One of the most important announcements was Dubai Holding's statement that it would start construction work on the first phase of what will be the world's biggest shopping mall by next March. At a press conference, the conglomerate said that it was in the process of appointing consultants to work on the 48 million square feet project and hoped to start construction in the first quarter of 2015. The mall will take 10 years to build with only a first phase likely to be completed in time for the 2020 Expo, the company said.
At the same time the Dubai-listed property company Deyaar unveiled ambitious plans to build 27 new buildings close to the Expo site. Deyaar said that the 5.5 million sq ft development of about 2,000 apartments and serviced apartments would be aimed at mid-income families and would sell for prices up to AED1,000 per sq ft. The project is aimed at people working in the nearby Al Maktoum airport in the Jebel Ali area, the Deyaar chief executive Saeed Al Qatami told The National.
Meanwhile Nakheel announced that it would be restarting work on 1,400 luxury apartments and villas at its Jumeirah Heights Fronds at the north end of Jumeirah Islands.
Dubai-based building supplies group Danube Group announced its second foray into the development market with plans for a block of 300 apartments to be known as Glitz.