Business Bay, a Dh150 billion ($40.87 billion) creekside master development that is now under way, is being positioned as the region’s business capital. 

Developed along the lines of Manhattan of New York or the Ginza of Tokyo, and Canary Wharf, it is expected that 220 high-rise towers will brace the Business Bay skyline by 2012.
Business Bay will provide the best possible commercial environment to regional and international companies, investors and multinational businesses. 
The infrastructure work, which forms phase 1 and 2 of the massive project, is being undertaken by Al Naboodah Engineering Services at a cost of Dh757 million. Work, which began in the third quarter of last year, is now 34 per cent done and is scheduled for completion by the first quarter of 2008.
Simultaneously, the extension of the Dubai Creek into Business Bay is also being implemented by Dutco Balfour Beatty, which won the contract to extend the Creek in four phases for a total value of Dh321 million. According to a spokesman of the firm, phase 1, 2 and 3 has been completed and over 80 per cent of phase four has been completed.
Besides extending the Dubai Creek, the project also involves building futuristic office blocks along the shoreline to create a central business district.
Located in the heart of Dubai between Ras Al Khor and Sheikh Zayed Road, this freehold master development will cover an area of 80 million sq ft and offer world-class infrastructure, design, urban planning, architecture and a perfect environmental balance. It is one of the few developments that will offer freehold office towers at the emerging centre of Dubai's new business district along the new creek. Thus the mixed-use freehold development will provide the right environment and infrastructure for businesses from around the world to establish their local, regional and international headquarters.
The massive project will be managed by Dubai Properties, a part of Dubai Holding.
“The city of Dubai is booming and opportunities are mushrooming everywhere. The city is giving birth to its new entrepreneurs and attracting more from the region and the far corners of the world. Locally incorporated businesses are expanding and growing phenomenally – all of which is creating a massive requirement for premium office space,” says Mohamed Binbrek, CEO of Dubai Properties.
So far, Business Bay has attracted investments from various local, regional and international investors. The development’s reputation for providing a regional hub has attracted varied investors, 50 per cent of whom hail from the GCC and the Middle East. Investments from within the UAE come in a close second at 40 per cent, with investors from Europe, Asia and North America contributing 10 per cent to the overall figure.
Deyaar, Omniyat Properties, Damac Properties, Tanmiyat, Credo Investments and Fortune Group are just some of the investors at Business Bay.
Construction work on the first projects by these developers has already started. The first phase of the projects at Business Bay, including Dubai Properties’ 11-tower mixed-use project, The Executive Towers is scheduled for completion by the year-end.

Creek extension
With the 13.1 km extension of the Creek under way, Dubai Properties is expanding the functionality of this symbol of Dubai by linking the old trading post with the new business growth corridor at Sheikh Zayed Road.
The scope of work outlined for the Creek extension was to be completed in three phases and stretched from Oud Metha Road to Sheikh Zayed Road, excluding bridges. Although the contract was expected to be completed by January this year, the work was ahead of schedule by three months and contract one was completed early last October. An additional extension of 2.9 km from Oud Metha to Ras Al Khor has been added.
“The extension is part of Dubai Properties’ vision to restore the commercial importance of the Creek, and link it with the new business and financial corridor of Business Bay and Sheikh Zayed Road,” says Binbrek.