A conglomerate controlled by the ruler of Dubai said it has consolidated a number of its real estate business as part of a broader restructuring effort.

Dubai Holding, said on Saturday that consolidated its Dubai Properties Group, Sama Dubai and Tatweer divisions into what he called the “Property Vertical”.

Tatweer is perhaps best known for announcing plans to build a Tiger Woods designed golf course and other attractions, as part of Dubai land amusement complex. And the two property companies are expected to merge with other Dubai-based developer Emaar Properties.

Dubai Holding, said a second unit, the “vertical business parks”, consists of its media, technology and other office parks in Dubai.

Tenants can now rent a studio apartment in International City for as little as AED26,500 a year – down from AED60,000 six months ago, according to a report in 7days.

Cheaper rents are attracting people from neighbouring emirates, like Sharjah and Ajman, because they can now afford Dubai prices.

Real estate agent Mohammed Iftekhar, from Heaven Homes Real Estate, told the paper rents are likely to drop further. “We can’t say to what extent the rents will fall,” he said.

“According to my estimates, at least 2,000 families moved to International City because of the low rents in the last two months. At the same time a lot of people left after losing jobs,” Iftekhar said.

“There is a lot of movement within the city. People are moving from one place to another,” he added.

A typical one bedroom flat in International City is currently being advertised for rent for AED42,000, down from an AED80,000 price tag last year, the paper reported.

Meanwhile, rents are dropping elsewhere in Dubai. A studio in Al Baraha is renting for AED26,000 a year while one in Al Qusais is going for between AED36,000-40,000 a year. A one bedroom in Al Qusais is priced at AED42,000 to AED45,000.

The Palladium made for international and entertainment events. The Palladium is the newest and most flexible venue of Dubai is worth $68mn (Dh.220mn). The Palladium is planned to have a soft-launch in March 2009. The venue will prove to be a model for a new generation of combined entertainment venues worldwide.

The Palladium is a dream-come-true for Raymond Gaspar, an entertainment and media entrepreneur. It is the first-of-its-kind multipurpose venue in the region for entertainment and events. The facilities here are unique, with a capacity to stage theatre, musicals, concerts, circus, opera, ballet, cabaret, exhibition, conferences, seminars, launches, award shows, banquets, sporting events, festivals, sporting events, weddings and cocktail parties.

Raymond Gaspar, General Manager of The Palladium, said, “This unique venue can be set-up in a variety of creative ways to suit your event theme and size. We will provide all the elements to facilitate the work of promoters and event organisers to produce world class events at The Palladium”.
The Palladium is designed with a seating capacity of 3000 for retractable seating, 4000 for mixed seating and standing, and 5500 for standing and 1500 for banqueting. In addition, the main auditorium offers 2500 square metres of open space for exhibitions and concerts. The stage is the biggest in Middle East with a width of 25metres and depth of 16 metres.

It also includes seven private Skyboxes with 12 plush seats and dedicated butler. There are two corporate hospitality areas of 200 square metres each, facing the auditorium.

The Palladium is also in the process of developing integrated high-class food and beverage outlets and a club environment, open throughout the day, the complete details of which, will be unveiled soon.

Lindsay Lohan and her lesbian girlfriend Sam Ronson are looking to buy a $3m home in Dubai – right near where Victoria and David Beckham live

Lohan and Ronson – who were recently spotted arguing at Miami International Airport – have been house hunting on the Palm Island development.

The couple are said to have fallen in love with the plush resort after Sam – a club DJ – did a gig at the opening of the super-luxurious Atlantis hotel.

A source tells Britain’s Daily Mirror newspaper, “Lindsay and Sam loved the tacky glitziness of Dubai. “There is so much money and opulence out there it really impressed Lindsay – she can be quite materialistic like that. Despite her fair skin, Lindsay loves the beach and sunshine.

“And with the property market over there probably the only place where there still seems to be a boom, she thinks it will be a wise investment.

“There isn’t as much paparazzi either – although that’s sure to change once Lindsay and Sam become regulars on the scene.”

Lindsay may also be looking to home in on Posh when she moves in. At a recent party she giggled: “I love her hair. She looks really hot at the moment.”

However, she must be very carefull – Homosexuality is illegal in the strict United Arab Emirates state. In August a female couple were put in the slammer for two months for just having a snog on the beach.

The announcement comes amid a global market crash that has shattered investor confidence worldwide, but goes on to show that Dubai is determined to continue with the vision of His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.

The development will redefine living in one of the most popular neighbourhoods of Dubai, currently undergoing demolition to pave the way for the new project.

The project will comprise seven distinct areas, taking up approximately 110 million square feet of land, including the islands. One section will host Dubai Park, which will be half the size of Safa Park.

Phase one of Jumeirah Gardens will cover around 820,000 square metres. It will comprise six main blocks of high-, mid- and low-rise office, retail and residential buildings, two hotels and a high-end shopping area.

Handover of phase one is expected to start in the fourth quarter of 2011, and completion is scheduled for the fourth quarter of 2013.

“Every great city has a great park. London has its Hyde Park, New York has its Central Park. This will be Dubai Park,” Sina Al Kazim, chief executive of Meraas Development, told Gulf News. The park will be surrounded on all sides by residential apartments, duplexes, penthouses, villas and commercial buildings.

Meraas is planning at least eight landmark buildings in Jumeirah Gardens, including One Dubai, One Park Avenue and Park Gate, which will have six buildings.

The islands will be made up of East Bay and Coastal, predominantly residential, but will also include hotels and resorts.