Just when you thought Dubai was already satisfy and happy with their huge shopping mall, Dubai Mall, the emirate’s ruler, Sheikh Mohammed bin Rashid al-Maktoum, announced yet another mind-boggling project – “Mall of the World”. In reality, the project was revealed 18-months ago with the main objective to revive Dubai’s real estate and stock market, which is still recovering from its 2009 debt crisis.

 

Now that His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, launched the world’s first temperature-controlled city on Saturday, the project would at least see some construction works to begin any time soon. Still, there’s no mention about when the ambitious project would be completed.

 

Mall of the World will be located along Sheikh Zayed Road and will consume a staggering total area of 8 million square foot (743,000 square metre) mall, connected to a theme park, theatres, medical tourism facilities and 100 hotels and serviced apartment buildings with 20,000 rooms. The complex would be able to host 180 million visitors annually.

 

This simply means Dubai will soon have the largest shopping mall in the world that is set to become a year-round destination, thanks to its temperature-controlled city, covered by glass dome that will even open during the winter months. During the launching, Shaikh Mohammed said the project is needed to transform Dubai into a cultural, tourist and economic hub for the two billion people living in the region.

In the presence of Mohammed Abdullah Al Gergawi, Chairman of Dubai Holding; Ahmad bin Byat, Chief Executive Officer of Dubai Holding; and Khalifa Saeed Sulaiman, Director-General of Protocol Department, Shaikh Mohammed acknowledged that tourism is key driver of Dubai’s economy and hence the aim to make UAE an attractive destination all year long.

 

The new project, to be developed by Dubai Holding, will introduce an innovative concept of an integrated pedestrian city connected to the mall and offering a wide range of leisure, retail, cultural, wellness, recreation and hospitality options under one roof. The project will include designated parking areas with a capacity to host up to 50,000 cars on the ground level.

Tourists will be able to enjoy a week-long stay without the need to leave the City or use a car, thanks to the 7km-long promenades connecting all facilities will be covered during the summer and open during the winter, ensuring pleasant temperatures throughout the year.

 

The project will also boast a Dubai Cultural District – a hub for national and multinational cultural festivities and events in the UAE which will include a range of conference, wedding and celebration halls . The coverage includes landmarks such as London’s West End and New York’s Broadway; and The Celebration Walk, similar to the Ramblas Street in Barcelona.

Wait a minute – haven’t we heard about such super mega projects before with all this and that or these and those and then integrate and package it into a first of its kind on the planet Earth. Oh yes, there was this so-called Madinat Al Hareer or the City of Silk which were supposed to cost a mind-boggling US$132 billion. So, is this Mall of the World another marketing gimmick to boost investors’ confidence about the local real estate?

 

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July 7th, 2014 by financetwitter

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