Dubai - The mixed-use development, which costs approximately $25 billion over 10 to 15 years, will span a land area of 1.7 million sqm in the centre of Dubai and will be built in two phases.
Dubai Holding on Tuesday said that many investors have shown interest in the multi-billion-dollar Mall of the World project, which will offer a wide range of leisure, retail, cultural, residential, commercial and hospitality options in the heart of Dubai.
The mixed-use development, which costs approximately Dh25 billion over 10 to 15 years, will span a land area of 1.7 million sqm in the centre of Dubai and will be built in two phases.
"Mall of the World is a complex, long-term and strategic project that is set to play a significant role in positioning Dubai as a global hub for tourism, in line with our leadership's plans including Dubai Tourism Vision 2020," Ahmad bin Byat, vice-chairman and managing director of Dubai Holding, said at a media briefing.
Mall of the World officials said many international companies are ready to join hands with Dubai Holding to invest in the mega development, but no contract has been signed so far. "The final plan for the project development will be ready by the end of next year," according to the management of the Mall of the World.
"It is expected that construction works on the mega development will start by mid-2017."
Elaborating, the management said the first phase of the project will comprise an area of 773,300 sqm, while the developed area is estimated at 1,578,180 sqm.
"The second phase will have an area of 819,000 sqm," it added.
Around 94 buildings of the project will be allocated for residential purposes, which will include 8,100 residential units that can accommodate 25,000 people.
Another 39 buildings have been earmarked for commercial offices, while 57 buildings have been set aside for the hospitality sector comprising three-, four- and five-star hotels, which lie on an area of 700,000 sqm to develop 7,000 rooms.
"As a mixed-use development, Mall of the World will have five components - retail, residential, office, hospitality and entertainment - comprising 278 buildings across 3,525,000 sqm; Mall of the Wold is set to host the world's largest retail network," according to a statement issued by Dubai Holding.
The recently-evolved master plan is focused on providing visitors and residents with connectivity to the surrounding city, with seven modes of transportation: a network of 33 roads, 152,500 sqm of walkways and plazas, bicycle routes, availability of bus and shuttle services, Dubai Metro and Dubai Tram, as well as gondola rides.
With the aim to establish Mall of the World as the first year-round pedestrian city in the region, the layout and design of all its developments is especially tailored for Dubai's climate, unique social fabric, tourism appetite and connectivity demands.
This will include shaded parks, sidewalks, temperature controlled arcades, mall and bridges in short distances in order to provide maximum comfort to pedestrians.
"We are making good progress with the planning and thoughtful approach to the development of Mall of the World. It sits at the heart of Dubai and will be critical to the Emirate's economic growth," Morgan Parker, chief operating officer of Mall of the World, said.
"Our approach is to combine a human-scale, all-seasons lifestyle destination with an urban mixed-use metropolitan community. Key to the project's success will be accessibility, and we are developing a system that will combine a mix of modern transport modes and networks," he added.
He said the project is currently led by a global team of 100 experienced professionals.
"And we are working closely with government entities and authorities to ensure seamless execution of the project," Parker concluded.