Dubai’s creekside Business Bay, which is being created as a global business centre in the fashion of Manhattan in New York or Tokyo’s Ginza district, has had its first phase fully sold out within hours.

“The entire Phase One was sold out in a matter of hours. Total funds generated from the sales were worth a massive Dh4 billion,” said Dubai Properties chief executive officer Hashim Al Dabal. 
Business Bay is being executed by Dubai Properties, one of Dubai Holding entities, and is in line with the government strategy to encourage local and regional investments in the country.
Al Dabal said: “Business Bay is attracting investments that are worth tens of billions of dollars.
“The project has long-term dimensions that will far exceed its direct shorter-term economic impact.”
Interest in the first phase came from both local and regional investors and the speed with which plots were snapped up reflected the confidence that investors had put into Business Bay and the flourishing economic future of the UAE, said the official.
 Al Dabal said the project was open to the private sector, reflecting its significant role in the UAE’s development.
“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.