DUBAI: The Meydan Group has announced that the new Meydan One Mall will set a new benchmark in quality for all future retail and leisure experiences around the world.
The center point of the much anticipated Meydan One mega development, launched in August 2015 by Sheikh Mohammed bin Rashid Al-Maktoum, vice president and prime minister of the UAE and ruler of Dubai, the Meydan One Mall will cover more than 30,000 sq m of indoor and outdoor multipurpose space, with 529 retail shops including two major department stores and an 11,200 sqm hypermarket.
Unveiling the new Meydan One Mall branding, logo and visual identity at Cityscape Global this week, the Meydan Group has developed an experiential, interactive stand at the region’s premier real estate event, to give visitors, investors and stakeholders an indication of what will be created.
The 792 sq m exhibition space, located in the Sheikh Saeed Halls of the Dubai World Trade Center until 8 September, is Meydan’s most technologically advanced to date.
Designed to give visitors a true taste of what Meydan One Mall will look like and feature through virtual reality, the stand is expected to be one of the most popular at this year’s Cityscape Global showcase.
A sample model of the mall’s unique retractable roof, which will be opened in the cooler, winter months to create an alfresco shopping and dining atmosphere unlike any other, is on display at Cityscape to provide visitors with an idea of the technology used and the impact it will have on their future Dubai shopping experience.
The 25,000 sqm indoor multi-purpose sports facility will be located within the Meydan One Mall, providing regulation size sports fields and courts to cater to football, basketball, volleyball, squash, racquetball, paddle ball, table tennis, badminton, indoor cricket, mixed martial arts, boxing, jogging, softball, baseball batting cage and a golf driving range, while skiing and snowboarding will be facilitated on the world’s longest ski slope, measured at 1km.
Outdoor sports options will include football pitches, mountain biking, walking and running trails, a skateboard park and a BMX park.
The Mall will also feature more than 90 food and beverage outlets, a 20-screen cinema with a food court hosting an additional 20 outlets, as well as a 400m Central Canyon flanked by a collection of flagship luxury stores. It will be serviced by car parking facilities with more than 12,000 spaces.
The largest dancing water fountain in the world will act as just one of the Mall’s main attractions, measuring 400 meters in width and 100m in height.
Meydan Chairman Saeed Humaid Al-Tayer said: “Dubai is a city well known for creating and breaking world records, in setting new benchmarks in quality and once in a lifetime experiences. In our vision for Meydan One we have worked hard to create all the wonders of a retail and leisure experience into one space, making this the number one destination for the UAE and indeed, the Middle East.”
Meydan’s vision began with the completion of the Grandstand in 2010 and was underlined by the Group’s role in the development of Mohammed Bin Rashid Al-Maktoum City, specifically District One, a collection of premium villas within the heart of new Dubai.
The construction of Meydan One will complete the company’s commitment to helping create the future of Dubai through the development of attractive, family oriented residential and lifestyle projects.
Meydan One Mall to set new benchmark
Meydan One Mall to set new benchmark
G7 countries to release oil reserves as IEA agrees to largest ever market intervention
- IEA recommends release of 400 million barrels
RIYADH: Germany, Japan and Austria will release part of their oil reserves after the International Energy Agency recommended the release of 400 million barrels of oil from stockpiles, the largest such move in IEA history.
In a statement, IEA Executive Director Fatih Birol said the flow of oil, gas and other commodities through the Strait of Hormuz have all but stopped, leading global energy supply to fall by around 20 percent.
Ahead of the confirmation of the move — a larger intervention than the 182.7 million barrels that were released in 2022 by in response to Russia’s invasion of Ukraine — several countries began setting out plans to bring their reserves into play as countries grapple with soaring crude prices amid the US-Israeli war with Iran.
Birol said: “I can now announce that IEA countries have decided to launch the largest ever release of emergency oil stocks in our agency's history.
“IEA countries will be making 400 million barrels of oil available to the market to offset the supply lost through the effective closure of the strait.
“This is a major action aiming to alleviate the immediate impacts of the disruption in markets.”
Germany’s Economy Minister Katherina Reiche confirmed on Wednesday her government plans to limit petrol price increases at filling stations to once a day and to introduce more stringent antitrust regulation of the sector.
She did not give an exact timing for those measures, but added that the US and Japan would be the largest contributors to the release of the oil reserves.
The US has not confirmed it would do so, but its Interior Secretary Doug Burgum told Fox News on Wednesday that “these are the kinds of moments that these reserves are used for.”
The announcements did not stop oil prices rising, with Brent crude up 3.26 percent to $90.66 a barrel at 4:29 p.m Saudi time, and West Texas Intermediate up 3.12 percent to $86.05. Both were some way below the $119 a barrel seen earlier in the week.
“The situation regarding oil supplies is tense, as the Strait of Hormuz is currently virtually impassable,” Germany’s Reiche said.
“We will comply with this request and contribute our share, because Germany stands behind the IEA’s most important principle: mutual solidarity,” Reiche said about the IEA’s request.
According to a statement by Reiche’s ministry, Germany will contribute 2.64 million tonnes of oil. This corresponds to 19.51 million barrels.
Reiche stressed there was no supply shortage in the country, which has a legally mandated reserve of oil and oil products intended to cover 90 days’ demand.
South Korea will release 22.46 million barrels of oil, which represents 5.6 percent of the total IEA ask, the country's industry ministry said.
“The government will consult with the IEA secretariat on details, such as the timing and amount, from the perspective of national interests in accordance with domestic conditions,” the ministry said in a statement.
The ministry said it would continue to coordinate closely with major countries in responding to high oil prices to minimise any domestic impact.
Austrian Economy Minister Wolfgang Hattmannsdorfer said his country was releasing part of the emergency oil reserve and extending the national strategic gas reserve, adding: “One thing is clear: in a crisis, there must be no crisis winners at the expense of commuters and businesses.”
Acting ahead of the IEA move, G7 member Japan announced plans to release 15 days' worth of private-sector oil reserves and one month's worth of state oil reserves.
“Rather than wait for formal IEA approval of a coordinated international reserve release, Japan will act first to ease global energy market supply and demand, releasing reserves as early as the 16th of this month,” Prime Minister Sanae Takaichi said in a broadcast statement.
Following a meeting with the IEA on Wednesday, G7 energy ministers said: “In principle, we support the implementation of proactive measures to address the situation, including the use of strategic reserves.”
All IEA member countries are required to keep 90 days’ worth of their nation’s oil use in reserve in case of global disruption.
