Dubai Mall, one of the world’s largest, is getting even bigger with a $400 million expansion

Real Estate

A view of the street near the Dubai Mall in Dubai, United Arab Emirates on November 29, 2023.
Jakub Porzycki | Nurphoto | Getty Images

DUBAI, United Arab Emirates — The Dubai Mall, one of the largest malls in the world, is set to get even bigger with a planned expansion that will cost an estimated 1.5 billion dirhams ($408 million).

The sprawling, glitzy shopping complex in the United Arab Emirates’ commercial capital is already home to 1,200 stores and 200 food and beverage vendors, a 10-million-liter (2.2-million-gallons) 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. 

Spanning 12 million square feet of floor space, the mall is also connected to the Burj Khalifa, the world’s tallest skyscraper.

The mall’s developer, Emaar Properties this week announced the building’s expansion plan, which will add 240 new luxury stores and food and drink venues.

“The new Dubai Mall expansion is a great addition to one of the most visited sites in the world,” Mohamed Alabbar, Emaar founder, said in a statement. He declared that the plan reflects Dubai’s ambition to further its position “as a top global destination.”

Dubai’s fortunes have soared since the Covid-19 pandemic, as the city carried out an early vaccination campaign and then opened its doors to tourism and business, while much of the rest of the world stayed shut.

The UAE introduced remote worker visas and 10-year “golden” visas and relaxed foreign ownership laws for businesses, hosting major international events like Expo 2020 and COP 28. Its population jumped — as well as its tourism and property revenues — after Russia’s 2022 full-fledged invasion of Ukraine, which triggered an inflow of Russians to its balmy, sanctions-free shores.

The record-breaking Dubai Mall is also home to the world’s largest shopping mall aquarium, where visitors can cage snorkel and dive with sharks.

By September of 2023, Dubai had registered a stunning 63% jump in residency visas issued in the first half of that year compared to the same period a year prior, according to Gulf News.

That year, Dubai Mall received a record 105 million visitors, according to Emaar — a 19% increase from 2022.

The Dubai Mall waterfall on November 15, 2023 in Dubai, United Arab Emirates. 
Andrea Dicenzo | Getty Images News | Getty Images

Emaar Properties is a Dubai-based multinational real estate developer whose two largest shareholders are Dubai ruler Mohammed bin Rashid Al Maktoum and the Investment Corporation of Dubai, a UAE sovereign wealth fund. The company had a net asset value of $37.6 billion at the end of 2022, according to its website.

In February, the Emaar founder announced plans for a new mall in Dubai’s Creek Harbor area that would allow visitors to drive through it in electric cars, the Khaleej Times reported.

Products You May Like

Articles You May Like

Dollar General settles with Labor Department over workplace safety violations
China gears up for next week’s Third Plenum meeting. Here’s why real estate isn’t likely the main focus
Inflation is causing financial stress: These 5 strategies can help you build a better budget
High inflation is largely not Biden’s or Trump’s fault, economists say
How a Roth conversion ladder can save on future taxes and unlock retirement funds early

Leave a Reply

Your email address will not be published. Required fields are marked *