Dubai Holdings Mall of the World

Dubai Holdings Mall of the World

Despite a fairly tumultuous 2015 property market in Dubai, Dubai Holdings Mall of the World mega-project in the centre of Dubai is still pushing ahead. Dubai Holdings Mall of the World project is a mixed-use development in the Emirate of Dubai. It is estimated that it will cost around $25 billion to construct over a 10 to 15 year period. The development is to cover 1.7 million sq. m. in the centre of Dubai and is slated to be built in two phases. According to Dubai Holding, The Mall of the World project is to offer a wide range of leisure, retail, cultural, residential, commercial and hospitality options in the heart of Dubai. Work is due to start on the giant project in 2017, with phase one expected to be completed at some time in 2019.

Dubai Holdings Mall of the WorldDubai Holding, established in 2004,  is a global investment holding company. It has interests in 24 countries, employing more than 20,000 people across 121 nationalities. Dubai Holding’s Commercial Operations Group (DHCOG) develops and manages hospitality, business parks, real estate and telecommunications. DHCOG’s four operating units are TECOM Group, Jumeirah Group, Dubai Properties Group and Emirates International Telecommunications.

Dubai Holding said of the project at a recent press briefing: “Dubai Holdings Mall of the World is a complex, long-term and strategic project that is set to play a significant role in positioning Dubai as a global hub for tourism, in line with our leadership’s plans including Dubai Tourism Vision 2020.”

Dubai Holding requires a range of local and international companies to partner with it in the huge development, but no contracts have as yet been signed. This is expected next year (2016).

The first phase of the project is to cover a land footprint of 773,300 sq. m. with a developed commercial and residential area estimated at 1,578,180 sq. m. The second phase is to have a footprint of 819,000 sq. m.

It is intended that more than 90 buildings will be allocated for residential purposes, including 8,100 residential units to accommodate 25,000 people.

The commercial aspect of the operation is to include 39 buildings with 57 buildings ascribed to the hospitality sector involving three, four and five-star hotels on an area of 700,000 sq. m. with capacity for 7,000 rooms.

In total the development is to incorporate 278 buildings across 3,525,000 sq. m. and, when complete, Dubai Holdings Mall of the World complex will host the world’s largest retail network according to the company.

Plans under current scrutiny are focused on providing visitors and residents with connectivity to the surrounding city, including transportation networks of roads walkways, plazas, bicycle routes, bus services, shuttle services, Dubai Metro, Dubai Tram and gondola rides. It is also aimed at being the first year-round pedestrian city in the region.

Dubai Holdings Mall of the World

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