Dubai: India's Sheth Group is developing four projects worth Dh2 billion in Dubai, according to company sources.
The company on Tuesday launched a Dh600 million Iris Bay - a half-moon shaped tower designed by British architects Atkins - to 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.
Progress
"The project is in 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, told Gulf News.
"We will be able to award a contract to the main construction package in a month's time."
"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.
Bombay-based Sheth Group, a 21-year-old real estate development company having built some of India's largest townships, complexes and high-rise towers, entered the UAE two years ago.
Sheth's accomplishments span over 10,000 homes built, 50 projects completed and 6.61 million square feet developed, officials said.
"In the UAE, we have four projects under developments - all in Dubai, including two more projects coming up at the Cultural Village," Seth said.
