BUSINESS

Dubai ruler's company plans new major property development

The Associated Press Published Sunday, September 4, 2016 8:41AM EDT

Dubai ruler launches massive business development

Journalists and Emirati officials listen to Morgan Parker, Chief Operating Officer of Dubai Holding, 1st left front row, as he explains over the architectural model of the "Jumeriah Central" development, a U.S. $ 20 billion project, during a press briefing in Dubai, United Arab Emirates on Sunday, Sept. 4, 2016. (AP / Kamran Jebreili)

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DUBAI, United Arab Emirates -- A company controlled by Dubai's ruler on Sunday unveiled plans for a vast mixed-use development that will create thousands of new homes and hotel rooms.

Developer Dubai Holding said work on the new "Jumeriah Central" district will begin next year along Sheikh Zayed Road, the city's main artery. It will sit across from the Mall of the Emirates, home to an indoor ski slope.

The project is expected to take years to complete at a cost of $20 billion. Plans call for 11,000 residential units, three shopping malls and numerous hotels, offices and entertainment attractions.

Dubai's property sector has recovered rapidly since the emirate's debt-fuelled 2009 financial crisis, helped by an improving global economy and increased tourism as Dubai prepares to host the 2020 World Expo.