Al Futtaim Real Estate announced yesterday the launch of a Dh1 billion development project at Dubai Silicon Oasis, the region's premier integrated innovations hub for high-tech industries.

The development will take place over a plot area of 62,820 square metres of land and will be built over three phases, the first of which will endure a cost of Dh200 million and is expected to conclude by the second quarter of 2008.

The project will also include residential apartment blocks, serviced apartments, facility and recreation blocks and a ground floor car park with the associated access roads, surface car parks, landscaping, external works and all service utilities.

Muammar Khaled Al Katheeri, Director Planning and Construction, Dubai Silicon Oasis Authority (DSOA) said: "The project falls in line with DSO's aim to provide an integrated community that complements and supports the commercial practices in the free zone, which includes R&D facilities, Integrated Circuit design centres and production lines that provide companies with a cost-effective, quality manufacturing model."

"DSO has been designed to function as an integrated community. We are making every effort to provide a high standard of living to people who work in DSO at its schools, academies, mosques, hospitals, shopping centres, and health and leisure facilities. So far more than Dh40 million has been spent on landscaping to enhance the life quality for the surrounding villas, apartments, and hotels. All of which provide the right environment highlighting a quality luxurious lifestyle for people living and working in Dubai Silicon Oasis."

Al Futtaim Real Estate has received the go ahead to initiate construction of the project, which will be regularly inspected by the Dubai Silicon Oasis Authority.