Emaar Properties announced the launch of a major new retail project at its Dubai Creek Harbour development on Tuesday, revealing plans to open a 750,000 square metre mall area called Dubai Square at a total cost of around 10 billion United Arab Emirates dirhams ($2.7 billion).
The mall is co-funded by investment company Dubai Holding, and will be part of a six square kilometer development project in the area. It will take five years to build, Emaar Properties chairman Mohamed Alabbar said at an event at the company’s Dubai Creek Harbour office.
The mall will be built next to the new tower under construction at Dubai Creek Harbour that is set to be taller than Dubai’s Burj Khalifa, which was also developed by Emaar.“For the cost of the mall, it will reach around 10 billion dirhams… It will open in four to five years, which is the time of the construction phase,” Alabbar told reporters on the sideline of the event.
He said the funding will come from capital provided by Emaar, plus a “reasonable debt” amount. He did not give any details on the amount of debt or equity that would be invested. Alabbar said during the presentation that the mall will be 10 minutes from the Dubai International Airport, with a view to attracting transit visitors.
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