Dubai Mall, one of the emirate’s most popular tourist attractions and shopping destinations, is set to undergo a mega AED1.5 billion ($408.4 million) expansion.
The destination will now include 240 new luxury stores, and food and beverage outlets, Emaar, which operates the mall, said on Monday.
“The new Dubai Mall expansion is a great addition to one of the most visited sites in the world. We extend our gratitude to our esteemed guests and loyal customers, as well as our partners, retailers, and government authorities for their unwavering support. This expansion reflects Dubai’s ambitious vision to remain at the forefront of global innovation and culture, further solidifying our city’s position as a top global destination,” Emaar founder Mohamed Alabbar said.
In 2023, Dubai Mall became the most visited place on Earth, achieving a new attendance record with 105 million visitors, a 19 percent increase from the previous year, coupled with exceptionally strong sales.
Dubai Mall, the world’s second largest shopping malls, measures an impressive 1.2 million square metres. It has more than 1,200 retail outlets.
Dubai Mall is run by Emaar Malls Management, a wholly owned subsidiary of Emaar Properties.
Strong annual performance
Emaar’s performance in 2023 was marked by robust group real estate sales, amounting to AED40.3 billion, with AED37.4 billion in the domestic market. Emaar recorded revenues of AED26.7 billion and net profit of AED11.6 billion in 2023, achieving growth of 7 percent and 70 percent, respectively, compared to the same period last year. This performance was supported by growth in tourism, a continued upward trend in retail sales, and a consistent increase in real estate demand.
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