The famous and much-talked about Mall of the World project, an enormous temperature-controlled indoor city and shopping center in Dubai will approximately take ten years to construct, finish and need Dh25 billion in funds.
According to the Dubai Holding chief executive, it is not clear yet when the construction of the project will begin, however the mega project will need about Dh2.5 billion each year for the next 10 years. At least 50% of the needed budget will be sourced inside while the rest of the money will be raised through other means.
The proclamations of the project, the first of its kind, came at a time when investor appetite for Dubai’s real estate is returning and buyers are snapping up apartments and villas within the emirate. It is assumed to strengthen Dubai’s position as the land of the firsts. However, it has raised interests on whether or not the city is overbuilding like it did a few years ago, just before the worldwide decline.
Meanwhile, here are some interesting features about the Mall of the World: It is four times the size of the Dubai Mall. The mega structure will occupy a total area of 48 million square feet which will be covered by a glass dome. It is 13 million square feet, which is about the size of more than 50 football pitches.
Hotel links: Apart from introducing an 8 million square feet of shopping centre, the Mall of the World will offer links to 100 hotels and serviced apartment buildings with 20,000 rooms.
Theme park: Tenants and guests in Dubai won’t need to take on out of town just to consume a day in a theme park. The Mall of the World compound will house an indoor family theme park, which will be the largest in the world.
Air-conditioned retail streets: For those who fear going to the stores during the summer months, the Mall of the World may provide a much-needed relief.
Wellness district: Taking up a total area of 3 million square feet. This section of the compound will give wellness and innovation services.