$30bn Business Bay 'on track' despite global crisis

Dubai Properties chief makes commitment to deliver mega project on schedule.
$30bn Business Bay 'on track' despite global crisis
By Andy Sambidge
Tue 27 Jan 2009 05:36 AM

The $30 billion Business Bay mega development in Dubai is on schedule for completion for 2015 despite the global economic slowdown, project chiefs have announced.

Master developer Dubai Properties said work was progressing as scheduled and several projects including Vision Tower and Aspect Tower were close to completion.

The 64 million sq ft Business Bay mixed use development, phase one of which is scheduled for completion in 2015, is set to become home to about 191,000 people with 240 towers when completed.

Mohamed Binbrek, Group CEO of Dubai Properties Group, said: "In our sincere commitment to complete projects as scheduled, we have ensured work has continuously progressed at a steady pace.

"We have always given priority to our stakeholders including the investors and serious corporate or home buyers. We intend to continue the pace of work towards completion of all developments with Business Bay and other projects as well."

Dubai Properties' first project in Business Bay, the three billion dirham Executive Towers, is now 92 percent complete with work proceeding simultaneously on all 11 buildings of the project, he added.

The structure of the Executive Towers is complete, with the facade nearing completion and commissioning is well underway, Binbrek said.

He added that Aspect Tower, located within the Executive Towers, was also 92 percent complete with a completion slated during the second quarter of 2009.

The 1.2 billion dirham Vision Tower will release more than 500,000 sq ft of commercial office space when its 67 floors are handed over by the second quarter of this year, Binbrek added, with construction nearly 80 percent complete.

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