Dubai Holding expects the first phase of its Jumeirah Central development to cost AED24bn ($6.5bn) to build.

Speaking at a press briefing on 4 September, Morgan Parker, chief operating officer, Jumeirah Central said that the first phase will include 69 projects, including an A-grade office building and a shopping mall.

The project will be delivered by Dubai Holding and joint venture partners that will invest in buildings.

The total gross floor area for the first phase will be 1.55 million square metres, split into 18 residential buildings, 15 hotels, 12 office buildings, a shopping mall, a food and beverage market hall, two theatres, five parks and plazas, and eight car parking structures. Altogether they will have 3,000 apartments, 2,800 hotel rooms and 15,000 car spaces.

Parker says that Dubai Holding will be responsible for delivering the infrastructure, while the buildings will be tendered and delivered by Dubai Holding and its joint venture partners. Enabling works on site have already started.

The first phase, will take up about one quarter of the land available at the 4.3 square kilometre Jumeirah Central development, which was approved by UAE Vice President, Prime Minister and Ruler of Dubai Sheikh Mohammed bin Rashid al-Maktoum on 3 September. The cost cost of the project is expected to be $20bn.

The masterplan has been developed by US-based 5+ and UK-based Arup.

Dubai Holding said on 31 August that it has moved the location for its proposed Mall of the World development from the Police Academy site.