Mohammad announces Business Bay

A new commercial cluster in Dubai Creek known as Business Bay should attract tens of billions of dollars, the project's backers said yesterday.

"In the past, Dubai's prosperity depended heavily on the Creek, and most of the people resided along the shores.

"My father, Shaikh Rashid, had a vision to take Dubai to new levels of growth and development. This led to the dredging of the Creek.

"And it is our pleasure today to announce Business Bay, another key project that is related to the Creek," said General Shaikh Mohammad Bin Rashid Al Maktoum, Crown Prince of Dubai and UAE Minister of Defence.

Calling the Creek the "lifeline of Dubai," Shaikh Mohammad said the cluster should help augment the UAE's efforts to become a leading international commercial and business centre.

The Business Bay will extend several kilometers from Ras Al Khor to Shaikh Zayed Road.

Covering an area of 64 million square feet, the new initiative will provide a conducive environment and infrastructure for businesses from around the world to establish their local, regional and international headquarters.

It will be similar in nature to Manhattan or Ginza, which are the business centres for New York and Tokyo.

The whole area will turn into an active commercial and business district that will encourage leading firms to house their local, regional and international headquarters there.

"Business Bay 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," said Mohammad Al Gergawi, CEO of Dubai Holding.

"The essence of the project the first of its kind in the region lies in extending the Dubai Creek to allow for the construction of a huge new city within the city.

"The importance of this unique project lies not only in its size or cost, but also in the tremendous impact it will have on the local economy," he said.

Business Bay will be managed by Dubai Properties, one of Dubai Holding's entities.

The business cluster will prepare the UAE to face future challenges, in light of the major changes that business sectors in the world are witnessing.

"We look forward to the role that Business Bay; will play in making this country one of the best business centres in the world.

"This ambitious project is expected to attract large number of regional and international firms, especially with the modern infrastructure and the facilities that this project provides, in addition to the already existing rules and regulations that encourage the prosperity and stability of business in the country," Al Gergawi said.

According to Al Gergawi, Business Bay will feature facilities such as towers for offices and accommodation, gardens, and a network for roads.

It will also feature fascinating canals to add to the magnificence of the project.