Effects on Economy of Dubai due to the Creation of Business Bay

The economy of Dubai is continually growing. This growth has given rise to the need of commercial projects especially after the establishment of free trade zones. New multinational investors are making their way to the businesses in Dubai to invest their capital in the property business of Dubai especially the Dubai property rental business has experienced a boost in these recent years. It is fairly easy to rent apartments in Dubai thus the population of Dubai has increased tenfold in the few previous years as well as offices area and businesses for rent have attracted the new business people to Dubai. The development of Jumeirah Lake Towers along with the famous Burj Dubai has greatly increased the number of visitors to Dubai. The construction of Dubai Land and the Mall of Arabia will greatly satisfy the need of increasing commercial projects by providing thousands of shops and stores. All of these things are a sign of the future blooming business in Dubai.The central business district, currently under construction, in Dubai is called Business Bay. There are numerous skyscrapers located in this area. It is planned that Dubai Creek will be dredged and extended to this area. Business Bay will consist of around 240 building comprising both commercial and residential structures. Its infrastructure has been completed in 2008 and the construction is expected to be completed till 2012-2015. Business Bay is itself going to be a sub city in the city of Dubai. It is being developed as an extension of Dubai Creek with commercial, residential and business units. It will cover an area of 64 million square feet. It is going to become the business capital as well as a freehold city. The commercial part will be 18.5%, mixed use part will be 59.4% and the residential portion will cover 22.1% of the total area of Business Bay. Business Bay is connected to the Red Line of Dubai Metro through Business Bay Station.Bay Square is a mixed-use society within Business Bay. It is a pedestrian-only zone and comprises of walkways over canal. It is spread upon an area of 2.4 million square feet, being only 1 km away from Sheikh Zayad Road. It consists of canals, restaurants, sidewalks, cafes and retail stores. There are numerous low-medium sized business projects. The Square will consist of Bay Square Commercial Building, Bay Square Hotel, Bay Square Office Buildings, Bay Square Residential Building and many other offices and residential buildings that will both be available for rent and to be purchased as most people rent apartments in Dubai instead of buying them especially the foreign people that are in Dubai for business and job purposes.Bay Avenue is a place for retail businesses. Cafes, restaurants, boutiques, showrooms, plazas, children’s play areas and sporting facilities have been built in this area. Being in a prime location in the heart of Business Bay, the 5 star hotel Business Bay Hotel is a 303 room hotel with a tea lounge, coffee shops and restaurant. The construction of Business Bay has greatly boosted the Dubai property rental business.