Friday, March 19, 2010

Business Bay to be the Business Capital of the region

The Business Bay will be the new business capital of Dubai soon, with several new buildings heading towards completion, to be delivered in the next two years, says Sanjeet Joher, Chief Executive of KM Properties.

When Business Bay is fully complete, the global attention will turn towards that area. Business Bay is already the prime locality in Dubai, with all businesses, tourist centers and governmental authorities focusing on Business Bay, Joher said.

Spreading across 5.85mn square meters, adjacent to Shaikh Zayed Road and Downtown Burj Khalifa area, the Business Bay development features a good blend of commercial and residential towers. The freehold development aims to be the business capital of the region, when complete.

One of the main reasons behind businesses choosing Business Bay as their preferred location could be due to the infrastructure, prices and lack of taxes that Business Bay offers. With majority of the population working in Diera, the Bur Dubai locality will gradually seek re-location to Business Bay, as the Bur Dubai area will be saturated.

KM Property currently owns three buildings that are under construction at Business Bay, with Tamani Hotel at Park Lane Office Tower, B2B Office Tower, and Tamani Arts Offices, all under construction. The buildings will be ready by 2011 of 2012, so as to coincide with completion of infrastructure in the Business Bay development.

The infrastructure of Business Bay is being built in phases. Other necessities such as electricity and water will be done by the time of handover of the projects. RERA and the Dubai Land Department are being contacted to get the product done at the scheduled time, Joher said.

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