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Dubai, a city famed for its mega-projects, been called "the City of the Future" on Saturday announced a new development to open the world's biggest mall and a park larger than London's Hyde Park
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Dubai, a city famed for its mega-projects, been called "the City of the Future" on Saturday announced a new development to open the world's biggest mall and a park larger than London's Hyde Park. According to an official statement released by Sheikh Mohammed bin Rashid al-Maktoum, announced the plan for a "new city within Dubai," named after the ruler of Dubai, "Mohammed bin Rashid City," No
cost was stated for the project to be built by his Dubai Holding and the publicly-traded Emaar Properties, which developed many of Dubai's prestigious projects.The emirate already has countless malls and hotels, touted as one of the world's top leisure and entertainment destination, with 62 million visitors this year. "The current facilities available in Dubai need to be scaled up in line with the future ambitions for the city," Sheikh Mohammed said in the statement.
Dubai's tourism is growing by 13 percent a year, according to the statement, with hotel occupancy hitting 82 percent in 2011 while hotel revenues grew 22 percent last year, exceeding 16 billion dirhams ($4.4 billion).
Dubai is already home to recently opened the world's tallest hotel JW Marriott Marquis Hotel Dubai, to the largest shopping mall and the world’s tallest building, the Burj Khalifa that offered the world’s highest fine-dining restaurant an good Atmosphere. And the world’s tallest residential building, Princess Tower. In October, the UAE also expanded its record-breaking list by boasting the Middle East’s largest hot-air balloon and the world’s biggest shoe store.
The plan also call fro a family entertainment center to be developed in cooperation with Universal Studios International that will be connected to the Malland will be the largest in the region, with new residential areas, although Dubai continues to have a surplus of residential units built during the boom.
The "Mall of the World" will have a capacity of 80 million visitors a year to become the "largest in the world," said the statement, while its park will be "30 percent bigger than Hyde Park of London."
Dubai has restructured the mountain of debt from the financial markets crisis rocked global and its economy, it has returned to growth after contracting in 2009.
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