This venture is part of a gigantic Dh10 billion Gate project comprising a cluster of sky-rises in the Shams Abu Dhabi City being developed in Al Reem Island.

"The Gate project will feature the Sky Tower, as its signature property, which is the 15th tallest residential and commercial tower according to the current world ranking," said Saeed Eid Al Ghafli, chairman of Sorouh Real Estate, while announcing the project.

Al Ghafli said that the Gate project is open to investment from expatriates and offshore investors.

"We are encouraging all nationalities to come, invest, work and live at this development, which will further enhance investment opportunities and speed the economic growth of the country," he maintained.

Faris Suhail Al Yabhouni, managing director, said that the Gate and Shams Abu Dhabi are located in a special economic zone as set out by the Abu Dhabi Government. He said that the construction work will begin early this month, and comprise the first phase of this eight tower development, while the entire project is expected to be completed by 2009.

Al Yabhouni said the Sky Tower will be almost equally divided into residential apartments on the top floors and Grade 'A' commercial space on the lower floors. In terms of the residential portion of the tower, one and two bedroom apartments will gradually give way to three and four bedroom layouts on the succeeding floors, with luxury duplex apartments located on the topmost floors.

Mounir Haider, CEO, said that Sorouh is expecting that such a massive complex will attract a major retailer such as a supermarket chain to locate on the first level, with other retail and service outlets. Sky Tower will have plenty of recreational amenities for residents, including a large landscaped deck, separate men's and women's spas as well as fitness centres, common rooms and an outdoor pool.

About the prices, he said starting price for the finished apartment would be Dh995 per square feet, while for the commercial space the offered price would be Dh1,095 per square feet.