Dubai is moving ahead with the world’s largest mall while Gulf economies slow down

Dubai will press ahead with plans to build the world’s largest shopping mall despite the economic slowdown in the gulf economies. However Dubai will assess market demand before proceeding with the later stages. The Mall of the World, which encompassing 8 million square feet (745,000 square metre) of shopping space connected to a theme park, 100 hotels and serviced apartment buildings with 20,000 rooms, was announced by the government of Dubai in mid-2014, as oil prices began their dip. Although Oil makes a small direct contribution to Dubai’s economy, however its drop has affected investor confidence . Ahmad Bin Byat the vice-chairman and managing director of Dubai Holding stated that The project is massive and will be built in stages, and that it would become the world’s largest shopping destination. He added that the first phase, a quarter of the project’s size, would be completed before Dubai hosts the Expo 2020 exhibition. Plans for the rest of the Project will depend on market dynamics and conditions.

Dubai is moving ahead with the world’s largest mall while Gulf economies slow down was last modified: March 14th, 2016 by Tony Maalouli