Al Osaimi Investments & Real Estate launches AED 1.5 billion 'Dusit Emirates Saray -Palm Jumeirah Hotel Resorts & Residences'.

Al Osaimi Investments and Real Estate, a leading Kuwait-based developer, hasannounced the launch of 'Dusit Emirates Saray - Palm Jumeirah Hotel Resorts &Residences', an AED 1.5 billion luxury resort, spa and residence project located on the Crescent of The Palm Jumeirah in Dubai, at a press conference held today (February 10, 2008) at the Jumeirah Beach Hotel. The prestigious project, which is targeted for completion in 2010, comprises 'Dusit Devarana', 'Dusit Thani' and 'The Residence'. Present at the press conference were Naser Abdul Rahman Al Osaimi, Vice Chairman, Al Osaimi Investments and Real Estate; Saleh Ahmed, General Manager, Oriental Constructions; Octavio Gamarra, Senior Vice President, Dusit International; Safwat Ghali, Head of Concept Design, Khatib & Alami; and Nader Kamal, Project Manager, PROJACS International. The launch follows an earlier agreement between Al Osaimi and Dusit International for the management of the project.

Spanning one million square feet, the mega project is highlighted by 'TheResidence', a 178-unit Arabian themed residence, which lies amidst the luxurious backdrop of the Arabian Gulf and the astounding architectural marvels within 'Dusit Emirates Saray - Palm Jumeirah Hotel Resorts & Residences'. Encompassing two-storied townhouses, three-bedroom apartments and three-bedroom penthouses, each unit will boast of a spacious terrace, pool, garden and parking so as to offer maximum exclusivity for residential investors. Within close proximity to the high-class community will be a water sports facility and four freestanding restaurants, which will provide a wide array of culinary experience to residents such as the oriental-inspired 'Majilis'. The freehold apartment units will be presented to a selected group of high profile investors from February 10 - 12, 2008, at an event, which will be held at the Jumeirah Beach Hotel, and will continue in Kuwait fromFebruary 17 - 19, 2008.

"The launch of 'Dusit Emirates Saray - Palm Jumeirah Hotel Resorts & Residences' marks the dawn of a new age in luxurious property developments, as we set a new level of standard in terms of luxury, uniqueness and quality, which future projects will try to equal," said Naser Abdul Rahman Osaimi, Vice Chairman, Al Osaimi Investments and Real Estate. "It brings us tremendous pride to finally introduce the fruit of our hard work and dedication to the region, through the launch of 'The Residence', and with this comes our confidence that our first residential development in Dubai will highlight all our previous accomplishments. As the newest landmark in Dubai's highly dynamic real estate landscape, 'Dusit Emirates Saray - Palm Jumeirah Hotel Resorts & Residences' will stand proud and true to its core inspiration of excellence, beauty, luxury and relaxation." Capturing the grandeur of traditional Indian architecture and design, the seven-star 'Dusit Devarana' hotel will offer 116 guestrooms and suites with breathtaking views of the ocean, two restaurants, a large ballroom, a seven-storied light filled atrium surrounded by a tiered colonnade and a rooftop terrace overlooking the Indian domed follies among other lavish and state-of-the-art amenities. In addition, the hotelwill also host the world-renowned Dusit Devarana Spa, which is located on the second floor and will provide guests with authentic Thai relaxation through age-old therapies combined with modern knowledge.

'Dusit Thani' is a five-star Moroccan-themed family resort, which will boast of 292 well-appointed guest rooms and suites, fine dining restaurants and a business centre with state-of-the-art meeting rooms. The development will feature three pools situated around the 'Palm Lagoon', which will comprise 10 free standing chalets offering magnificent views of the ocean, and business centres with a roof terrace that will provide a 300-degree view of the beach. The five-storied resort will also house retail spaces and separate children's play area, in addition to a courtyard, which will be surrounded by the lobby bar and lounge. "The construction of a project with the magnitude of the Dusit Emirates Saray - Palm Jumeirah Hotel Resorts and Residences development is truly an incredible task - one that requires a tremendous amount of precision and meticulous attention to every aspect of the construction phase. Leveraging the excellence of our design and architecture, we have partnered with some of the world's most prestigious names in the construction industry to incorporate their specialized services within the project. As we formally launch this prestigious developme nt today, we are confident that we will be witnessing the rapid progress of its construction, leading up to the grand opening of this momentous project in 2010," said Saleh Ahmed, General Manager, Oriental Constructions.

In a bid to ensure the excellence of its highly exclusive project, Al Osaimi hasentered into several strategic agreements with Amlak as the financial mortgaging partner for third party buyers; including HSBC Amanah as the official Escrow agent for the project. World-renowned companies, including Wilson & Associates, who will also render their expertise in interior design, APCC for contracting and enabling works, PROJACS for project management, and Khatib and Alami for project contracting consultancy and landscape design. In conjunction with the launch, Al Osaimi also plans to host an exclusive sales roadshow, which is aimed at generating awareness for the project. The developer also seeks to launch the luxury resort and spa acrossseveral high-potential markets including Kuwait, and Saudi Arabia.

[c] 2008 Al Bawaba (www.albawaba.com)