$6.8bn Mall of the world entertainment district, the world's biggest construction project, will be developed by Dubai Holding

Dubai Holding, the government owned investment vehicle of the Emirate's ruler, is going to develop the "Mall of the World" entertainment district worth AED25bn ($6.8bn). This will be considered as the world's biggest construction project and it includes world's largest shopping mall, air-conditioned streets, a theme park, a theatre district, 100 hotels, service apartment buildings having 20,000 rooms.

It is expected that the first phase of the project that encompassed the construction of 48 million square foot mall as well as various retail outlets, will start from the first quarter of 2015 and will be completed in three years. The tenders for the project will be declared in about six months.

The consultants for the mammoth-project were already in the process for being employed.

The entire project will be completed over 10 years and the funds will be lifted up progressively over that period.