Dubai is launching a project to build an entertainment and hotel district that will include the world’s largest shopping mall, the emirate’s ruler, Sheikh Mohammed bin Rashid al-Maktoum, said on Saturday.
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.
Saturday’s announcement appeared to indicate that substantial work on the project would now begin, though the statement did not say when construction would be completed, how much it would cost or how it would 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. >> Read More