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Despite remaining tightlipped on the finer details, especially financial arrangements, government-owned investment conglomerate Dubai Holding confirmed that consultants are now being hired for the first phase of its Mall of The World project.
Khalfan Belhoul, Vice-President for Strategy at Dubai Holding, said the project is still in phase one and in the process of hiring consultants. Construction will start next year.
''At the moment we're at the point where we are appointing all of the consultants that are related to all of the industries that are needed in the mall,'' said Belhoul. ''We want to make sure that we apply all of the core competencies. We are targeting a three-year construction plan for phase one. However, the three years will start once we break ground.''
He added that Dubai Holding will fund 50 per cent of the project, although he declined to add further details regarding the project's financing. ''The first quarter of next year is when we will be able to announce more details.''
With a price tag topping $6.8 billion (Dh24.97 billion), the climate-controlled development on Shaikh Zayed Road will include the world's largest shopping mall. The project will take around ten years to complete.
Meanwhile, Dubai Properties, a subsidiary of Dubai Holding, is also looking for a contractor for Maram Residence, one of its two new mixed-use developments in Dubai. The developer has awarded the piling and enabling contract of the tower project in Downtown Dubai to NSCC.
Dubai Properties is also building the Dubai Wharf in Culture Village, an Dh800-million project located near Al Jaddaf Metro Station.
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Source: Kirsty Savage, Special to Property Weekly