Government owned conglomerate Dubai Holding has announced that it plans to begin work on the recently announced mega project, Mall of the World, early next year.
In a statement announcing the financial results of its business group, Dubai Holding Commercial Operations Group (DHCOG), for the first half of 2014, Dubai Holding confirmed that it is currently appointing specialised consultants for the new development.
It expects to commence work on the first phase of the project during the first quarter of 2015, the statement added.
Launched in July this year, Mall of the World is a 48 million sq ft, climate-controlled development, which will house the world’s largest shopping mall and the world’s largest indoor theme park, covered by a glass dome that will be open during the winter months.
The project, estimated to cost $6.8 billion, will also include a wellness zone, a cultural celebration district and 100 hotels and serviced apartment buildings with 20,000 rooms.
Once completed, the development is expected to welcome around 180 million visitors annually.
The project’s first phase is slated to include the retail aspects and is expected to be ready in three years.
The whole development will be built over 10 years, and the funds will be raised gradually during that period, Dubai Holding CEO Ahmad bin Byat said earlier this year.
Dubai Holding, hit hard during the crisis, has seen strong recovery across its units, with DHCOG reporting a net profit of Dhs2.1 billion ($571.8 million) for the first half of 2014. The company’s revenue grew to Dhs5.6 billion and EBITDA stood at Dhs2.8 billion, the statement said.
With assets worth around Dhs116 billion, Dubai Holding’s portfolio includes Jumeirah Group, which owns and operates 22 hotel developments; Dubai Properties Group; TECOM Investments, which manages 11 business parks and Emirates International Telecommunications, which holds a major stake in du.