Speaking to Bloomberg news wire, Morgan Parker, Dubai Holding‘s chief operating officer, said the development will be scaled down from the original plan of one large shopping district.
This ammendment to the original plan will allow the project to grow gradually over time as demand and funding dictates, he added.
“We are avoiding the biggest of this and tallest of that,” Parker said.
“Dubai is maturing as a city and investors are looking for rational projects. At the end of the day, the money is made by the tenants paying the rent and they are looking for projects that function.”
The Mall of the World will feature 9,150,000 sq ft of retail space that will include a Rodeo Drive-like fashion district with street shops and traditional malls.
The development will also feature 35 office buildings and 8,000 homes, including luxury and student accommodation .
While Dubai Holding will finance half of the project, it will need institutional investors to help bring the scheme to fruition.
“This is a very, very large project,” he said. “It’s going to require an enormous amount of work and capital to bring to fruition.”
Parker said he hopes to conclude partnership agreements with investors this year.