Kuwait-based Al Osaimi Investments and Real Estate today launched its Dh1.5 billion ($408 million) Dusit Emirates Saray - Palm Jumeirah Hotel Resorts & Residences, a luxury resort, spa and residence project located on the Crescent of The Palm Jumeirah in Dubai.

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.

The mega project, covering one million square feet, 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 - 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 is being presented to a selected group of high profile investors from February 10 - 12, at the Jumeirah Beach Hotel, and in Kuwait from February 17 - 19.

“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.”

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.

‘Dusit Thani’ is a five-star Moroccan-themed family resort, which will boast 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 atte