News Mania desk/Agnibeena Ghosh/7th June 2024
The Dubai Mall, already one of the world’s largest shopping complexes, is set to grow even larger with a newly announced expansion plan costing approximately 1.5 billion dirhams ($408 million). This sprawling shopping destination in the UAE’s commercial hub currently boasts 1,200 stores and 200 food and beverage outlets, along with numerous attractions such as 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 to the Burj Khalifa, the tallest skyscraper globally.
Emaar Properties, the developer behind the Dubai Mall, revealed the expansion plan this week, which will introduce 240 new luxury stores and dining venues. Mohamed Alabbar, Emaar’s founder, expressed that this expansion reinforces Dubai’s ambition to remain a top global destination. He stated that the addition to the mall would further enhance its status as one of the most visited sites worldwide.
Dubai’s economy has significantly rebounded since the Covid-19 pandemic, largely due to an early and efficient vaccination campaign and subsequent reopening to tourism and business, even as many other regions remained closed. The UAE has also introduced measures to attract expatriates, such as remote worker visas and 10-year “golden” visas, and relaxed foreign ownership laws for businesses. Hosting major events like Expo 2020 and COP 28 has further boosted the city’s profile.
The impact of these initiatives is evident. By September 2023, Dubai saw a 63% increase in residency visas issued in the first half of the year compared to the previous year, according to Gulf News. Emaar reported that the Dubai Mall welcomed a record 105 million visitors that year, a 19% rise from 2022.
Emaar Properties, a multinational real estate developer headquartered in Dubai, has significant backing from Dubai ruler Mohammed bin Rashid Al Maktoum and the Investment Corporation of Dubai, a UAE sovereign wealth fund. As of the end of 2022, Emaar’s net asset value stood at $37.6 billion.
Earlier this year, Emaar’s founder announced plans for another innovative mall in Dubai’s Creek Harbor area, which will feature drive-through shopping experiences using electric cars, as reported by the Khaleej Times. This development highlights Emaar’s commitment to pushing the boundaries of retail and leisure experiences, ensuring Dubai remains at the forefront of global destinations.
