Dubai ruler announces new mega city project
Dubai ruler Sheikh Mohammad Bin Rashid Al Maktoum announced on Saturday plans to build a new multi-billion dollar project called Mohammad Bin Rashid City.
The new city project will be built by Dubai Holding and Emaar Properties in what is being described as the biggest real estate joint venture in the region.
No value has been given for the project but plans include building the world's biggest shopping mall, a Universal family theme park and a park that is a third bigger than Hyde Park in London.
The project will comprise four key components and will feature "world class leisure facilities and provide an integrated environment for the development of entrepreneurship and innovation", a statement said. It is not clear how this project will impact the much-delayed Dubailand project.