Dubai, April 14th, 2006(WAM)--Sama Dubai, theinternational real estate investment and development arm of Dubai Holding,announced today the launch of its spectacular new waterfront project 'TheLagoons', on the Dubai Creek.

The 70 million square feet 'The Lagoons' is expected to catalyze Dubai'sposition as an international destination offering a perfect retreat forresidents looking for the highest possible quality of life within a truemetropolitan environment.

The project considers environmental living as a core principle that ismanifested throughout the development to ensure harmonious existence withthe surrounding ecosystems.

Mohammad Al Gergawi, UAE Minister of State for Cabinet Affairs andExecutive Chairman of Dubai Holding said: 'The Lagoons' project is one of the biggest real estate projects beingundertaken and is aimed at creating a unique development that adds anothervalue proposition to the overall offering of Dubai in the regional andinternational arena.""His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice Presidentand Prime Minister and Ruler of Dubai has identified tourism and realestate as a key driver of growth. We are committed to providing a superiorlifestyle option in Dubai and the UAE that matches with the best in theworld. 'The Lagoons' will reinforce and strengthen the positioning ofthe UAE and particularly that of Dubai as the international centre ofbusiness, trade and tourism", added Al Gergawi.

'The Lagoons' is one of the first projects in Dubai to undertake a comprehensiveIntegrated Environmental Impact Assessment (EIA) following internationalstandards across all phases of the project.

It will offer freehold property with 100 per cent ownership to all nationalities.

Half of the project will be sold to third party investors as land plotsfor development. The remaining 50 per cent of the area will be developed,marketed and operated by Sama Dubai.

The project will be spread over an area of 70 million sq. ft.

'The Lagoons' will have seven beautifully landscaped islands, comprisingof residential units, shopping centers, office buildings, and marinas.

These detached islands will be interlinked with bridges. The project willalso incorporate a unique work environment with its own Central BusinessDistrict (CBD), where multi-nationals and regional corporations can establishtheir headquarters.

Strategically located in the heart of Dubai, 'The Lagoons' will be a masterfulcombination of proximity to the necessities of city life while offeringa haven of seclusion and natural splendour.

Commenting on the unique nature of the project, Farhan Faraidooni, CEOof Sama Dubai said: "We are proud that 'The Lagoons' is our first projectin Dubai. The project is distinguished by its unique features that makeit the first of its kind project in the UAE. Also it is one of the firstprojects in Dubai to develop an Environmental Policy Statement and Principlesto ensure that environmentally responsible developments are carried out."He added, "Ensuring environmental safety is one of the fundamental strategiesof Sama Dubai, especially under 'The Lagoons' project."Faraidooni pointed out that consultation with different internationaland local organizations and stakeholders such as Dubai Municipality, WorldWide Fund for Nature (WWF) UAE office and Wildlife Protection Office (WPO)-Dubaihas been ongoing and the project's environmental excellence is a cornerstoneof the development.

"Sama Dubai is working in cooperation with Dubai Municipality to exploreways to protect and enhance the wildlife sanctuary in Ras Al Khor to ensurethat The Lagoons and the sanctuary are fitting neighbours. The Lagoonswill offer the unique setting of being located next to the internationallyimportant wildlife sanctuary with spectacular views and vistas," saidthe CEO of Sama Dubai.

Access to inter-emirate and international travel is also convenient. Thefinalization of a new and more advanced bridge close to 'The Lagoons',currently being planned by the Dubai Roads and Transport Authority (RTA),will ensure smooth traffic to and from the development.

Residents and visitors will be able to enjoy spectacular views acrossthe Dubai Creek. It will also offer unparalleled leisure opportunitiesalong with a healthcare and therapy centre and vast areas of landscapedgardens and parks.

'The Lagoons' is set to be a signature development within the boomingproperty sector that has developed in Dubai over the past four years.

The project will help enhance the city's diverse and multi-cultural characterand add to the development of its residential and tourist population,which are catered to by over 50 shopping malls and retail arcades.