The Dubai Mall, known as one of the largest malls in the world, is gearing up for a major expansion project that is estimated to cost around 1.5 billion dirhams ($408 million). This extravagant shopping complex in the heart of Dubai is already home to an impressive array of amenities, including 1,200 stores, 200 food and beverage vendors, an enormous 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 over 12 million square feet of floor space, the mall is seamlessly connected to the iconic Burj Khalifa, the tallest skyscraper in the world.
Emaar Properties, the developer behind the Dubai Mall, recently unveiled plans for the expansion, which will introduce 240 new luxury stores and dining venues. Mohamed Alabbar, the founder of Emaar, expressed his excitement about the project, emphasizing that the new extension will enhance the appeal of one of the most popular tourist destinations globally. He highlighted that the expansion aligns with Dubai’s aspirations to solidify its status as a premier global destination, showcasing the city’s commitment to continuous growth and innovation.
Dubai’s economic prosperity has experienced a sharp uptick following the challenges posed by the Covid-19 pandemic. By swiftly implementing an extensive vaccination campaign and successfully reopening its borders to visitors and businesses, Dubai has managed to thrive while many other regions grappled with lockdowns and restrictions. The UAE introduced various initiatives such as remote worker visas, 10-year “golden” visas, and relaxed foreign ownership regulations to attract international talent and investment. The city hosted significant global events, including Expo 2020 and COP 28, further boosting its profile on the world stage.
In the aftermath of Russia’s invasion of Ukraine in 2022, Dubai witnessed a notable influx of Russian expatriates seeking refuge in the city. This surge in population, coupled with a surge in tourism and property revenues, reflected Dubai’s appeal as a safe and welcoming destination. Notably, Dubai experienced a substantial increase in residency visas issued in the first half of 2023, recording a remarkable 63% rise compared to the previous year. The Dubai Mall, a premier tourist attraction, welcomed a record-breaking 105 million visitors in 2023, marking a 19% upsurge from the previous year.
Emaar Properties, a renowned multinational real estate developer headquartered in Dubai, is at the forefront of shaping the city’s skyline and transforming its landscape. With Dubai ruler Mohammed bin Rashid Al Maktoum and the Investment Corporation of Dubai as its principal shareholders, Emaar has a substantial net asset value of $37.6 billion. The company continues to innovate and expand its portfolio, with plans underway for a groundbreaking mall in Dubai’s Creek Harbor area. This innovative project will allow visitors to navigate the mall in electric cars, offering a unique and sustainable shopping experience that embodies Dubai’s commitment to cutting-edge developments.