Dubai presents mega-mall plan
Print Edition
DUBAI is launching a project to build an entertainment and hotel district that will include the world’s largest shopping mall, its ruler, Sheikh Mohammed bin Rashid al-Maktoum, said yesterday.
Plans for the “Mall of the World” project were originally revealed 18 months ago, helping to trigger a strong rally in Dubai’s real estate and stock markets.
Yesterday’s announcement appeared to indicate that substantial work on the project will now begin, though the statement did not say when construction will be completed, how much it will cost or how it will be financed.
“The project will be built in phases in alignment with the gradual growth of family tourism in Dubai,” said Mohammed Abdullah al-Gergawi, chairman of Dubai Holding, which is Sheikh Mohammed’s personal investment vehicle and will develop the project.
The latest version of the plans includes a 743,000 square meter mall, theme park, theaters, medical tourism facilities, and 100 hotels and serviced apartment buildings with 20,000 rooms.
The complex will be able to host 180 million visitors a year. Seven kilometers of promenades connecting the facilities will be open to the air during the winter but covered during the summer.
Dubai is still recovering from its 2009 debt crisis and the International Monetary Fund has warned a slew of new real estate projects could lead to another boom-bust cycle. Officials, however, have said they can handle the risks.
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