Dubai Holding needs $8.5b to build 'Mall of the World' project

[DUBAI] Dubai Holding, the investment vehicle of the emirate's ruler, will need 25 billion dirhams (S$8.5 billion) to build an entertainment district that will include the world's largest shopping mall, its chief executive Ahmad bin Byat said on Tuesday.

Sheikh Mohammed bin Rashid al-Maktoum announced on Saturday plans to build the "Mall of the World", which will consist of an eight million square feet mall connected to a theme park, 100 hotels and serviced apartment buildings with 20,000 rooms.

The plans, and other new building projects, have led some analysts to warn that Dubai risks overbuilding again as it did a decade ago, culminating in its 2009 debt crisis…