Dubai Holding says it will finalise its plans for the first phase of its Mall of the World development in the first quarter of 2015.

The masterplan for the entire development has been prepared by Dubai Holding and the local office of KEO International Consultants and is now being validated by specialist consultants before the components of the first phase are decided and construction work can start. One possible component is the world’s largest indoor theme park.

“Once constructions starts, it will take three years to complete,” says Khalfan Belhoul, vice-president of strategy at Dubai Holding on 21 September. “We will complete phase one before 2020, everything looks in line so far.”

Mall of the World will be built on a site along Sheikh Zayed Road on the Police Academy site opposite the existing Mall of the Emirates.

The masterplan for the 8 million-square-foot mall includes a temperature-controlled, covered retail street network spreading over 7 kilometres, the world’s largest indoor family theme park, a 3 million sq ft wellness district catering to medical tourists, a cultural district comprising theatres based on New York’s Broadway, the Celebration Walk, similar to the Ramblas Street in Barcelona, and shopping streets based on London’s Oxford Street. It will also have an arena accommodating 15,000 people.

When launched in July, Dubai Holding said it will be developed in phases according to market demand.