World’s largest mall in Dubai’s sights
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Dubai is set to build the world’s largest shopping mall, despite the economic slowdown, according to a report by Reuters.
The Mall of the World will encompass retail space connected to a theme park, hotels and serviced apartment buildings.
However, the project was announced just before oil prices slumped, putting many other projects either on hold or cancelled.
“We will be reacting to the demands of the market. The project is massive and complex and will have to be built in stages,” said Ahmad bin Byat, vice-chairman and managing director of Dubai Holding, a company owned by the emirate’s ruler that is responsible for the project.
He told reporters the first phase of the project would be complete by the Expo 2020 exhibition.
The total bill is estimated at US $22 billion.
“We’re talking to advisors, financial investors, sovereign funds, many people,” he continued.
“We have a lot of understandings with quite a few people. This is a mixed-use project which will be very interesting not only to locals but for the global market to invest in.”
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