Business Bay phase one sells out for AED 4 billion

Plots snapped up in a matter of hours on major demand from across the region

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By  Eudore Chand Published  January 15, 2005

Phase one of the Business Bay project has been sold out within a few hours of its going on offer, according to the top official of the firm managing the project. “We are delighted with the response. When we put the first phase of the Business Bay on offer, we were overwhelmed by the demand. The entire phase one was sold out in a matter of hours. Total funds generated from the sales are worth a massive AED 4 billion,” said Hashim Al Dabal, CEO of Dubai Properties, which is overseeing the execution and management of Business Bay. He pointed out that Business Bay is attracting investments that are worth tens of billions. The funds that have been raised are from direct sales, but the long-term prospects far exceed its direct shorter-term economic impact, he argued. Business Bay is being created as a global business centre along the lines of New York’s Manhattan. Interest in the first phase is from both local and regional investors and the speed with which plots were snapped up reflects the confidence that investors have put into Business Bay and the flourishing economic future of the UAE, Al Dabal said. “The project is open to the private sector, reflecting the significance of the role of the private sector in the development of the country. It also suggests that the role of government should be limited to extensively investing in infrastructure and providing an attractive legal and regulatory environment as well as launching similar initiatives that attract local and regional investments,” he added. Business Bay is being created along a new extension of the famous Dubai Creek as the city’s new commercial centre. It promises to provide complete services and well developed infrastructure. The objective is to draw the attention of leading regional and international companies that might want to be based in one of the most ambitious business projects in the region, the Dubai Properties CEO pointed out. “Business Bay will provide the ideal environment for international business as it will offer high standards of stability and security, a well developed infrastructure, a modern set of rules and regulations, not to forget the strategic location of the UAE as a link between the East and the West, said,” said Al Dabal pointing out that the location of Business Bay along the Creek side gives it exclusivity as there is no more land left along the Creek to build upon. ”Although the majority of the investors were nationals, we have, however, witnessed several eager investors that we have never seen before from the GCC. This gives us a great sense of confidence in the projects to be launched at local and international levels,” he added. The cluster at Business Bay will extend several kilometres along an extended Dubai Creek, starting from the Ras Al Khor area to the point on Sheikh Zayed Road where the previous Central Military Command existed.

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