The world’s third-biggest shopping mall will open in Metro Manila this Friday, a vote of confidence on the country’s economic prospects amid a global slowdown, its owner said Thursday.

The launch of a 90,000-square-metre annex will make the SM City North EDSA mall in Quezon City the third-biggest in the world with a gross floor area of 425,000 square metres, SM Prime Holdings Inc. said in a statement.

SM Prime, the mall operations company Henry Sy Sr., who is listed as the country’s richest man, also owns the world’s fourth, seventh, and 11th biggest malls, the statement added.

SM Prime president Hans Sy said launching the project amid the global financial crisis “speaks of how we view the longer-term prospects of the country.”

SM Prime said tenants had signed up for 70 percent of the leasable space in the six-storey extension to the mall.

SM Prime recently opened two other malls, and a third is also set to open this Friday.