The company on Tuesday launched a Dh 600 million Iris Bay -- a half-moon shaped tower designed by British architects Atkins which will be constructed at the Business Bay, Dubai's new business district. This is the company's second project in Dubai following Iris Blue -- a 35-storeyed residential tower located at Dubai Marina.

"The project is in the piling and shoring stage and we have received bids from nine contractors for the main construction package," Ashwin Sheth, CEO and managing director of Sheth Group said.

"Iris Bay targets those among the blue-chip corporate community who believe that office environment plays a considerable role in boosting their business," said Vimal Agrawal, Iris general manager.

"In the UAE, we have four projects under developments - all in Dubai, including two more projects coming up at the Cultural Village," Seth said.