Dubai: Emaar Properties PJSC, owner of the world’s largest mall, plans to build a shopping centre and several hotels on the Dubai site that will be used to stage the World Expo 2020, two people with knowledge of the matter said.
The UAE’s largest developer by market value will build the properties in a joint venture with Dubai World Trade Centre LLC, said the people, who asked not to be identified because the matter is private.
Emaar said in a statement Wednesday that it’s in talks with DWTC to form a joint venture to “develop a mixed-use development” without providing further details. DWTC didn’t respond to calls and an email seeking comment.
Emaar, which owns and operates several shopping centres including the Dubai Mall, has been increasing its income from rentals to make up for fluctuations in Dubai’s residential property sales. The builder of the Burj Khalifa, the world’s tallest tower, currently derives more than half of its revenue from retail and hospitality.
Dubai World Trade Centre is a state-owned developer of office space, hotel and conferences with some assets in Dubai. It’s developing an office district near the Dubai International Financial Centre.
The hotels, planned for the Expo 2020 site, will be designed to cater to business travellers, one of the people said. Details of the plans and costs are still being finalised, they said.
Content Courtesy : GulfNews