Business Bay is part of the vision of His Highness Sheikh Mohammed Bin Rashed Al Maktoum, UAE Vice President, Prime Minister, Minister of Defence, and Ruler of Dubai
This vision is being fulfilled in order to make the UAE a global commercial and business centre. Business Bay will be a new ‘city’ within the city of Dubai and is being created as a commercial, residential and business cluster along a new extension of the famed Dubai Creek extending from Ras Al Khor to Sheikh Zayed Road.
Covering an area of 64 million square feet, the new initiative will feature facilities such as office and residential towers set in landscaped gardens and interspersed with a network of roads, pathways and canals.
The ambience will be designed to add to the magnificence of the project and provide a highly conducive environment and infrastructure for businesses from around the world that wishing to establish their local, regional and international headquarters here at Business Bay.
Dubai’s Business Bay will be similar in nature to Manhattan or Ginza (the business centres of New York and Tokyo).
In the past, the prosperity of Dubai depended heavily on the Creek. The first phase of Dubai’s incredible transformation into a global hub began with the dredging of the Creek in the 1970s.
It is expected that the new extension of the Creek will cement Dubai’s entry into the global business cities’ league.
Recent years have witnessed such ambitious initiatives as Dubai’s Internet City, Dubai Media City, Dubai International Financial Center, Dubai Healthcare City, and Dubai properties very own Jumeirah Beach Residence – all succeeding to strengthen the role that Dubai will play at both regional and international levels.
Business Bay is the cornerstone of the new economic push to extend the international role of the UAE. It was undertaken after extensive studies by some of the world’s top consultancies, and reflects the ambitious vision of Dubai and the role that the UAE is looking forward to play globally.
The ambitious project is expected to attract a large number of regional and international firms, in addition to the existing business-friendly rules and regulations that encourage the prosperity and stability of business in the country.
Meeting Growth Needs
Business Bay will fulfill Dubai’s obvious growth needs in the medium to long term.
Besides the growing demand of the local economy (which is projected to achieve an average growth of 5-9% annually over the next few years) the UAE is attracting increasing foreign investment.
Hundreds of companies are setting up offices in Dubai every month and an increasing number of regional and international companies are working from the country.
All this is creating a huge growth in demand that cannot be fulfilled by existing projects and those under execution. Business Bay aims to go some way to fulfill this need.
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