A new indoor wooden theatre was built next to Shakespeare's Globe in London and it will be named after the Globe's founder Sam Wanamaker, reported the BBC. The 340-seat theatre, which is scheduled to stage its first public performances in January 2014, will enable the Globe to offer live theatre throughout the year. This is because the open-air Globe theatre only stages productions from April to October. Plays in the indoor venue will run from October to April, with other events over the summer, such as early chamber music and opera. The design of the theatre is based on a series of drawings found at Worcester College Oxford in the 1960s, believed to be the earliest set of designs for an English theatre in existence. The team behind the project has revealed that plays at the new theatre will be predominantly lit by candles. Entering this timber hand-crafted candle-lit intimate space will be like tripping into the 1600s. When the Globe complex opened in 1997, the indoor theatre was left as a shell and has served as workshop and rehearsal studios. Now construction is fully under way, but another US$ 1.6 million needs to be raised to meet the US$ 12 million cost of the project, which receives no government subsidy.

The second phase of the tallest hotel scheme in the world is to start in Dubai. The Vice President of the UAE and Ruler of Dubai Sheikh Mohammed bin Rashid ordered the start of the second phase of Emirates Group's twin tower JW Marriott Marquis Dubai hotel on Sheikh Zayed Road after being shown around the first phase, an 804 room tower, which opened to the public earlier this month. The hotel, which is scheduled to be completed in late 2014 or early 2015, will eventually have 1,600 rooms, making it Dubai's biggest hotel by room number. And at 355 meters tall, the structures will be only 26 meters shorter than the Empire State Building in New York. The hotel also boasts the largest function room in the Middle East and 19 restaurants.

Dubai ruler Sheikh Mohammed Bin Rashid Al Maktoum announced plans to build a new multi-billion dollar project called Mohammed Bin Rashid City. The new city project will be built by Dubai Holding and Emaar Properties in what is being described as the biggest real estate joint venture in the region. No value has been given for the project but plans include building the world's biggest shopping mall, more than 100 hotels, golf courses, a hub for the arts and centers to develop small businesses. The development will be located between Sheikh Zayed Road, Emirates Road and Al Khail Road. It will include the "Mohammed bin Rashid Gardens" project, which was first announced in 2008. The original master plan suggested the gardens would be 74.3 million square meters, and would cost US$ 60 billion to construct. It is not clear whether the original plan is being utilized, or a new revised plan would be adopted. The release said the park would be 30 percent larger than Hyde Park in London, which is 1.4 million square meters. The project will also include the Mall of the World. It is anticipated the mall will have the capacity to handle 80 million visitors a year. The project will comprise four key components. The first component will focus on family tourism, and will include a giant park and a family entertainment center set up in collaboration with Universal Studios and hotel facilities. The second component, focusing on retail, will feature the largest shopping mall in the world called Mall of the World. Dubai already boasts the largest mall in the world, Emaar's The Dubai Mall. A third component will include the largest area for arts galleries in Middle East and North Africa while the fourth component will see the development of facilities to provide "an integrated environment for entrepreneurship and innovation in the region". The new city will also include residential areas built on green building standards in terms of energy consumption, waste treatment and conservation of natural environment. It will also feature a number of golf courses under well-known international names.

Greece's Hellenic Republic Asset Development Fund announced, that one of the best real estate properties - the Athens former airport in the coastal area of Athens Ellinikon will be sold reported news agency Ria Novosti. Athens airport whole area is about 6.2 million square meters. It is three times bigger than the Principality of Monaco and two times bigger than the London's Hyde Park and New York's Central Park. There are 500 buildings in sold territory, including the former airport building, 2004 Olympic Games sport facilities, Greek army former barracks, sport center and a sea berth for 300 boats. Company's 100 percent stock to be sold to investor, but the cost of airport isn't announced. After sale, the investor must pay 30 percent of earnings to the Greece budget. Greece holds an extensive privatization program to increase revenue and reduce the budget deficit. Two months ago Greece Hellenic Republic Asset Development Fund has identified 40 uninhabited islands and islets that could be leased for as long as 50 years to reduce debt as pressure grows on the country to revive an asset-sales plan key to receiving international aid. At the beginning of the year Archaeological treasures including the temple of Delphi, the most popular site after the Acropolis, were available as backdrops for filming and photographic shoots.

Spain plans to offer foreigners residency permits if they buy houses worth more than 160 thousand euros - to try and reduce the country's bloated stock of unsold homes. Spain currently has more than 700 thousand unsold houses following the collapse of its real estate market in 2008. Trade Ministry secretary Jaime Garcia-Legaz said the plan, expected to be approved in the coming weeks, would be aimed principally at the Chinese and Russian markets as the domestic demand was stagnant and showed no sign of improving. He also added that the high prices for the purchase in amount of 160 thousand euros are to limit the granting of residence permits for foreigners who buy apartments and houses at lower prices. The country's economy is still struggling and is currently in recession with 25 percent unemployment. Thousands of houses have been repossessed by banks and their owners evicted because they cannot pay their mortgages. In this way Spain tries to alleviate the effects of economic crisis.