Dubai has now started turning into a global business center and people have started investing in there as well. As we know that property market in Dubai is constantly rising and thus, many corporate multinational organizations have started setting up their businesses and organizations in Dubai. Just like the residential property in Dubai, the commercial property is also rising and they are planning to fulfill the requirements and demands of every person staying there. Many well known commercial properties are under construction in Dubai. Business Bay in Dubai is one such business district which is under construction and will soon turn into a global business hub. Business bay is a central business district. It is a kind of a new city which is being developed within the city of Dubai. This business district is located in Dubai’s downtown. It is not only a commercial but a residential district as well and is comparable to Ginza which is in Tokyo and Manhattan in New York. Business bay scores 100 percent on location as it is very closely located to the International Financial center in Dubai and is even close to Dubai International Airport.
This project covers the large area of around 64 million square feet and it includes both office and residential units. Moreover, this is an ideal business place for people staying in Burj Dubai, Deira and other adjacent areas. It marks a convenient place even for those who are planning to shift their businesses near to it or in business bay itself. This business hub provides the best of business as well as residential facilities along with stunning views and sheer size and capacity for corporate head offices. This mixed-use development will soon be completely functional and operational and it is expected to get completed by the year 2010. Due to this extensive range of corporate facilities many regional and multinational firms will be well established here. Business bay is a very big project that consists of numerous skyscraper buildings. It has 230 more buildings which attracts many commercial and residential developments.
As far as property developers are concerned, various towers and buildings in Business Bay are being constructed by some of the top most property developers in Dubai. The complete project is created by His Highness Sheikh Mohammed bin Rashid Al Maktoum and is still under construction. This project once fully constructed will be very beneficial to the people in Dubai and those coming from overseas for business reasons. Although, there are many commercial properties there in nearby locations such as Dubai Financial center, Dubai media city however, they all have some limitations in it as they are just open for very few specific business activities. On the contrary business bay is likely to be the hub for every industry which is operational.
If we talk about the current pricing of the business bay, it is said that the prices of this central business district will cross Dh. 5000 per square foot. This report has been predicted by an industry expert. Moreover, this is a free trade zone that provides a better infrastructure and a better environment for corporate to function. Some of the towers and buildings inside Business bay are being developed by Dubai properties. Apart from this the majority of buildings are being constructed by a number of independent and local developers. The most well known and importantly constructed buildings at the bay are:
• Burj Al Najoom
• Chrchill Tower
• Executive Tower D, E, J and M
• Bayswater
• One Business Bay
• Lotus
• XL Tower
As far as the towers in business bay are concerned, there are a total of 46 towers including: The Bay Gate, The Forum, XL Tower, Al Manara, Crystal Tower, Burj Al Alam, The Prism, Iris Bay, Sky Tower 1, The Exchange, One Business bay and there are many more. The design and other hi tech modern amenities will take these towers a long way in terms of popularity.
It is just a new extension of the famous Dubai creek that extends from Ras Al Khor to Sheikh Zayed road. Let’s talk about few important constructions in detail:
Churchill Tower: This is a complex consisting of two towers and is located within the business bay. Out of the two towers, a tower named Churchill residency is the taller and as the name suggests it is a residential tower consisting of 59 floors. Other tower named Churchill executive is an office tower. This tower has 43 floors in it. The construction of these towers got started in 2006 and is expected to be completed in 2010. Moreover, the Churchill tower is being developed by Emirates national Investment.
Executive Towers: There are 12 towers under Executive towers which are currently getting constructed in Business bay. Out of these 12 towers, 10 towers are residential ones, 1 is a hotel tower and the remaining 1 is a commercial tower. The commercial tower is known as the Aspect tower and the Executive hotel tower is the hotel one. These two are the first buildings which got completed and are just located near the entrance of business bay. All these towers are connected with each other with the help of a three-storey podium and it also connects the closely located Vision Tower. This is a three level podium and on the first two levels they have a Bay Avenue shopping mall and water front terraces.
So, here is the description of few very famous towers in Business Bay however; most of them are under construction at this point in time. Similarly, there is another well known tower known as the XL Tower which is expected to get completed in the year 2008. Thus business bay will set up new and unique standards for the next business generation not only for Dubai but for even for the rest of the world.
