Dubai announced that is planning to build the world's largest shopping mall. CNN reported that in an official statement on Twitter, "Sheikh Mohammed bin Rashid al-Maktoum, the vice president, prime minister and ruler of Dubai revealed plans for the new tourism city via an official statement and Twitter."

He said on Twitter, "Today we launched new city in Dubai, it will host world's largest mall accommodating 80 million shoppers a year and a park that will receive 35 million."

The city will be named Mohammed bin Rashid after the sheikh and is aimed at increasing tourism in Dubai even more. The new shopping mall will be built between Al Khail Road, Emirates Road and Sheikh Zayed Road in Dubai. The mall will be named, "Mall of the World" and will also include a 455 acre park, 100 hotels and a theme park.

CNN reported that the park will be 30 percent bigger than London's famed Hyde Park and the theme park will be in collaboration with Universal Studios.

The development will be built between Emirates Road, Al Khail Road and Sheikh Zayed Road. 

In addition to the new world's biggest mall, which will be named "Mall of the World," the project will also build 100 hotels, a park that will be "30 percent bigger than Hyde Park in London" (totalling 455 acres) and an international family attraction in collaboration with Universal Studios.

"The objective of this new initiative is take our economic development to a new level and promote the UAE globally," tweeted Sheikh Mohammed bin Rashid al-Maktoum.

The development will be done by Dubai Holdings which is owned by the Shiekh and Emaar Properties which developed the world's tallest tower.