Great news for Dubai Mall enthusiasts! Emaar Properties has unveiled plans for a substantial expansion of Dubai Mall, valued at AED 1.5 billion ($408 million). Since its inauguration in 2008, this iconic mall has been among the world’s largest, currently hosting over 1,200 stores and 200 international dining options. This ambitious renovation aims to draw even more visitors to the retail and leisure hub, further enhancing its array of attractions. Here’s what we know about this significant development.

Insights into the $408 Million Dubai Mall Expansion

Emaar Properties has commenced work on a $408 million expansion of Dubai Mall, which will add 240 new luxury shops and food and beverage outlets. The company has confirmed that contractors are already mobilized on-site, although the completion date remains undisclosed.

Mohamed Alabbar, the founder of Emaar, described the expansion as a “significant addition to one of the most visited sites in the world.” He expressed gratitude to the mall’s loyal patrons, government authorities, and stakeholders for their continued support. Emaar’s CEO emphasized, “This expansion reflects Dubai’s ambitious vision to stay at the forefront of global innovation and culture, further cementing our city’s status as a premier global destination.”

This new development promises to significantly enhance the shopping experience at Dubai Mall. In 2023, the mall set a new attendance record, becoming the most visited place on Earth with 105 million visitors—a 19% increase from the previous year.

Enhancing a Global Icon

Currently spanning 1.2 million square meters, Dubai Mall is the second-largest shopping mall globally by total land area. It is an essential part of Downtown Dubai, offering a plethora of entertainment options, including the expansive Dubai Aquarium and Underwater Zoo, a 24-screen cineplex, and an ice rink.

The area is also a focal point for upcoming real estate developments, with various off-plan projects in Downtown Dubai, ranging from branded apartments to hotel residences.

Emaar’s Impressive Revenue Growth

Emaar’s recurring revenue from malls, hospitality, leisure, entertainment, and commercial leasing saw an annual increase of over 26%, reaching AED 9.2 billion last year. This segment accounted for more than 34% of the company’s total revenue. In February, Emaar announced two luxury projects in Dubai valued at a combined AED 96 billion, underscoring strong investor demand in the property market.

Additionally, in February, Mohamed Alabbar revealed plans for an innovative mall in Dubai, where visitors can drive through in electric cars. This groundbreaking mall will be located in Dubai Creek Harbor and will feature a tower known as the “female Burj Khalifa.”

Booming Tourism and Retail in Dubai

Dubai is heavily investing in its tourism sector. The city welcomed 5.18 million international overnight visitors in the first quarter of 2024, up from 4.67 million in the same period last year. The emirate recorded its best annual tourism performance in 2023, with international tourist arrivals increasing by 19.4% to 17.15 million, surpassing the previous record of 16.73 million visitors in 2019.

According to mall operator Majid Al Futtaim, retail spending across the UAE rose by 14% last year, driven by significant growth in fashion (31%), general retail (16%), leisure and entertainment (15%), and hypermarkets and supermarkets (3%).

Stay tuned for more updates on Emaar’s Dubai Mall expansion as new information becomes available!