The island, which will look like a falcon when viewed from above, will be built close to the Burj al-Arab hotel.
The scheme is in its early stages and the masterplan has not been completed.
However, it is expected to follow a similar development model to other island projects in the emirate.
The consultant is Royal Haskoning of the Netherlands.
Falcon island joins Sama's considerable project portfolio in the emirate, which includes the Lagoons at Ras al-Khor and the Jumeirah Hills development at Dubai Police Academy, close to the Burj al-Arab (MEED 7:7:08).