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A groundbreaking ceremony was held at the 40.4 million-square-foot Meydan One site on Wednesday evening to mark construction of the project’s retail mall situated between the existing Meydan racecourse site and Al Khail Road.
The new mall will contain about 620 shops, including a pair of department stores and a 131,150 sq ft hypermarket. It will also have a 1,315 ft-long Central Canyon space running through the middle of the mall, which will be flanked by luxury retail units.
It will also have a 258,300 sq ft multi-purpose sports facility with courts for football, basketball, indoor cricket and various racket sports, a 160m x 100m retractable roof light, more than 100 food and beverage outlets, a 21-screen cinema and parking for over 12,000 cars.
The mall will sit at the centre of the 40.4 million sq ft Meydan One project – a plot of land that will include the 711-metre-high Meydan One tower, 1km-long indoor ski slope, a 380-metre-long display of dancing water fountains and a multi-purpose sports facility.
The groundbreaking ceremony was led by Sheikh Mohammed bin Rashid, Vice President of the UAE and Ruler of Dubai .
Saeed Al Tayer, the chairman of developer Meydan, said: “In our vision for Meydan One we have brought together all the wonders of a retail and leisure experience into one space, making this the No 1 destination for the UAE and indeed, the Middle East.
“With construction now under way, the Meydan One Mall is scheduled to be completed by 2020, in line with phase one of the Meydan One mega-development.”
The Meydan One development was initially unveiled in August 2015.
A study published last week by consultancy Core Savills stated that Dubai’s retail stock increased by 8 per cent last year to nearly 3.2 million sq metres (nearly 35 million sq ft).
It said that the city’s retail supply stock is likely to grow by a further 25 per cent over the next three years, as projects such as The Dubai Mall expansion and the new Nakheel Mall at Palm Jumeirah are completed.
Despite this, rents are holding up, according to Core Savills’ chief executive David Godchaux.
“Despite the softening regional economic conditions, demand from retailers has not seen a significant dip, with stable preleasing activity witnessed in The Dubai Mall expansion and other strategically located, under-construction malls nearing completion,” he said.
mfahy@thenational.ae
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