Dubai's $7bn finance hub to rival Wall Street

摘要

One of the Middle East's biggest clients is planning a $7bn (£4bn) project that aims to make Dubai a global financial centre to rival New York, London and Paris In an interview with Building, Hashim Al Dabal, chief executive of developer Dubai Properties, said the mixed-use scheme, known as Business Bay, would attract permanent settlers to Dubai and make it more than a tourist attraction. The project, which is designed to create a downtown business district in Dubai, will comprise 500 tower blocks across 6 million m~2. The area was masterplanned by engineer Halcrow, and work has begun to extend the Dubai Creek, which flows through the site, by 11 km and will stretch to Dubai's coast The first phase is due for completion in 2007. Work on site marks the next phase of Dubai's rapid growth, according to Al Dabal. "Business Bay was part of a vision that Dubai could be a business hub such as London or Paris We are branding it as a business address for the region."