Dubai Holding, the investment vehicle of the emirate's ruler, said it is re-working the masterplan of the Mall of the World, the upcoming large-scale, mixed-use district situated in the centre of Dubai, UAE, to include new residential and office components.

Seen as Dubai's answer to Europe's iconic shopping avenues, the Mall of the World  will include 100 hotels and some 20,000 rooms, as well as 7 km of climate-controlled promenades, a first of its kind in the world.

Dubai Holding said the new masterplan will focus on integrating the most responsible urban planning with mixed-use development allowing for a year-round pedestrian experience unique to the region.

With an integrated layout of malls, street markets, department stores, rows of high street shops, entertainment venues, hotels, offices and residences coupled with a highly connected public transport network, the project aims to transform Dubai’s urban landscape, it added.

To accelerate this dream project, Dubai Holding has appointed Morgan Parker as the new chief operating officer of Mall of the World.

Morgan joins Dubai Holding from the Rockefeller family-owned global private equity firm - Rose Rock - where he served as CEO. His experience as a senior executive at Morgan Stanley, Taubman Centers and Lend Lease spans two decades as developer, investor and banker in all Asia Pacific markets completing 65 projects in nine countries.

Morgan’s versatility and wealth of experience has led him to hold a number of industry board positions since 2005, said Dubai Holding in a statement.

Ahmad Bin Byat, the vice chairman and managing director of Dubai Holding, said: "What we are creating is essentially a seamlessly integrated core of the city, the model for which is being carefully designed to serve the emirate’s economic agenda and strengthen Dubai’s global positioning in tourism and unique urban living."

"Given the scale and strategic importance of Mall of the World, I am pleased to appoint Morgan Parker to directly manage the project. His expertise in delivering projects of scale and complexity is acknowledged across international real estate markets," he added.

On his new role, Parker said: "Dubai has an unrivalled potential to grow its international appeal and Mall of the World has been envisioned to create a permeable, flexible urban fabric that allows infinite possibility to rise into the future."

"I am pleased to take charge of a project that has captured the imagination of people in Dubai and beyond and I am confident that my expertise from Asia Pacific will bring a fresh perspective to the project," he added.-TradeArabia News Service