Dubai Holding says $6.80 billion needed to build entertainment district over 10 years
Dubai Holding has announced that work on the world’s largest shopping mall will commence from the first quarter of 2015.
The developer is currently appointing specialised consultants for The Mall of the World project. In a statement it said that it expected to commence work on the first phase of the project in the early part of next year.
Located in Mohammad Bin Rashid City, the 4,459,345sqm climate controlled development was announced in the second half of 2014. It will house a shopping mall with an area of 743,224sqm and the world’s largest theme park, which will be covered by a glass dome that will be open during the winter months.
Furthermore, the development will contain a ‘wellness dedicated zone’ and a ‘cultural celebration district’. A wide range of hospitality options will also be available, comprising of 20,000 hotel rooms.
Once completed, Dubai Holding hopes that The Mall of the World will become a year-round destination for tourists. It projects an annual influx of 180 million visitors.
In June of this year, CEO Ahmad bin Byat told Reuters that Dubai Holding would need $6.80 billion to build an entertainment district over a period of 10 years.
The World Expo 2020 will be held in Dubai from October of that year. It will run till April 2021. It is estimated that in the run-up to the event nearly 277,000 new jobs will be created.
Construction projects are estimated to reach a total of $315 billion in the UAE this year, a report by EC Harris has claimed. Projects worth $212 billion were under construction when the market was surveyed in May 2014. It is expected that the market will reach full capacity as social infrastructure spending increases and mega-projects that are currently being planned are brought forwards.
Some of the major projects that are under construction include Bluewater Island, Dubai Water Canal, MBR District One, Dubai Adventure Studios and The Lagoons, amongst others.