Jumeirah Golf Estate, the luxury residential golf community, will witness the completion of its dedicated power substation, infrastructure work and more than 300 villas — all before the end of next year, 'Emirates24|7' can reveal.

Work has already started on the 132KV power substation and is expected to be completed next year, a Nakheel spokesman told this website.

The company also expects completion of 160 villas in Whispering Pines in November 2012, while 99 villas in the Flame Tree Ridge and 47 mansions in Fireside are likely to be finished in December 2012.

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The UAE's market regulator has published new draft rules on short-selling and borrowing, asking investors for feedback, as it looks to boost dwindling trade and attract more foreign investment.

The Securities and Commodities Authority (SCA) posted on its website the draft regulations on short-selling through authorised brokers, security lending and borrowing and other market regulations. Suggestions on the draft can be given until November 17.

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About $140 billion (Dh514.15 billion) worth of engineering and construction contracts have been either awarded by the national oil companies (NOCs) or are planned throughout the Middle East in 2011, according to research conducted by Deloitte, a global consultancy firm.

The research shows that over the next five years, the Middle East will witness strong growth in hydrocarbon production as the world's dependence on fossil fuels continues.

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Deyaar Development made a profit of Dh45 million in the first nine months of 2011 and is poised to deliver two towers by year-end, the company said in a statement to Dubai's bourse yesterday.

The real estate firm was affected by the collapse of Dubai's property sector and posted a net loss of Dh489 million in the corresponding period last year.

Deyaar did not provide separate results for the third quarter but said revenues for the nine months to September 30 rose 54 per cent to Dh665 million from Dh432 million in the year-before period.

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The global demand for oil will continue to grow, reaching more than 109 million barrels per day in 2035, Ali Obaid Al Yabhouni, UAE Governor for the Organisation of Petroleum Exporting Countries (Opec), said Tuesday.

"By 2035, fossil fuels will still comprise more than 80 per cent of global supply. Gas use is expected to grow steadily to 25 per cent, while coal use is expected to remain unchanged at 29 per cent. Oil's share is bound to fall behind coal, from 34 per cent to 28 per cent of the global energy mix," Al Yabhouni said, speaking at an industry conference at the Emirates Centre for Strategic Studies and Research (ECSSR).

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