Dubai property developer Dubai Holding made an announcement, that USD 6,8 billion Mall of the World mega shopping and hospitality centre in Dubai is about to be redesigned in order to meet all current and future real estate market needs.
In addition to the world's largest shopping center, with an area almost 40 times exceeding the area of the Dubai Mall, the largest shopping center in the world, Mall of the World will also include 100 hotels, as well as office and residential property.
“The project has not been stalled… it is in redevelopment stage.
"What Dubai Holding wants to do given the strategic location of the land – which is as large as Downtown Dubai - is to have patience and search for what is going to be the very best result for the site?” said Morgan Parker, Chief Operating Officer of Sufouh Development, the new company set up to oversee the development of Mall of the World.
“We are trying to forecast what Dubai is going to be 50 years from now and so we are not building a project that is a statement on the world today,” he asserted.
Mall of the World master plan concept will be re-engineered to integrate public transport, such as Metro, tram, buses and water transport. Mall of the World will also include the world's largest theme park, covered with a retractable glass dome, which will be opened during the winter months, and also a wellness dedicated zone, a cultural celebration district and a wide range of hospitality options comprising 20,000 hotel rooms.
“It is not just about creating the world’s largest mall, but seamlessly integrating the hospitality, residential, commercial and entertainment lifestyle options into the bigger picture.”, Parker said.
Construction of the first phase of the project will begin in the next 18 months.