The Dubai Mall, known for being one of the largest malls in the world, has announced a massive expansion plan that will cost an estimated 1.5 billion dirhams ($408 million). With 1,200 stores, 200 food and beverage vendors, and a plethora of attractions including an aquarium, ice skating rink, and theme parks, the mall is already a tourist hotspot in the United Arab Emirates.
Expansion Details
The planned expansion of the Dubai Mall will add 240 new luxury stores and food and drink venues, further solidifying its status as a premier shopping destination. The project reflects Dubai’s ambition to enhance its position as a top global destination, attracting visitors from around the world.
Dubai’s fortunes have been on the rise since the Covid-19 pandemic, thanks to an early vaccination campaign and a strategic approach to opening up its doors to tourism and business. The UAE’s introduction of remote worker visas, “golden” visas, and relaxed foreign ownership laws have all contributed to the city’s economic success.
Population Growth and Tourism Revenues
Following Russia’s invasion of Ukraine in 2022, Dubai experienced a significant influx of Russians seeking refuge in the city. This resulted in a 63% increase in residency visas issued in the first half of 2023 compared to the previous year. Additionally, Dubai Mall saw a record 105 million visitors in 2023, marking a 19% increase from the previous year.
Emaar Properties, the developer behind the Dubai Mall, is a Dubai-based multinational real estate developer with a net asset value of $37.6 billion as of 2022. The company’s founder, Mohamed Alabbar, has announced plans for a new mall in Dubai’s Creek Harbor area that will feature an innovative concept allowing visitors to drive through it in electric cars.
The Dubai Mall’s expansion plan signifies the city’s continued growth and development as a global destination. With new luxury stores and attractions on the horizon, the mall is poised to attract even more visitors and further cement its reputation as a must-visit shopping and entertainment destination in the UAE.
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