The local Al Habtoor Group intends to build a new property on The Palm, Jumeirah - the first of the two giant palm tree-shaped resort islands being off the shores of Dubai.

"We are extremely pleased with our acquisition of one of the prime plots at The Palm, Jumeirah. We will contract international resorts consultants to propose unique design concepts for our new hotel in keeping with the exclusive style of this project," said group chairman Khalaf Al Habtoor.

Work on The Palm Jumeirah project is reported to be ahead of schedule and will be raised up out of the sea by the latter half of 2003. Nearly 25 per cent of the total 3.8 million cu m of rock placement and nearly 20 per cent of 91.5 million cu m of reclamation works are said to be already complete.