<b>Dubai World</b> <b> Nakheel</b> with the property arm of the <b>Dubai Multi Commodities Centre</b> , Angela Giuffrida and Sarmad Khan report today. Everyone would love to get more details on this, including how this move will help Nakheel deal with unpaid contractors and a US$3.5bn Islamic bond coming due at the end of the year, bu the company is keeping mum on details at this point. The consolidation is similar to the merger of back office operations at <b>Dubai Holding</b> between the three property companies there. Depending on who you read this morning, the property market is either (The National) or (Emirates 24/7 Business). Both stories come out of a <b>HSBC</b> report that said that prices of homes in the UAE rose about 5 per cent last month compared with April, on top of a 4 per cent gain on March. The market rallied on the news, pushing shares in Duba up by 4.8 per cent. of its central businss district, The National reports. The emirate will demolish "all buildings built during the 1970s or earlier" and replace them with "shining" new towers. No timeframe was given for this dramatic overhaul. Hugh Naylors and the lives of people who live there. Read more after the jump ... Two <b>Nakheel</b> executives, an Emirati and an Egyptian, for illegally obtaining Dh3.08m in commissions, Hani Bathish reports. The men were caught in a sting operation that involved a fellow employee who later became a witness against them. At one point, there was a black duffle bag stuffed with Dh5,134,260 - the stuff of films... The lawyers for the defendants . The Yas Marina has been completely filled with water, following a month-long process of flooding it with a total of 682m litres of water, Roland Hughes reports. He wrote of a visit to the island on Crane Country yesterday. Xpress on International City today. It shows the good side - grocery stores everywhere, cheap rent (as low as Dh30,000 a year), green spaces, a quiet life - and the not-so-good side - traffic problems, proximity to a sewage plant, and growing numbers of bachelors.