Dubai ruler's firm plans major new property 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, Sunday, Sept. 4, 2016. The company controlled by Dubai's ruler has unveiled plans for a vast mixed-use development that will create thousands of new homes and hotel rooms. (AP Photo/Kamran Jebreili) (The Associated Press)

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An Emirati films herself on a mobile phone next to an architectural model of the “Jumeriah Central” development, a U.S. $ 20 billion project, during a press briefing in Dubai, United Arab Emirates, Sunday, Sept. 4, 2016. The company controlled by Dubai's ruler has unveiled plans for a vast mixed-use development that will create thousands of new homes and hotel rooms. (AP Photo/Kamran Jebreili) (The Associated Press)

An employee of Dubai Holding moves one of the cardboard building blocks in an architectural model of the “Jumeriah Central” development, a U.S. $ 20 billion project, during a press briefing in Dubai, United Arab Emirates, Sunday, Sept. 4, 2016. The company controlled by Dubai's ruler has unveiled plans for a vast mixed-use development that will create thousands of new homes and hotel rooms. (AP Photo/Kamran Jebreili) (The Associated Press)

A company controlled by Dubai's ruler has unveiled plans for a vast mixed-use development that will create thousands of new homes and hotel rooms.

Developer Dubai Holding said Sunday that 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-fueled 2009 financial crisis, helped by an improving global economy and increased tourism as Dubai prepares to host the 2020 World Expo.

https://www.foxnews.com/world/dubai-rulers-firm-plans-major-new-property-development