The World's Largest Shopping Mall Is Opening - In Dubai

Dubai HoldingDubai is building a massive temperature-controlled "city" that will house an 8 million square foot shopping complex called the "Mall of The World," the United Arab Emirates' ruler, Sheikh Mohammed bin Rashid al-Maktoum, announced Saturday, according to Khaleej Times.

The entire project will be 50 million square feet, including approximately 100 hotels, a theme park, numerous theaters, and medical tourism facilties that will be connected to create the world's first temperature-controlled city, according to Reuters.

YouTube/DubaiHoldingSheikh Mohammed bin Rashid's announcement did not include the total cost of the project nor the estimated date of completion.

The massive complex, which can host an estimated 180 million visitors annually, is the UAE's latest retail and leisure-based development project aimed at improving investor sentiment towards the rapid appreciation of property prices.

Dubai - the most populated city in the UAE - continues to recover from its 2009 debt crisis as well as criticisms from the IMF that new and ambitious real estate projects may lead to another boom-bust cycle.

Here is a video of the project from development group Dubai Holding: