The Dubai Mall, known as one of the largest malls in the world, is set to undergo a massive expansion that will cost an estimated 1.5 billion dirhams (approximately $408 million). This sprawling shopping complex in the heart of the United Arab Emirates has already established itself as a hub for luxury shopping, dining, and entertainment, boasting an impressive array of attractions including an Olympic-sized ice skating rink, a virtual reality park, and one of the world’s largest candy stores.
The mall, which currently houses 1,200 stores and 200 food and beverage vendors, is planning to add 240 new luxury stores and dining venues in its upcoming expansion. This move is part of the mall’s developer, Emaar Properties, to enhance the visitor experience and further solidify its position as one of the top global destinations for tourists and shoppers alike. According to Mohamed Alabbar, the founder of Emaar Properties, this expansion reflects Dubai’s ambition to continue attracting visitors and maintaining its status as a premier shopping and entertainment destination.
Since the onset of the Covid-19 pandemic, Dubai has experienced a surge in economic growth and tourism, thanks in part to its proactive vaccination campaign and reopening to international tourists and businesses. The UAE’s introduction of remote worker visas and relaxed foreign ownership laws have also contributed to the city’s economic prosperity. Moreover, major international events such as Expo 2020 and COP 28 have further enhanced Dubai’s global reputation and attracted visitors from around the world.
As a result of these factors, Dubai has witnessed a significant increase in population, tourism, and property revenues. The city experienced a remarkable 63% rise in residency visas issued in the first half of 2023 compared to the same period in the previous year. Additionally, the Dubai Mall recorded a record-breaking 105 million visitors in 2023, marking a 19% increase from the previous year. This influx of visitors has not only boosted the city’s economy but has also cemented Dubai’s position as a premier tourist destination.
Emaar Properties, the developer behind the Dubai Mall, is a Dubai-based multinational real estate developer with a net asset value of $37.6 billion as of 2022. The company’s two largest shareholders are Dubai ruler Mohammed bin Rashid Al Maktoum and the Investment Corporation of Dubai, a UAE sovereign wealth fund. In addition to the Dubai Mall, Emaar Properties has announced plans for a new mall in Dubai’s Creek Harbor area, which will feature an innovative concept allowing visitors to drive through it in electric cars.
The Dubai Mall’s expansion plan signifies the city’s continued growth and economic success, setting the stage for further development and innovation in the region’s retail and entertainment sectors. With its world-class attractions and commitment to enhancing the visitor experience, Dubai is poised to maintain its status as a top global destination for tourists and shoppers alike.