- Image Credit: WAM
- With the largest mall in the world and the largest family leisure centre in the region planned within the city, the "Mohammad Bin Rashid City" has significant impact on the retail and tourism sectors in the long term, analysts say.
Dubai: The new Mohammad Bin Rashid City is expected to encourage public-private partnerships, increase foreign investment inflows and further boost growth in the retail and tourism sectors, top business leaders and analysts said.
“This is really a bid to make Dubai the capital of the Arab world, that’s the bottom line. It’s got the airports and the port facilities, now this is an attempt to take it to the next step, to become the equivalent of Las Vegas and become the tourism centre of the Arab world,” Dr Nasser Saeedi, former Chief Economist of Dubai International Financial Centre and former minister of economy and trade of Lebanon said.
The ambitious project could become an example of public-private partnerships (PPP) at work.
“The most important thing to create employment is PPP. It will encourage the private sector from all over the Arab countries to invest. India and china could also invest,” Saeedi said.
With the largest mall in the world and the largest family leisure centre in the region planned within the city, it has significant impact on the retail and tourism sectors in the long term, analysts say.
“There will be more growth and competition, but also great opportunity for retail and tourism business in Dubai… there will be a great opportunity for new brands to enter the region with this announcement,” said David Macadam, regional director, head of retail at Jones Lang Lasalle
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