Dubai said it would press ahead with plans to build the world’s largest shopping mall despite an economic slowdown looming in the region, but would assess market demand before proceeding with the project’s later stages. The Mall of the World project, encompassing 8 million sq. feet (745,000 sq. meter) of shopping space connected to a theme park, 100 hotels and serviced apartment buildings with 20,000 rooms, was announced in mid-2014, just as oil prices began a precipitous plunge.

Oil makes little direct contribution to Dubai’s economy, but its drop has dampened consumer and investor confidence in the Gulf’s financial and tourist hub as neighboring governments slash subsidies and economists cut growth forecasts.

Ahmad Bin Byat, vice chairman and managing director of Dubai Holding, predicted it would still become the world’s largest shopping destination, adding that the first phase — representing about a quarter of the project’s size — would be completed before Dubai hosts the Expo 2020 exhibition.

He estimated the total bill would be nearly 80 billion dirhams ($22 billion) and that Dubai Holding would provide of 30 billion dirhams.

Did You Know???

• The Dubai police fleet includes a Lamborghini, Ferrari and Bentley. This is to allow them to catch speeders who can outrun other cars.
• The economy is mainly based on real estate and tourism.
• About 85% of Dubai population is foreign. Most expats are coming from India, Pakistan and Bangladesh seeking for a well-paid job.
• A night stay in a royal suite of the Burj Al Arab hotel is priced at $20,000 – that’s the amount big enough to visit several countries!