An Irish property developer has broken ground on a $140 million (£86.7 million) office block that will be a regional base for Standard Chartered Bank in the United Arab Emirates, sppost.ie reports.
Jim Osborne, chief operating officer of Gulf Resources Development and Investment (GRDI), started the Dubai project last week.
He is responsible for the day-to-day running of the company, which he created with local businessman Mohammed Salem AlMenhali.
It has been confirmed that the 253,000-square-foot building will have 13 office floors and four car parking floors with more than 500 spaces.
According to Mr Osborne, GRDI hopes to be developing five million square feet of building space by the end of 2015.
"Wherever there is a dramatic correction, there are opportunities," he commented.
"In a world where supply outstrips demand, consulting with clients and developing bespoke solutions is the future for commercial property."
Mr Osborne was previously involved in Irish development firm Castleway.