Dubai-based Nakheel and The Land Holding, a Saudi Arabian developer, have signed an agreement to form a joint venture company for the development of projects at Waterfront, a Nakheel coastal master-development. According to Yousuf Kazim, the managing director of Nakheel Joint Ventures, the new company will develop a number of plots of land at Waterfront. The joint venture, which is yet to be named, is currently working on project designs and will announce an investment package shortly, he said.

Dubai-based ACI Real estate has launched a Dhs3bn tennis academy and resort in the UAE emirate of Ras Al Khaimah along with tennis legend Boris Becker, who holds a 50% partnership in the academy and part ownership in the rest of the resort. The Boris Becker Beach Resort and Tennis Academy is ACI's first hotel project and Becker's first tennis academy that he will co-own. The resort will also have a 223-room hotel and 1,000 serviced apartments. The academy will have four outdoor courts and two indoor courts.

Dubai's attorney general said yesterday that former Deyaar chief executive Zack Shahin may remain in custody until the prosecution has completed its investigation, reported Khaleej Times. The detention of Shahin, who is under investigation for alleged financial irregularities, was extended for the sixth time by another 30 days on Sunday.