Dubai, UAE — A prime waterfront plot on the Dubai Water Canal in Business Bay has been sold for AED 362 million ($98.5 million), setting a new benchmark for land transactions in the district and underscoring continued liquidity and confidence in Dubai’s property market.
The record deal, brokered by Driven | Forbes Global Properties, saw Mukarrib Holdings sell one of the last remaining canal-front development sites in Business Bay. The corner plot, with direct access to the canal boardwalk, is positioned for a mixed-use development combining residential, retail, and lifestyle elements.
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Strategically located, the site provides effortless pedestrian and cycling access along the canal promenade and swift links to Sheikh Zayed Road and Al Khail Road. Future infrastructure developments—including planned stations on the Zabeel Track, Gold Line, and Express Line, all within 500 metres—will further enhance connectivity and value.
“Dubai’s residential and development land markets continue to show depth and pace,” said Abdullah Alajaji, Founder and CEO of Driven | Forbes Global Properties. “We’re seeing steady absorption, disciplined supply, and a clear premium for the best locations, especially on the waterfront, with no signs of slowing.”
Alajaji noted that developers continue to face a constrained pipeline of prime plots, with waterfront sites being especially scarce, driving competition among high-end investors and international brands.
Business Bay remains one of Dubai’s top-performing communities, bolstered by robust off-plan sales and ongoing infrastructure upgrades. That backdrop of limited supply and sustained demand explains the record valuation for this waterfront site—among the last of its kind in the area.
“Between the buildable area, height, and location, there’s real room to design something special,” said Lina Allaoa, Associate Partner at Driven | Forbes Global Properties, who advised Mukarrib Holdings on the sale.
Fellow Associate Partner Kianoush Darban added:
“It’s the kind of waterfront living that international buyers and brands consistently ask for—high quality, easy to enjoy, and well connected.”
The transaction highlights the enduring strength of Dubai’s prime land market, where demand for rare, well-positioned plots continues to accelerate, especially in waterfront districts like Business Bay, Dubai Canal, and Downtown Dubai.
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