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Is it a city or a mall?!

Property News

Is it a city or a mall?!

Following the Dubai debt collapse of 2009, the real estate market in the UAE has been stabilizing. In November 2012, Mall of the World was announced which was envisioned as a mix of fashion, entertainment, and culture all under the same glass roof.


Initial proposals from 2014 mentioned a mega project which would be the largest covered retail area in the world once completed. 100 hotels totaling 20000 rooms, a large wellness district and a cultural center were just a few of the preliminary details.


The first phase of this project is set to be actualized by the time Dubai hosts Expo2020. In addition to various stores, visitors will be offered theaters, cinemas, restaurants, and hotels.


The entire project is said to cost $7 billion.


The idea of the mall is for families to come together, spend a few weeks, and experience a whole new kind of entertainment - an ideal type of "vacation" where parents can relax by going to the spa and wellness center, whilst children have fun at the various theme parks that will be part of this extravagant complex.


The centerpiece of this mega project is the retail center, offering hundreds of various designer brands, which will be constructed beneath glass roof domes, ensuring a fully air-conditioned and temperature controlled environment for the comfort of all visitors.


The size of these projects could seem too ambitious. However, with the growing number of residents, and the annual need for 15000 new apartments, housing builders in Dubai say that nothing is impossible.


Initially, this mega shopping mall and leisure complex was supposed to be built in Mohammed Bin Rashid City however, the wind blew in a different direction and the new location for this complex is set to be in Sheikh Mohammad Bin Zayed road.


Mall of the World will also feature a seven kilometer promenade that will connect all the buildings of this complex. The idea is to have the mall unveiled during the winter and covered during the summer in order to avoid the scorching 50 degree Celsius heat that hits the Emirates annually from June to September.


For comparison reasons only, the size of "Mall of the World" will be 4 times larger than Dubai Mall and its size is calculated at roughly 10 times the size of Vatican City.


Dubai's ambitious project is, reportedly, set to be built in a few phases over the course of 10 years, costing, as mentioned above, around $7 billion.

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