 20 PERCENT IN 2009: Around 20 percent of residential units in Dubai may not come on to the market as expected in 2009 because of market conditions, according to officials at the Dubai Land Department. About 31,003 units were anticipated to hit the market this year, compared to 29,319 units in 2008.

DAMAC, EGYPTIAN HDB FORM ALLIANCE: Damac Properties, the Dubai-based private real estate developer with five developments across Egypt, said it had entered into a partnership with the Housing and Development Bank of Egypt. The alliance will see 60 percent of Damac Properties' New Cairo projects transfer to the Housing and Development Bank. The value of the deal was not disclosed.

DUBAI RENTS COULD DROP 50 PERCENT, SAYS OFFICIAL: Marwan Bin Galita, head of Dubai's Real Estate Regulatory Authority (Rera), said residential rents in Dubai could fall up to 50 percent by the end of this year in certain neighbourhoods. 'The rents have already begun to come down,' Bin Galita was quoted as saying by Gulf News. 'Depending on the locations, this could range from 10, 20 to up to 50 percent by the end of the year.'

SOROUH'S CFO RESIGNS: Abu Dhabi's Sorouh Real Estate said today its chief financial officer had resigned, reported Reuters. No reason was given for the change. Ala Khannak will be replaced by John Hopley, who will take on the role temporarily.

RERA TO UPDATE RENTAL INDEX IN APRIL: Dubai's Real Estate Regulatory Authority plans to issue an updated rental index at the beginning of April, reported Gulf News. Marwan Bin Galita, chief executive of Rera, said the revised rental index will be completed once all the new tenancy contracts have been signed for the current year and registered on Rera's website. The first rental index was released at the end of last year and caused controversy as it was based on last year's rents, thus not taking into account the financial crisis and the subsequent drop in rents.

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