Dubai's Mall of the World to be built in 10 years

 

 
Dubai's Mall of the World to be built in 10 years
Dh25 billion required to build mega project in the emirate
By Cleofe MacedaPublished: 18:19 July 9, 2014Gulf News
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Artist’s impression of the Mall of the World, the world’s first temperature-controlled city, which will be built along Shaikh Zayed Road in Dubai. The mall will be capable of receiving 180 million visitors a year.
 
 
 

 
Dubai: The much-talked about Mall of the World project, a massive temperature-controlled indoor city and shopping complex in Dubai, will take about ten years to complete and require Dh25 billion in funds. 
It is not clear yet when the construction of the project will start, but according to Dubai Holding Chief Executive Ahmad Bin Byat, the mega structure will need about Dh2.5 billion “every year for the next 10 years”. 
At least 50 per cent of the required budget will be sourced internally, while the rest of the money will be raised through other means, including the "debt market, sales of some parts of the project, revenue from leasing and partnerships."
“That (25 billion dirhams) is how much it will cost when it’s ready. That is in about 10 years so we are talking about a requirement of about 2.5 billion dirhams every year for the next 10 years,” Byat told Reuters. 
 
The announcement of the project, the first of its kind, came at a time when investor appetite for Dubai’s realty is returning and buyers are snapping up apartments and villas within the emirate. It is believed to reinforce Dubai’s position as the land of the firsts. 
However, it has raised concerns on whether or not the city is overbuilding like it did a few years ago, just before the global recession. 
More Pictures
Artist’s impression of the Mall of the World, the world’s first temperature-controlled city, which will be built along Shaikh Zayed Road in Dubai. The mall will be capable of receiving 180 million visitors a year.
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Here are a few interesting features about the Mall of the World: 
Four times the size of Dubai Mall
Located along Shaikh Zayed Road, the mega structure will occupy a total area of 48 million square feet which will be covered by a glass dome. The world’s largest shopping centre, Dubai Mall, covers 13 million square feet, which is about the size of more than 50 football pitches. The proposed  indoor city will be nearly four times the area occupied by Dubai Mall. That’s approximately 200 football pitches combined. 
Hotel links
Aside from featuring an 8 million square feet of shopping centre, the Mall of the World will provide links to 100 hotels and serviced apartment buildings that have 20,000 rooms. 
Theme park
Residents and visitors in Dubai won’t need to venture out of town just to spend a day in a theme park. The Mall of the World complex will house an indoor family theme park, which will be the largest in the world, so it will just be right next door. 
Air-conditioned retail streets
For those who dread going to the shops during the summer months, when temperatures hit more than 40 degrees, the Mall of the World may provide a much-needed relief. If plans push through, the complex will feature a seven-kilometre promenade that will be lined with retail shops. Think about taking a stroll down London’s Oxford Street during winter. “Tourists will be able to enjoy a week-long stay without the need to leave the city or use a car,” Dubai Holding said in a statement. 
Wellness district
Requiring a cosmetic procedure? How about a surgery? Occupying a total area of 3 million square feet will be the wellness district. This section of the complex will provide wellness and rejuvenation services, a “holistic experience to medical tourists and their families” and ensure access to quality health care, specialized surgical procedures and cosmetic treatments, wellness facilities and high-end hospitality options.
 
 
Dubai is building the world's first temperature-controlled city
Visit Mall of the World and never step outside
By Cassandra Khaw on July 8, 2014 05:19 am Email @casskhaw
Dubai is set to become home to the first temperature-controlled city on the planet. The ambitious project is expected to feature a mall, an indoor family theme park, and a "network of temperature-controlled openable promenades" — all billed as "the world's largest." According to developer Dubai Holding, the 7 kilometer (4.35 mile) expanse of covered walkways will allow weeklong stays without the need for cars or exposure to Dubai's harsh desert climate, which averages 104 degrees Farenheit in the summer.
 
THE MALL OF THE WORLD
 
The Mall of the World will also include a 3-million-square-foot wellness district and theaters modeled after famous cultural landmarks like the West End and Broadway. There will be 100 hotels and service apartments built on the 48-million-square-foot premises in order to accommodate the 180 million visitors the mall hopes to host annually. "The objective is to create an integrated city with a plethora of best-in-class options within pleasant environments," said United Arab Emirates Prime Minister Sheikh Mohammed bin Rashid Al Maktoum in a statement.
 
Neither a budget nor a completion date have been announced as of yet. The Mall of the World might seem like an outlandish, capitalistic fantasy, but Dubai is no stranger to extravagance. Among other things, the city is famous for containing the world's tallest building and throwing a record-breaking fireworks display.
 
Dubai to build climate-controlled 'city', largest mall
     
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Sheikh Mohammed bin Rashid al-Maktoum looks at the mock-up of the 
Sheikh Mohammed bin Rashid al-Maktoum looks at the mock-up of the "Mall of the World" project during its presentation in DubaiSheikh Mohammed bin Rashid al-Maktoum looks at the mock-up of the "Mall of the World" project during its presentation in Dubai
Dubai is planning to build a temperature-controlled city featuring the world's largest mall and an indoor park, as well as hotels, health resorts and theatres, the developer said.
 
Already home to one of the globe's biggest indoor shopping complexes, Dubai Mall, the glitzy emirate known for its love of grandiose projects said it is now planning to build the "Mall of the World".
 
The all-pedestrian complex would occupy a total area of 48 million square feet (4.45 million square metres), said Dubai Holding, the developer owned by Dubai ruler Sheikh Mohammed bin Rashid al-Maktoum.
 
The project "will comprise the largest indoor theme park in the world" under a glass dome that would be opened during winter, it said in a statement.
 
The seven-kilometre (4.35 mile)-long promenades connecting the facilities would also be covered and air-conditioned during summer, it added.
 
"Our ambitions are higher than having seasonal tourism. Tourism is key driver of our economy and we aim to make the UAE an attractive destination all year long," said Sheikh Mohammed.
 
"This is why we will start working on providing pleasant temperature-controlled environments during the summer months."
 
The statement issued late on Saturday did not say when construction would begin, nor did it reveal the cost of the project.
 
Dubai hopes the "Mall of the World" can attract more than 180 million visitors each year.
 
The emirate is known for its numerous malls and many hotels, including the Dubai Mall, touted as the world's largest shopping, leisure and entertainment destination. It is also home to the world's tallest tower, Burj Khalifa.
 
Dubai has established itself as a global hub for air transport and transit trade, as well as a regional financial centre.
 
And it beat off opposition from Brazil, Russia and Turkey in November to win the right to host the World Expo trade fair in 2020.
 
The emirate's economy was hit in 2009 by the global financial crisis, but it has since made a strong comeback, thanks to growth in the trade, transport and tourism sectors.

on July 11, 2014