Phase One Of Dubai’s Mall of the World Project Slated For Completion By 2020

State-owned Dubai Holding is in the process of appointing industry specific consultants for its recently launched mega development, Mall of the World, officials have confirmed.

The current focus will be on developing the first phase of the project, according to Khalfan Belhoul, VP, Strategy at Dubai Holding.

Speaking at the Cityscape exhibition in Dubai, he said phase one would be completed in three years after work begins, but did not specify when exactly construction would start.

The first phase of the project is expected to include retail and hospitality elements, and is slated to be completed before 2020, when Dubai will host the six-month long World Expo.

Located along Sheikh Zayed Road in Dubai, Mall of the World will occupy a total area of 48 million sq ft and will include the world’s largest mall and the world’s biggest indoor theme park. It will also feature cultural theatres and wellness resorts and is expected to host 180 million visitors annually when completed.

The entire project is estimated to cost Dhs25 billion and will be funded 50 per cent by the company and 50 per cent through bank facilities, loans or land sales.

It will be completed in 10 years once work starts and the company has already started talks with potential partners, confirmed Belhoul.

Further details will be revealed in the first quarter of 2015, he added.