Dubai announced plans for a huge tourism and retail development including the largest shopping mall in the world, a fresh sign that the glitzy emirate has recovered its commercial ambitions after a crippling corporate debt crisis three years ago.

The development, on the outskirts of Dubai's current downtown area, will include a park 30 percent bigger than Hyde Park in London, said Dubai's ruler Sheikh Mohammed bin Rashid al-Maktoum, also prime minister of the United Arab Emirates.

A retail complex named the "Mall of the World" will be able to host 80 million visitors a year and include more than 100 hotel facilities, Sheikh Mohammed said in a statement on Nov 24.