At present, consultants for the first phase of Dubai Holding's mega-sized $6.8-billion Mall of the World project are being hired, according to Construction Week Online.
Speaking at a Cityscape Global exhibition press conference, Dubai Holding's vice-president of strategy, Khalfan Belhoul, revealed that the climate-controlled scheme was still in a phase where it was hiring all of the necessary consultants. The project is to house a theatre district, huge shopping mall and the world's biggest indoor theme park.
"Obviously, this is a long project and I would say it will take around ten years," Belhoul said, adding that the Company is currently focused on the first phase of the project.
"Basically 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 and 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 start once we break ground," he noted, indicating that the first part of the site to be developed will be the section closest to the Sheikh Zayed Road.
More announcements regarding the Mall of the World project will be forthcoming during the first quarter of 2015, Belhoul stated, adding that Dubai Holding is targeting phase one completion before 2020.
On another note, Belhoul revealed that the Company had strengthened its balance sheet in recent years, with its debt falling eight percent annually from AED 15 billion ($4.1 billion) in 2009 to around AED 10 billion ($2.7 billion) at present. Dubai Holding also generated AED 5 billion ($1.36 billion) in revenue and AED 2.1 billion ($570 million) in net profit during H1-14. The Company expects a net profit of AED 4 billion ($1.08 billion) for the whole of 2014.
Speaking at a Cityscape Global exhibition press conference, Dubai Holding's vice-president of strategy, Khalfan Belhoul, revealed that the climate-controlled scheme was still in a phase where it was hiring all of the necessary consultants. The project is to house a theatre district, huge shopping mall and the world's biggest indoor theme park.
"Obviously, this is a long project and I would say it will take around ten years," Belhoul said, adding that the Company is currently focused on the first phase of the project.
"Basically 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 and 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 start once we break ground," he noted, indicating that the first part of the site to be developed will be the section closest to the Sheikh Zayed Road.
More announcements regarding the Mall of the World project will be forthcoming during the first quarter of 2015, Belhoul stated, adding that Dubai Holding is targeting phase one completion before 2020.
On another note, Belhoul revealed that the Company had strengthened its balance sheet in recent years, with its debt falling eight percent annually from AED 15 billion ($4.1 billion) in 2009 to around AED 10 billion ($2.7 billion) at present. Dubai Holding also generated AED 5 billion ($1.36 billion) in revenue and AED 2.1 billion ($570 million) in net profit during H1-14. The Company expects a net profit of AED 4 billion ($1.08 billion) for the whole of 2014.
Source:
Mubasher
