Rather an entirety of different markets, shops and restaurants than an idyllic waterfront market. The 2017 complex in Jebel Ali, Deira is 15 km north from downtown Dubai. Mostly visited by car. I walked there from Bur Dubai (not recommended because the route is alongside busy motorways).
Fish and seafood, meats, vegetables and fruits, spices and herbs, etc. all on offer in neatly separated sections. I suppose also for hygienic reasons. Do not expect low prices. Most customers are local and walk around with lots of cash. For them prices do not seem very important, they want good quality and quantity. I did not observe any bargaining.
There is a popular fish restaurant at the waterfront.