A view of the street near Dubai Mall in Dubai, United Arab Emirates, on November 29, 2023.
Jakub Porzycki | Photo only | Getty Images
DUBAI, United Arab Emirates (AP) — The Dubai Mall, one of the world’s largest malls, is set to get even bigger with a planned expansion estimated to cost 1.5 billion dirhams ($408 million).
The sprawling, glittering shopping complex in the UAE’s commercial capital is already home to 1,200 stores and 200 food and beverage vendors, a 10 million liter (2.2 million gallon) aquarium and an aquarium Olympic-sized ice skating rink, an indoor Chinatown, a virtual reality park, an indoor SEGA theme park and one of the largest candy stores in the world.
The mall covers a floor area of 12 million square meters and is also connected to the Burj Khalifa, the tallest skyscraper in the world.
The mall’s developer, Emaar Properties, announced this week the expansion plan for the building, which will include 240 new luxury stores, food and beverage outlets.
“The new expansion of Dubai Mall is a great addition to one of the most visited places in the world,” Mohamed Alabbar, founder of Emaar, said in a statement. He explained that the plan reflects Dubai’s ambitions to expand its position “as a top global destination.”
Dubai’s fortunes have soared since the Covid-19 pandemic as the city rolled out an early vaccination campaign and then opened its doors to tourism and business while much of the rest of the world remained closed.
The UAE introduced remote worker visas and 10-year “golden” visas and relaxed foreign ownership laws for companies hosting major international events such as Expo 2020 and COP 28. Their population increased – as did their tourism and real estate income – after Russia’s 2022 full invasion of Ukraine occurred, triggering an influx of Russians to Ukraine’s balmy, sanctions-free shores.
The record-breaking Dubai Mall is also home to the world’s largest mall aquarium, where visitors can cage-snorkel and dive with sharks.
GIUSEPPE CACACE | AFP | Getty Images
As of September 2023, Dubai recorded an impressive 63% increase in residency visas issued in the first half of the year compared to the same period last year, according to Gulf News.
According to Emaar, Dubai Mall received a record 105 million visitors this year – 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. According to its website, the company had a net asset value of $37.6 billion at the end of 2022.
In February, the Emaar founder announced plans for a new mall in Dubai’s Creek Harbor area that would allow visitors to drive through in electric cars, Khaleej Times reported.
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2024-06-05 10:49:21
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