Street view near Dubai Mall in Dubai, United Arab Emirates, on November 29, 2023.
Jakub Bolzycki | Noor Photos | Getty Images
DUBAI, United Arab Emirates – The Dubai Mall, one of the world’s largest shopping malls, is planning an expansion expected to cost AED 1.5 billion (USD 408 million).
The sprawling, glitzy mall in the United Arab Emirates’ commercial capital already has 1,200 shops and 200 food and beverage vendors, a 10 million liter (2.2 million gallon) aquarium, a An Olympic-size 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 an area of 12 million square feet and is also connected to the Burj Khalifa, the world’s tallest skyscraper.
The mall’s developer, Emaar Properties, this week announced plans to expand the building, which will add 240 luxury shops and dining options.
Mohamed Alabbar, founder of Emaar, said: “The new expansion of Dubai Mall is an important addition to one of the most visited locations in the world.” said in a statement. He claimed that the plan reflected Dubai’s ambition to further consolidate its position as a “top global destination”.
Dubai’s fortunes have soared since the Covid-19 pandemic as the city launched 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 has introduced remote work visas and 10-year “golden” visas, relaxed foreign ownership laws for businesses, and hosted major international events such as Expo 2020 and COP28. , the UAE’s population has soared, as well as tourism and real estate income.
The record-breaking Dubai Mall also houses the world’s largest shopping mall aquarium, where visitors can snorkel and dive with sharks.
Giuseppe Cacasse | AFP | Getty Images
As of September 2023, the number of residence visas issued in Dubai in the first half of the year surged by a staggering 63% compared to the same period last year. According to Gulf News.
That year, Dubai Mall received a record 105 million visitors, a 19% increase from 2022, according to Emaar.
Waterfall at Dubai Mall on November 15, 2023 in Dubai, United Arab Emirates.
Andrea DiCenzo | Getty Images News | Getty Images
Emaar Properties is a multinational real estate developer headquartered in Dubai. Its two major shareholders are Dubai Ruler Mohammed bin Rashid Al Maktoum and the UAE sovereign wealth fund Dubai Investment Company. The company had a net worth of $37.6 billion at the end of 2022, according to its website.
In February, Emaar’s founders announced plans to build a new mall in Dubai’s Creek Harbor area that would allow visitors to Drive an electric car across itAccording to the Khaleej Times.
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