The Dubai Mall, known as one of the largest malls in the world, is gearing up for a significant expansion that comes with a hefty price tag of 1.5 billion dirhams ($408 million). As it stands, the mall boasts an impressive array of facilities, including 1,200 stores, 200 food and beverage vendors, an aquarium, an Olympic-sized ice skating rink, an indoor Chinatown, a virtual reality park, an indoor SEGA theme park, and a massive candy store. Spanning 12 million square feet of floor space, the mall is also connected to the iconic Burj Khalifa, the tallest skyscraper in the world.
Planned Expansion
Emaar Properties, the developer behind The Dubai Mall, recently announced its expansion plan, which will introduce 240 new luxury stores and dining options to the already bustling complex. Mohamed Alabbar, Emaar founder, expressed his excitement about the project, stating that the expansion will further solidify Dubai’s position as a top global destination. The new additions are expected to enhance the overall experience for visitors and tourists alike, making The Dubai Mall an even more attractive destination.
Despite the challenges posed by the Covid-19 pandemic, Dubai’s fortunes have been on the rise. The city’s early vaccination campaign, coupled with its reopening to tourism and business, has positioned it as a beacon of hope in a world struggling to contain the virus. The UAE’s introduction of remote worker visas, “golden” visas, and relaxed foreign ownership laws has further fuelled its growth, attracting a wave of new residents and tourists. Major international events like Expo 2020 and COP 28 have also contributed to Dubai’s increasing popularity on the global stage.
By September 2023, Dubai had witnessed a staggering 63% increase in residency visas issued compared to the previous year. The city’s population, tourism, and property revenues have seen a significant uptick, driven in part by an influx of Russians following the 2022 invasion of Ukraine. The Dubai Mall, a major tourist attraction, recorded a record 105 million visitors in the same year, marking a 19% increase from 2022. Emaar Properties, the real estate developer behind the mall, has continued to play a pivotal role in Dubai’s growth trajectory, with a net asset value of $37.6 billion at the end of 2022.
Looking ahead, Emaar Properties has ambitious plans for Dubai’s retail sector, with the announcement of a new mall in the Creek Harbor area. This futuristic mall will offer visitors the unique experience of driving through it in electric cars, adding an innovative twist to the city’s retail landscape. As Dubai continues to evolve and expand, it is clear that The Dubai Mall will remain a cornerstone of the city’s reputation as a world-class destination for shopping, entertainment, and leisure.