Property investors with interests in the Gulf concerned about exchange rates will have to wait a while longer for a planned single currency to take effect. Bankers from the region have agreed to a joint central bank but indicated a new common currency would not be active by an agreed 2010 target.

Inflation has threatened the idea in recent months, but on Monday officials unveiled a plan towards the unification of money institutions to put the scheme back on track. Shaikh Abdullah Bin Saud Al Thani, quoted by Gulf News, said:

“2010 will be the date for the creation of a monetary council or a monetary authority for the Gulf Cooperation Council countries.”

High inflation remains and issue, however, and no further details have been given on when a single currency will finally emerge. The idea of a single monetary system for a set of Gulf states was first proposed in 2002.

Concern about the area’s heavy economic dependence on oil first prompted calls for cooperation.
Saudi Arabia, Qatar, Bahrain, Oman, Kuwait and UAE were the six initially involved, but Oman pulled out of the plan in 2006 and Kuwait severed its dollar peg last year.

It is thought a single currency would bring great stability to the region and promote widespread growth, while better controlling inflation in the area.

More than 100 new apartments are now available to property investors in a sought after area of London. Mybase1, in the heart of London’s SE1, is a contemporary development of 102 one, two and three-bedroom units.

The stylish project in the middle of Southwark offers balconies on all apartments with views of the City to the north, Canary wharf in the east and the London Eye to the west. Agents Young London said:

“Thanks to its fantastic central location and its long standing love affair with the more creative side of London, Southwark has established itself as the cultural heart of the capital.

“Situated a short stroll across the River Thames from The City of London, myBase1 is within just a few minutes walk of the Southbank with its plethora of arts centres, museums, performance spaces, galleries, restaurants, cafes and bars.”

Transport links in the area include underground lines travelling through the borough and 4 mainline train stations serving the South and South-East. Numerous bus routes serve Southwark and the Thames Clipper riverboat service provides commuters with an alternative to the underground.

Young London is a lettings, sales and management specialist and a Young Group company, a wealth manager which has so far overseen more than £700 million worth of London property transactions.

An estate agents’ organisation has unveiled a shortlist of candidates up for awards given for innovative property developments. Categories at the Royal Institute of Chartered Surveyors Awards include building conservation, regeneration, sustainability and community benefit.

Competitors range from large projects such as St Pancras Station in London, Seewurfel in Zurich, Fort Dunlop in the West Midlands, to smaller buildings such as Inverness District Office in Scotland and the Expressive Arts building in Yorkshire.

RICS said:

“The response has been excellent this year. The shortlist highlights the exceptional standard of work being done today to enhance and preserve the global built and natural environments.

“The property professionals involved are vital in linking people, places and property, making the best use of limited resources, all contributing to the wider environment and community.

“The shortlist contains a magnificent range of exciting projects which are a credit to the skilled teams involved.”

Grand Designs presenter Kevin McCloud will announce the overall winners at a gala awards ceremony at the Millennium Hotel, Mayfair, on October 17th 2008. The winners will join a long line of inspirational building projects, with past winners including projects such as Oxford Castle Heritage Project, Kew Palace and Arsenal’s Emirates Stadium.