Dubai Holding, a state-run investment company, has announced plans to relocate the planned Dh25-billion ($6.8 billion) Mall of the World to a site on Sheikh Mohammad bin Zayed Road in Dubai, UAE.

The project’s positive tourism contribution can be fully realised on the new site, Ahmad Bin Byat, vice chairman and managing director of Dubai Holding, said in a statement.

The mall was first announced in mid-2014 and was expected to become the world's biggest shopping mall when completed. It was proposed to be built on a 48-million-sq-ft property on Sheikh Zayed Road.

Earlier, Dubai Holding was expected to start work on the project this year for completion of the first phase in 2018.

Bin Byat added: “Tourism remains a major part of Dubai’s diversification strategy and Mall of the World will be a critical part of that vision. Dubai Holding is committed to developing Mall of the World, a major retail and leisure destination in the region, and believes that the new location on Sheikh Mohammad bin Zayed Road, will be an outstanding home for the project, as it will allow Dubai Holding to further expand as needed in the future according to market needs.”

Mall of the World will now undergo extensive planning to become a major retail and leisure destination, the statement said. - TradeArabia News Service