Business Bay can be considered as one of the areas in Dubai that was hit hard by the global financial crisis. It was born in 2003 and was envisioned to be the central business district of the Middle East similar to Canary Ward in London Docklands.
Walking alongside the Dubai Mall you will be faced with piles of sand , half finished structures and concrete skeletons which is what the crisis has left behind. However, the recovery in the Dubai real estate market and a new wave of optimism hitting the city, things appear to be finally looking up for Business Bay. And as it regenerates, the area is altering its identity – with the emphasis shifting from office towers, giving greater weight to residential and leisure, rather like Downtown Dubai.
The 0-14 Tower, or Swiss Cheese Tower; the world’s tallest hotel, JW Marriott Marquis; and Blue Bay Tower albeit looming over empty plots of sand and construction sites are now complete. Work continues at Damac’s 22-storey Bay’s Edge tower, what will be a huge gold-coloured, D-shaped block of 220 furnished apartments. Bay’s Edge is just one of five stalled office projects in Business Bay that Damac is in the process of converting into serviced apartments, some of which had already started construction.
Work has also restarted at Omniyat’s The Pad development, a 24-storey reclining block designed to look like a classic early 2000s media player. When they were initially launched, both projects were described by their developers as being in Business Bay. However, when they were launched the second time they were marketed as being in Downtown or the Burj Area.
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