Dubai reconsiders £14bn air conditioned indoor city
Mall of the World developers have been advised to scale-down their plans
The developers behind the proposed Mall of the World, which is to be built in the luxurious city of Dubai, have begun a review of the proposals, as they reevaluate the financial situation surrounding the colossal plans.
The original plan for the Mall of the World boasted the largest shopping centre and indoor park in the world, featuring hotels, offices, theatres and the best entertainment experience, all under one glass-domed roof, spanning the entire expanse of the awe-inspiring 4.5km2 complex.
The entire indoor city was to feature a state-of-the-art air conditioning system, which would provide a haven of coolness from those wanting to escape the desert heat.
However, due to political tensions and rising oil costs, the project is failing to attract as many investors as it needs in order to fund the $20bn (£14bn) complex.
For this reason, the developers have obtained the advice of Morgan Parker, former manager of the Rockefeller family’s Rose Rock real estate firm, who told the developer, Dubai Holding, that their plans were too grand and that they should think about a scaled-down version of the Mall of the World.
Mr Morgan Parker said: “Dubai is maturing as a city and investors are looking for rational projects.” Mr Parker’s suggestions include adopting a gradual development process and a reevaluation of the air conditioning proposals, which in itself would cost the project a staggering amount.
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