Business Bay is a central business district under construction in Dubai, United Arab Emirates. The project features numerous skyscrapers located in an area where Dubai Creek will be dredged and extended. Business Bay will have upwards of 230 buildings, attracting commercial and residential developments.
Business Bay extends from Ras Al Khor to Sheikh Zayed Road. It is located for international trade as one end of the development touches Sheikh Zayed Road with its office towers housing international firms and the financial institutions of the Dubai International Financial Center. International hotels such as the Emirates Towers and Shangri-La are also on Sheikh Zayed Road. On the Creek side, Business Bay is next to the Dubai Festival Center and is in close proximity to Dubai International Airport.
The Business Bay is part of the vision of His Highness HH Sheikh Mohammed Bin Rashed Al Maktoum, UAE Vice President, Prime Minister, Minister of Defence, and Ruler of Dubai, to make the UAE a global commercial and business centre. Business Bay will be a new ‘city’ within the city of Dubai and will be created as a commercial 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 interspersed with a network for roads, pathways and fascinating 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 wish to establish their local, regional and international headquarters at Business Bay.
Dubai’s Business Bay will be similar in nature to Manhattan or Ginza, which are the business centres for the cities 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 regional hub was begun with the dredging of the Creek in the1970s. It is expected that the new extension of the Creek will mark Dubai ‘s entry into the global business cities’ league.
The past few years have seen ambitious initiatives such as Dubai Internet City, Dubai Media City, Dubai International Financial Center, Dubai Healthcare City, Jumeirah Beach Residence and others — all aimed to strengthen the role that Dubai will play in both the 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 as a leading international commercial and business centre. The ambitious project is expected to attract a large number of regional and international firms, especially with its modern infrastructure and facilities, in addition to the existing business-friendly rules and regulations that encourage the prosperity and stability of business in the country.
Business Bay will fulfill the growth needs in 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. That is why Business Bay has been launched. Business Bay will be developed and managed by Dubai Properties, a member of Dubai Holding.