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The first phase of the multi-billion dirham Business Bay project was sold out within a few hours of its going on offer, according to a top official. "Total funds generated by the sales were a massive Dh4 billion," said Hashim Al Dabal, chief executive officer of Dubai Properties, which is overseeing the execution and management of Business Bay. "Business Bay is attracting investments that are worth tens of billions. The project has long-term dimensions that will far exceed its direct shorter-term economic impact.
"It is being created as a global business centre just as Manhattan is for New York. 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." Business Bay is being executed by Dubai Properties, one of the Dubai Holding entities. "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," Al Dabal added. "Although Business Bay will play a vital role in developing the local economy in the next couple of years and attract investments that are worth tens of billions of dollars, its longer term secondary and tertiary impact will, however, be much more than the direct economic gain. This is precisely because it helps put the UAE on the map as one of the most important business capitals in the world. The project reflects the Dubai Government's vision that by the year 2010 the UAE will be firmly established as a leading international business, commercial and tourism centre. Al Dabal pointed to the location of the Business Bay along the exclusive Creek side. "The situation as well as the area of the project has played a big role, especially as free lands along the famous Dubai Creek and the sea are very rare now a fact that lends exclusivity to the project and which makes it much sought after among investors. "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." 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 Shaikh Zayed Road where the previous Central Military Command existed. This whole area will be transformed into an active commercial and business district that will encourage leading firms to house their local, regional and international headquarters there and which will be similar in nature to Manhattan or Ginza, the business centres of New York City and Tokyo.
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