Dubai's Business Bay attracts Dh20b
Real estate developers Dubai Properties recently announced the sale of approximately Dh20 billion from the first phase of its milestone project, Business Bay. The company's chief executive officer, Hashim Al Dabal, revealed earlier this week that 32 companies have begun construction operations at Business Bay.
The 64 million square feet project will stretch from Shaikh Zayed Road along a new creek to Dubai's coast, and will reportedly have an excess of Dh200 billion in total investments, according to Gulf News. Around half of Business Bay will be developed into commercial enterprises.
"We haven't yet decided on a specific date for the launch of the project's second phase. That will come in the near future. This announcement is in line with our preparation and offering of new land to investors," Al Dabal confirmed.
Business development manager of Dubai Properties, Shihab Lotfy, also revealed that the though he did not mention where the projects are located or how many of them there were.
"We are preparing for an auction of new land in other upcoming projects by the end of the year," he added.
The total amount invested by Dubai Properties in Dubai real estate projects currently stands at approximately Dh300 billion.