Its common knowledge that the city of Dubai bases its infrastructure and development projects on all the other major cities of the world. I guess you could say that their logic is: If it worked for them it will work for us. Now that Dubai has shown its ability to enter the freehold market with great success, and be recognized as the business hub of the Middle East, the obvious next step was to create a financial district. Long-term residents may chirp in – there’s Bank Street in Bur Dubai – but given Dubai’s lack of conservative project strategy, (there appear to be several palm shaped islands and an atlas appearing off the coast) this obviously isn’t what they have in mind for the future. So, in true Dubai fashion, they have decided to create a massive financial bay, think Canary Wharf in London meets Manhattan, but with an architectural edge that you will only find here.
Business Bay, as it is named, is currently under construction and will cover approximately 64 million square feet. The sheer scale of this project is confirmed by the dredging of the Dubai creek over 11km through the middle of the bay, and the present construction of 72 high-rise towers, some of which are being developed by creators Dubai Properties, but the majority are being developed by private investors.
To say there has been a great deal of interest in the project would be an understatement. It isn’t even close to finishing as it was only announced in 2004, yet it has already sold out. Your only chance to acquire any property at Business Bay now is through a professional real estate company.
I for one am certainly excited about this development, probably more than others because I think it will offer a great business environment and perhaps encourage a higher degree of professionalism from firms, which is sometimes lacking in Dubai. I know how well other global financial centers work, and to bring this work ethic here is something that the country recognizes as vital. So I look forward to seeing what becomes of this AED110 billion project and how it will fit in with the already prominent skyline of Sheikh Zayed Road. The Burj Dubai tower and surrounding construction is starting to expand the stretch of skyscrapers in the district and soon, we can add wavy, glass-covered buildings and ipod-shaped buildings to the list. Such is the concept of Dubai property!
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