The UAE’s Dubai Properties and the leading Islamic home finance company in the emirates, Amlak Finance, revealed plans to offer 100 per cent financing for purchase of apartments in Business Bay, a freezone business, commercial and residential district adjacent to Downtown Dubai.
The two companies announced earlier this week in a milestone agreement, that he purchase of 400 residential apartments in the Executive Towers of Business Bay would be financed fully.
Business Bay will cover an area of 64 million square feet (5.95 million square meters), between interchange 2 and 3 of Sheikh Zayed Road according to a company press release. The trendy Bay will extend along a new creek from the edge of Dubai Creek (Ras Al Khor), to Dubai's coast.
The development is expected to attract a host of investment in the burgeoning Dubai property market, maintaining the emirate as the region's business capital, along the lines of New York's Manhattan and Toyko's Ginza business centers.
Its developers plan for the project to provide a conducive environment and infrastructure for businesses from around the world to set up their local, regional and international headquarters at the Bay, with the new announcement for full financing expected to spur even more interest in the prestigious location.
