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Wed 31 Aug 2016 03:29 PM

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Dubai decides to relocate $22bn Mall of the World project

Dubai Holding chief says remains committed to mega project; will now be built on site on Sheikh Mohammad bin Zayed Road

Dubai decides to relocate $22bn Mall of the World project

Dubai Holding on Wednesday announced that it has taken the decision to relocate Mall of the World to a site on Sheikh Mohammad bin Zayed Road.

The state-run company said it remained committed to the project which was first announced in mid-2014 and will become the world's biggest shopping mall.

Ahmad Bin Byat, vice chairman and managing director of Dubai Holding, said the move would allow the project's positive tourism contribution to be "fully realised", without giving further details. 

He added: “Tourism remains a major part of Dubai’s diversification strategy and Mall of the World will be a critical part of that vision. Dubai Holding is committed to developing Mall of the World, a major retail and leisure destination in the region, and believes that the new location on Sheikh Mohammad bin Zayed Road, will be an outstanding home for the project, as it will allow Dubai Holding to further expand as needed it in the future according to market needs.”

He said Mall of the World will now undergo extensive planning to become a major retail and leisure destination.

The original Mall of the World project encompasses 8 million square feet (745,000 square metre) of shopping space connected to a theme park, 100 hotels and serviced apartment buildings with 20,000 rooms. It is not clear whether the project will be downsized.

In February, Dubai said it would press ahead with plans to build the mega mall despite an economic slowdown looming in the region, but would assess market demand before proceeding with the project's later stages.

The first phase - representing about a quarter of the project's size - is scheduled be completed before Dubai hosts the Expo 2020 exhibition.

Plans for the remainder "will be dependent on market dynamics", Byat has previously said, adding that the total bill would be nearly AED80 billion ($22 billion).

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Fentoni 3 years ago

This article could more accurately be summed up with the headline "Mall developer announces that they will build a medium sized mall in a different location and if the stores are busy the mall will be extended later" ...yawn!

Lovelife 3 years ago

Fentoni, I love your comment. Right to the point. How many mega-malls does Dubai really need? Everywhere the same overpriced upscale shops. You know one mall - you know them all. Are we human beings only on this planet, to shop, shop, shop?

Red Snappa 3 years ago

Quite frankly how can there possibly be any additional capacity left in the retail sector to support even more mega-malls? Nakheel have only recently annnounced another huge mall, but at least I believe that is in Deira.

iLoveMalls 3 years ago

Yes, let's build more places where people can go to spend money that they don't have on things that they don't really need!

Durteger 3 years ago

Why not create the "Library of the World'- the biggest and best equipped library on the planet. Dubai needs a good Library

Love_construction 3 years ago

Here is the library "Six firms said to bid for $272m Dubai library construction contract " but do not think it is going to be the library of the world.

SA1 3 years ago

population growth and higher tourist numbers.

Zoho 3 years ago

Love_construction I like your comment. Building large mega projects and malls is not mutually exclusive with building art centers and libraries. As Dubai aspires to become one of the greatest city in the world, there will be built all of it.

Fentoni 3 years ago

@Durteger I think Dubai is going to struggle to create the best equipped library on the planet in a region that would not or could not allow certain books in the library. I'm thinking about classics such as - Ulysses by James Joyce, Lady Chatterley's Lover by D.H. Lawrence, Tropic of Cancer by Henry Miller or Last Exit to Brooklyn by Hubert Selby Jr. Size isn't everything, Dubai could certainly build the biggest library in Dubai however with cultural norm here preventing the availability of books covering a range of topics it could never truly be the best?

Bill 3 years ago

Shopping (commerce) makes the world go round! We need more malls. Haven't you heard of the phrase "shop till you drop"?