The Mall of the World, which will become the world’s largest shopping mall, will see construction starting from first quarter 2015, according to Dubai Holding.
“Dubai Holding is currently appointing specialised consultants and expects to commence work on the first phase of the project during the first quarter of 2015,” the company said in a statement.
The 48-million square feet, climate-controlled development was announced in the second half of 2014 and will be located within Mohammad Bin Rashid City.
The project will house a shopping mall with an area of 8 million square feet, the world’s largest theme park, which will be covered by a glass dome that will be open during the winter months, a wellness dedicated zone, a cultural celebration district and a wide range of hospitality options comprising 20,000 hotel rooms.
Once completed, the development is projected to become a year-round destination, welcoming around 180 million visitors annually, Dubai Holding said.
In June, Dubai Holding will need Dh25 billion to build an entertainment district over a period of 10 years, CEO Ahmad bin Byat had told Reuters.
Dubai will be hosting Expo 2020 from October 2020 to April 2021 and in the run-up to the event nearly 277,000 new jobs will be created.
Construction projects are estimated to reach a total of Dh1.1 trillion ($315 billion) in the UAE this year, according to UK-based EC Harris.
Projects worth $212 billion are under construction when the report surveyed the market in May with the construction industry is expected to reach full capacity as social infrastructure spending increases and mega projects presently being planned are brought forward.
Major projects under construction are Bluewaters Island, Dubai Water Canal, MBR District One, Dubai Adventure Studios, The Lagoons etc.
The latest development to restart work was Limitless’ Downtown Jebel Ali, its 200-hectare mixed-use community. On Sunday, the master developer awarded a contract worth Dh19.5 million for infrastructure design and supervision services for Zone 2, 3 and 4.