Tameer Holding has launched a Dh450 million ($122.5 million) office project in Dubai's Business Bay, marking its third project in Dubai's dynamic business hub.

The “Silver Tower” is another project designed to meet the increasing demand for quality office space in Dubai.

According to a research, the number of local and international companies seeking dedicated offices in the emirate is over 7,000.

The tower will comprise 260 offices of varying sizes over 27 of the building's 31 floors, all characterised by the highest standards of design, construction and finishing.

The total area of the tower will be around 700,000 sq ft, with a final height of 147.5 m, and is expected to be completed in 2009.

Silver Tower will be a freehold development to encourage multinational ownership.