The Dubai Mall, one of the largest shopping centers globally, is set to expand further with an estimated 1.5 billion dirhams ($408 million) investment. Located in the commercial heart of the United Arab Emirates, this sprawling complex is home to 1,200 stores, 200 food and beverage outlets, a 10-million-liter aquarium, an Olympic-sized ice skating rink, an indoor Chinatown, a virtual reality park, an indoor SEGA theme park, and one of the world’s largest candy stores. The mall also connects directly to the Burj Khalifa, the world’s tallest skyscraper.
Emaar Properties, the mall’s developer, announced the expansion plan, which will introduce 240 new luxury stores and additional food and beverage venues. “The new Dubai Mall expansion is a great addition to one of the most visited sites in the world,” stated Mohamed Alabbar, Emaar’s founder. He emphasized that this development aligns with Dubai’s ambition to solidify its status as a top global destination.
Dubai has seen significant economic growth since the Covid-19 pandemic, leveraging an early vaccination campaign and reopening to tourism and business while other parts of the world remained closed. The UAE introduced remote worker visas and 10-year “golden” visas, relaxed foreign ownership laws for businesses, and hosted major international events like Expo 2020 and COP 28. The city’s population and tourism revenues surged, particularly following Russia’s 2022 invasion of Ukraine, which led many Russians to seek residence in Dubai. By September 2023, residency visas issued in Dubai had increased by 63% in the first half of the year compared to the previous year.
In 2023, the Dubai Mall welcomed a record 105 million visitors, marking a 19% increase from 2022, according to Emaar. Emaar Properties is a multinational real estate developer based in Dubai, with its largest shareholders being Dubai ruler Mohammed bin Rashid Al Maktoum and the Investment Corporation of Dubai, a UAE sovereign wealth fund. The company reported a net asset value of $37.6 billion at the end of 2022.
Additionally, in February, Emaar’s founder announced plans for a new mall in Dubai’s Creek Harbor area, which will feature a unique design allowing visitors to drive through it in electric cars.
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