Dubai to build the world's biggest shopping center

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Dubai to build the world's biggest shopping center
A picture taken from the sea on May 23, 2015 shows a traditional dhow sailing in front of the Kempinsky hotel located on the man-made Palm Island in Dubai. AFP PHOTO/MARWAN NAAMANI (Photo credit should read MARWAN NAAMANI/AFP/Getty Images)
Atlantis hotel, Dubai, UAE, Middle East. Through the arch
DUBAI, UNITED ARAB EMIRATES - DECEMBER 08: Duty Free Shopping in Dubai International Airport at a stop over on the way to India on December 08, 2014 in Dubai, United Arab Emirates (Photo by EyesWideOpen/Getty Images)
Interior of top floor restaurant at worlds only 7 star hotel the Burj Al Arab in Dubai in UAE where the economy and money is thriving in the United Arab Emirates. (Photo by: Education Images/UIG via Getty Images)
DUBAI, UNITED ARAB EMIRATES - 2011/02/01: Ski Dubai, the worlds largest indoor ski area, seen from inside an attached restaurant.. (Photo by Frank Bienewald/LightRocket via Getty Images)
[UNVERIFIED CONTENT] Surrounded by Burj Lake, the spectacular views of Burj Khalifa and the Dubai Fountain at night transform this contemporary al fresco waterfront restaurant into a truly magical setting.
DUBAI, UNITED ARAB EMIRATES - JUNE 09: (L-R) In this handout image provided by Vyacheslava Goncharova, 'City of Life' director Ali Mostafa, Mohammed Al Turki and Tamara Al Gabbani attend an intimate evening with Mohammed Al Turki and Tamara Al Gabbani at Okku Restaurant At The Monarch Hotel on June 9, 2011 in Dubai, United Arab Emirates. (Photo by Vyacheslava Goncharova via Getty Images)
'Indulgence Alley', a gallery which leads to the restaurant and lounge bars, inside the Jumeirah Zabeel Saraya hotel, which opened on Dec. 27 and is operated by the Jumeirah Group LLC, is seen in Dubai, United Arab Emirates, on Monday, Jan. 24, 2011. Jumeirah Group LLC, the hotel-management company that operates Dubai's sail-shaped Burj Al Arab, may open at least six other locations around the world this year, Executive Chairman Gerald Lawless said. Photographer: Gabriela Maj/Bloomberg via Getty Images
An employee stands at the entrance of an Indian restaurant at the Dubai's Armani hotel in the Gulf emirate's Burj Khalifa tower on April 27, 2010, just before the hotel's glitzy opening ceremony. The 160-room luxury hotel, crafted by designer Giorgio Armani, is the first landmark tenant in the world's tallest skyscraper. AFP PHOTO/KARIM SAHIB (Photo credit should read KARIM SAHIB/AFP/Getty Images)
Serbian Prime Minister Aleksandar Vucic (C) flanked by Belgrade's major Sinisa Mali (R) and Mohammed El-Abbar, head of Eagle Hills company, attend a presentation of the Belgrade Waterfront project in Belgrade on June 27, 2014. Vucic announced the multi-billion euro construction of the 'Belgrade on Water' project to develop the city's waterfront with residential buildings, offices, shopping malls, hotels and a spectacular, 200-meter high 'Belgrade Tower.' It should be built in seven years in partnership with a United Arab Emirates company headed by Mohammed El-Abbar, known for the construction of Dubai's Burj Khalifa, currently the world's tallest tower. AFP PHOTO / ANDREJ ISAKOVIC (Photo credit should read ANDREJ ISAKOVIC/AFP/Getty Images)
DUBAI, UNITED ARAB EMIRATES - OCTOBER 10: Franca Sozzani tours the Fashion Avenue at Dubai Mall on October 10, 2013 in Dubai, United Arab Emirates. (Photo by Amin M. Jamali/Getty Images for The Dubai Mall)
A journalist takes a picture with her smartphone of a computer-generated image during a presentation of the Belgrade Waterfront project in Belgrade on June 27, 2014. Serbian Prime Minister Aleksandar Vucic announced the multi-billion euro construction of the 'Belgrade on Water' project to develop the city's waterfront with residential buildings, offices, shopping malls, hotels and a spectacular, 200-meter high 'Belgrade Tower.' It should be built in seven years in partnership with a United Arab Emirates company headed by Mohammed El-Abbar, known for the construction of Dubai's Burj Khalifa, currently the world's tallest tower. AFP PHOTO / ANDREJ ISAKOVIC (Photo credit should read ANDREJ ISAKOVIC/AFP/Getty Images)
Only indoor ski slope resort in the world at the Mall of the Emirates in Dubai in the UAE in thriving U.A.E. United Arab Emirates. (Photo by: Education Images/UIG via Getty Images)
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DUBAI, United Arab Emirates (AP) - The shopping-loving city that is home to one of the world's largest shopping malls wants to build one even bigger.

Dubai ruler Sheik Mohammed bin Rashid Al Maktoum has laid out plans for a sprawling real-estate project known as Mall of the World that will include the 8 million square foot (743,224 square meter) mall, a climate-controlled street network, a theme park covered during the scorching summer months and 100 hotels and serviced apartments.

Other attractions planned for the site include a cultural and theater district drawing inspiration from New York's Broadway, shopping thoroughfares based on London's Oxford Street and a "wellness district" meant to attract medical tourists.

"The growth in family and retail tourism underpins the need to enhance Dubai's tourism infrastructure as soon as possible," Sheik Mohammed said in a statement announcing the project Saturday. "This project complements our plans to transform Dubai into a cultural, tourist and economic hub for the 2 billion people living in the region around us - and we are determined to achieve our vision."

Dubai Holding, a conglomerate controlled by the emirate's ruler, is developing the complex. It gave no details on the cost or the completion date.

Can All Dubai's Malls Survive?

The complex will be built near the Mall of the Emirates, which boasts an indoor ski slope, and a short drive from the Burj Khalifa, the world's tallest tower, and the adjacent Dubai Mall. That shopping center is currently the emirate's largest and has attractions including a dinosaur skeleton, an indoor ice skating rink and a multistory aquarium.

Dubai has long used high-profile, big-ticket real estate projects to drive economic growth and establish itself as an international tourist destination. Its ambitions were slowed significantly with a crippling financial crisis that came to a head in 2009, forcing the delay or cancellation of some of the most outlandish projects.

Dubai Holding was not spared from the financial turmoil, and some of its divisions sought new repayment terms from lenders on a debt pile that reached into the billions of dollars.

The emirate's economy has rebounded strongly in the years since the crisis, driven by its trade, transportation and tourism-dependent economy.

Dubai is racing to develop additional infrastructure needed to accommodate a surge in visitors expected when it becomes the first Middle Eastern city to host the World Expo in 2020. Authorities expect the expo will generate $23 billion between 2015 and 2021, and estimate it will cost $8.4 billion to organize.

The new mall project alone is expected to create an additional 20,000 hotel rooms.

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