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19 March 2024

Glass-dome theme park not in Phase 1 of largest mall

An artist's impression of the proposed Mall of the World in Dubai.

Published
By Parag Deulgaonkar

The first phase of Dh25-billion Mall of the World will overlook Sheikh Zayed Road and will be completed in three years’ time once the ground is broken next year, according to a senior Dubai Holding executive.

“The phase one will definitely have hospitality and retail components. We expect to complete the phase in three years’ time after we break ground,” Khalfan Belhoul, Vice President, Strategy, Dubai Holding, said addressing the media at Cityscape.

Dubai Holding is currently in the phase of appointing industry specific consultants to finalise the first phase strategy – details of which will be released early next year.

But the phase one is unlikely to have the much-anticipated theme park, the largest in the world with a glass dome, Belhoul said.

“We haven’t decided on the location of the park… a decision will be taken in first quarter 2015,” he said in response to an Emirates 24/7 question.

Dubai Holding will be self-funding 50 per cent of the development, while the remaining 50 per cent will be funded through joint ventures, land sales or strategic alliances.

And one of the possibilities is a joint venture with Emaar Properties, Dubai’s largest developer and operator of Dubai Mall, which is currently one of the largest shopping malls in the world.

“We are talking to some developers for joint venture with Emaar Properties being one of them,” Belhoul said.

Healthy situation

Dubai Holding Commercial Operations Group is in a healthy situation, Belhoul said, adding that commercial debts have come down to Dh10 billion from Dh15 billion in 2009 with full-year net profit to exceed Dh4 billion.

“So we assess ourselves in a very healthy situation to make further investments,” he asserted.

The 48-million square feet, climate-controlled development was announced in the second half of 2014.

The project will house a shopping mall with an area of eight 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 has said.

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.