The Dubai Mall, one of the world’s largest malls, is set to undergo a massive expansion with an estimated cost of 1.5 billion dirhams ($408 million). This sprawling shopping complex in the heart of the United Arab Emirates’ commercial capital is already a tourist hotspot, housing 1,200 stores, 200 food and beverage vendors, an aquarium, an ice skating rink, a Chinatown, a virtual reality park, an indoor SEGA theme park, and one of the world’s largest candy stores. Spanning 12 million square feet of floor space, the mall is also connected to the iconic Burj Khalifa, the tallest skyscraper in the world.
The developer of The Dubai Mall, Emaar Properties, recently announced the expansion plan, which will add 240 new luxury stores and food and beverage venues to the already impressive lineup. Mohamed Alabbar, the founder of Emaar Properties, highlighted the significance of the expansion, stating that it will further solidify Dubai’s position as a top global destination. The new addition is expected to attract even more visitors to the already bustling mall, enhancing the overall shopping and entertainment experience for tourists and residents alike.
Dubai’s Resilience and Growth
Dubai has experienced a significant economic upturn since the Covid-19 pandemic, as the city swiftly implemented an early vaccination campaign and reopened its doors to tourism and business. While the rest of the world grappled with lockdowns and restrictions, Dubai took a proactive approach to boost its economy. The introduction of remote worker visas, 10-year “golden” visas, and relaxed foreign ownership laws for businesses have all contributed to Dubai’s rapid growth in recent years.
The thriving city of Dubai has witnessed a surge in its population, tourism, and property revenues, particularly after hosting major international events like Expo 2020 and COP 28. The influx of Russians to Dubai following the 2022 full-fledged invasion of Ukraine further bolstered the city’s economy. By September 2023, Dubai had seen a remarkable 63% increase in residency visas issued compared to the previous year, with the Dubai Mall welcoming a record 105 million visitors in the same year.
Emaar Properties, the developer behind The Dubai Mall, is a Dubai-based multinational real estate company with a net asset value of $37.6 billion as of the end of 2022. The company’s ambitious projects and innovative approach to development have cemented its reputation as a leading player in the real estate industry. In addition to the expansion of The Dubai Mall, Emaar Properties has announced plans for a new mall in Dubai’s Creek Harbor area, featuring a unique concept where visitors can drive through it in electric cars.
The Dubai Mall’s planned expansion reflects Dubai’s ongoing commitment to growth and innovation in the retail and entertainment sectors. With new luxury stores and dining options on the horizon, the mall is poised to attract even more visitors and solidify its status as a must-visit destination for tourists from around the world.