Dubai's Deyaar said on Tuesday it is returning the management of a residential project to its owner National Bonds Corp (NBC), the national saving scheme of the UAE.

The emirate's second-largest developer by market value said that its board had agreed to return the management of Skycourts to state-owned National Bonds Corp, but did not provide further details in a statement on Dubai's bourse website.

The developer added that its fees to Ernst & Young were Dh550,000 ($149,700) for 2010.

Skycourts is a residential development in Dubailand, a multi-billion dollar theme project in the emirate. National Bonds transferred the development and management rights of real estate projects Skycourts and Flamingo Creek to Deyaar in 2008.

The state Investment Corporation of Dubai (ICD) owns 50 per cent of National Bonds Corp with each of its local shareholders comprising developer Emaar Properties, Dubai Holding and Dubai Bank, holding 16.6 per cent ownership according to the company website.-Reuters