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FINANCIAL NEWS
Dubai ruler unveils huge tourism and retail plans
25 Nov 2012
(MENAFN) The Dubai government has unveiled plans for a major tourism and retail development including the largest shopping mall in the world, Reuters reported.
The development, named “Mohammed Bin Rashid City”, will be located on the outskirts of Dubai’s current downtown area.
It will comprise a park 30 percent bigger than Hyde Park in London, said UAE Prime Minister and ruler of Dubai Sheikh Mohammed bin Rashid al-Maktoum.
Sheikh Mohammed added that the “Mall of the World” will be built to host 80 million visitors annually and will include over 100 hotel facilities.
A family entertainment centre linked to the mall, developed with Hollywood’s Universal Studios, a unit of Comcast Corp (CMCSA), would be designed for 6 million visitors each year.
The development would also include a district of art galleries and an area where entrepreneurs could develop businesses.
Sheikh Mohammed did not say how much the development would cost or when it would be finished, but his description indicated investment would total many billions of dollars.
It would be built by Dubai Holding, a conglomerate owned by him, and Dubai’s leading real estate firm Emaar Properties.
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