Dubai Holding is planning to commence construction on the first of four phases of the Mall of the World project next year, shares chief executive Ahmad Bin Byat.
Covering 25% of the total project, to be built at a cost of nearly AED30 billion, the first phase of Mall of the World is expected to be completed by Expo 2020. Initially Dubai Holding had reportedly said that the first phase would be finished by 2018, while construction was to start last year.
The Mall of the World project was initially launched to emerge as the world’s largest shopping destination featuring the world’s largest shopping mall. But last month the developer had reportedly announced intention to scale down the project to three malls to be built in stages instead of one – and the biggest globally – shopping centre with 100 surrounding hotels.
Byat, however, maintains that Mall of the World is not being downsized; it is getting resized, while adding that Dubai Holding still plans to build ‘the largest shopping destination in the world’.