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: [AED25bn] 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.”