Project set to be completed in phases throughout the next decade
By Tola Onasanya
The construction of Mall of the World will cost AED25 billion, says CEO of Dubai Holding, Ahmed bin Byat.
Mall of the World, the world's first temperature-controlled city within a city, will feature the world's largest indoor theme park and shopping mall, along with 20,000 hotels and serviced apartments, a wellness district catering to medical tourists and a cultural district, featuring theatres and galleries.
Launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, last week, the eight-million-square-feet retail and entertainment destination will be built in the course of ten years, for which funds will be gathered gradually. Speaking with Reuters, Byat says: is how much it will cost when it's ready. That is in approximately ten years, so we are talking about a requirement of roughly AED2.5bn every year for the next ten years."
Although the Dubai Financial Market General Index surged by 4.41 per cent just a day after the project was announced (July 5), many fear that Dubai may be headed towards another crisis, similar to what it experienced in 2008/2009. Byat clarifies by saying that there is demand for such projects: "The way things are growing, I think, we are barely coping with the demand… tourism is growing in Dubai."
Mohammed Abdullah Al Gergawi, chairman at Dubai Holding, concurs: "The project will be built in phases, in alignment with the gradual growth of tourism in Dubai."