Al Osaimi Investments and Real Estate has launched a Dh1.5 billion ($408.44m) luxury resort, spa and residence project.

The unveiling ceremony of ‘Dusit Emirates Saray – The Palm Jumeirah Hotel Resorts & Residence’ was held at the Kuwait Regency Hotel in Kuwait.

The announcement follows the recent launch in Dubai that took place on February 10, 2008, at Jumeirah Beach Hotel where the project generated high interest from various investors.

The project, which will be managed by Dusit International, is targeted for completion in 2010, and comprises ‘Dusit Devarana’, ‘Dusit Thani’ and ‘The Residence’, the Kuwaiti developer said in a statement.

Present at the event were the management and board of directors of ‘Al Osaimi Investments and Real Estate’; Sam Erik Ruttmann, regional vice president – Middle East, Dusit International; representatives from ‘Amlak Finance’; along with several VIP’s and dignitaries from various organisations in Kuwait and the GCC area.

Spanning one million square feet, the mega project is highlighted by ‘The Residence’, 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 – The Palm Jumeirah Hotel Resorts & Residence’.

Encompassing two-storied townhouses, three-bedroom apartments and three-bedroom penthouses, many units will boast of a spacious terrace, with the townhouses having private pools, garden and parking so as to offer maximum exclusivity for residential investors, the developer said.

Within close proximity to the high-class community will be a water sports facility and four freestanding signature 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 17 - 19, 2008, at an event, which will be held at the ballroom of Kuwait Regency Hotel, it added.

“The launch of ‘Dusit Emirates Saray – The Palm Jumeirah Hotel Resorts & Residence’ 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 Al Osaimi Investments and Real Estate Vice Chairman Naser Abdul Rahman Osaimi.

“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 – The Palm Jumeirah Hotel Resorts & Residence’ will stand proud and true to its core inspiration of excellence, beauty, luxury and relaxation,” he said.

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 hotel will 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, the developer said.

‘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 o