Arabian Heights Residences, a new Dh300 million (£40m) project, which will form part of the residential cluster of the Dubai Silicon Oasis, which is set to become the centre of the regions semiconductor business, was launched yesterday. The construction of the 440-apartment complex (which will be offered on a freehold basis) is set to begin during the latter part of 2005, and is due for completion by the fourth quarter of 2007.

Dr. Mohammad Al Zarooni, Chief Executive of Dubai Silicon Oasis, said: "The Arabian Heights development will play an important role in achieving our goal of making Dubai Silicon Oasis one of the worlds leading centres of advanced electronic innovation, design and development."

As the first residential development announced for Dubai Silicon Oasis, officials said, Arabian Heights promises to be in high demand. Prices for studios to two-bedroom apartments will range from Dh330,000 to Dh1.2 million, including parking.