Dubai, a city known for its projects and extravagant attractions is set to impress again. Emaar Properties, a real estate developer, in the UAE has announced a 1.5 billion dirham ($408 million) expansion plan for the iconic Dubai Mall solidifying its reputation as one of the world’s premier shopping destinations.
The Dubai Mall, impressive in its right has enchanted visitors worldwide with its remarkable features. With 1,200 stores and 200 dining options this retail paradise showcases a 10 million liter aquarium, an Olympic ice skating rink, an indoor Chinatown area a virtual reality park, an indoor SEGA theme park and one of the world’s largest candy stores.
Covering a 12 million feet of space the malls magnificence extends further with its direct link to the renowned Burj Khalifa. The tallest skyscraper globally. This architectural marvel not reflects Dubai’s ambition. Also seamlessly combines shopping experiences with entertainment and architectural wonders.
Mohamed Alabbar, the founder of Emaar shared his excitement about the project saying, “The expansion of the Dubai Mall is a fantastic addition, to one of the most popular destinations worldwide.” He emphasized that the initiative showcases Dubai’s aspiration to solidify its status “as a premier hotspot.”
The timing for this Dubai Mall expansion couldn’t be better. Dubai has experienced an increase in tourism attracting a record number of tourists year. The mall itself recorded a 105 million visitors in 2022 marking a 19% rise from the previous year. With the city’s dedication to enhancing its tourism sector the planned expansions aim to cater to the expected surge of visitors seeking experiences.
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The Iconic Dubai Mall is Set for $408M Expansion. What’s Coming?
In its tireless quest for perfection, Dubai unveils plans to elevate the Dubai Mall into a shopper’s paradise, weaving 240 new high-end boutiques and a rich tapestry of dining options into its already impressive fabric, crafting an experience that caters to every whim of its affluent residents and eager tourists alike.
Additionally, Emaar Properties, the driving force behind this undertaking is a multinational real estate developer based in Dubai with an impressive track record. Its top two shareholders include Dubai’s ruler, Mohammed bin Rashid Al Maktoum and the Investment Corporation of Dubai a wealth fund in UAE. The company proudly highlights its asset value of $37.6 billion as of 2022 on its website showcasing its strength and unwavering commitment, to delivering top tier projects, like the Iconic Dubai Mall.
While brick-and-mortar retail declines in many places around the world, retail spending in the United Arab Emirates rose 14% last year, predominantly driven by fashion (up 31% year-on-year), general retail (up 16%), and leisure and entertainment (up 15%), according to Majid Al Futtaim Group’s annual retail economy report.
Emaar has not disclosed when construction work will begin.
