Mall of the World, a shopping center, tremendous even by the standards of such a vast city as Dubai, is going to travel across the emirate before its actual development. Initially the mall was supposed to be built in Mohammed bin Rashid City. The developer, Dubai Holding, already settled the allocation of a huge plot of land, but...On Wednesday, August 31, the Dubai Holding’s representative officially announced that the complex would be built elsewhere. The main reason of such change is an intention to set it closer to the city’s center and touristic areas.
Where will Mall of the World appear?
According to Ahmad Bin Byat, the vice-chairman and chief executive officer of Dubai Holding, Mall of the World will be erected at the site near Sheikh Mohammed bin Zayed Road. This way it will be much more accessible for tourists and most of the city center residents, he says. Furthermore, built at this location it will contribute more into the formation of Dubai’s image. As stated by Ahmad Bin Byat, “tourism remains one of the primary tenets of the strategy of the Dubai economy diversification, and Mall of the World will not only improve Dubai’s attractiveness to the guests of the emirate, but also facilitate Dubai’s expansion and growth in the future”.
Mall of the World, the new immense shopping and entertainment center in Dubai will be relocated to MBR City in order to make it more attractive to tourists and residents of the central areas of the city.
Indeed, a broad territory is a crucial factor when choosing a site for a future project. Even when the news of the future development was first announced, it was stated that Mall of the World would become the biggest shopping and entertainment center in the world, with its total area of 745 000 square meters.
The stores in it will be set right next to theme parks, there will also be a hundred hotels with more than 20 000 rooms and apartments. In fact, the mall will become a city within a city. There are even plans for developing an enormous centralized air conditioning system for the mall. But as any other leisure facility, it should comply with one simple principle: “location, location, and location again”...
When to expect the opening?
The developer is openly claiming, that a project that tremendous will require very sufficient amounts of money, time and manpower. The construction will be carried out in four phases, and the first of them will be finished before the EXPO 2020. The other phases will be completed later.
The overall budget of Mall of the World is estimated to be 80 bln AED ($22 billion), and as for now the developer has already found the required sources of financing.
The actual specs of the Mall of the World are stupefying.
The main risk of the project is the possibility of market pressure in the time of crisis, that could result in the increase of the project’s estimate. But even in these conditions, Dubai Holdings are sure that there will be no need to diminish the scale of the project upon its implementation. After all, the ambitions of breaking another world record are worth more than just money...