Emaar Properties said plans to expand its Dubai Mall with high-end fashion stores, hotels and luxury homes had been finalised and work would begin shortly. Emaar, which also built Burj Khalifa - the world's largest tower, had said in February it would add one million square feet to Dubai Mall, whose website says it is the world's largest shopping and entertainment destination.
The part state-owned Dubai developer also said on November 29 it will soon launch the sale of luxury homes and serviced residences in the new development. No project value was given.
Dubai has been reviving real estate projects put on hold after the 2008 financial crisis. The renewed building boom will have financing constraints.
Dubai's ruler, Sheikh Mohammed bin Rashid al-Maktoum, said Emaar and Dubai Holding were to build a retail and tourism hub which will house an even bigger shopping centre than Dubai Mall. The emirate has also announced plans to build a new waterway in the city and a $2.7 billion entertainment complex.
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