Dubai Mall Expands with $400 Million Expansion, Adding 240 Luxury Stores

A Monumental Mall

The Dubai Mall currently boasts 1,200 stores and 200 food and beverage outlets, alongside a myriad of 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. Spanning 12 million square feet of floor space, the mall is also connected to the Burj Khalifa, the world’s tallest skyscraper.

Emaar founder Mohamed Alabbar praised the expansion as a significant addition to one of the most visited sites globally. “The new Dubai Mall expansion is a great addition to one of the most visited sites in the world,” Alabbar said in a statement. He highlighted that the plan reflects Dubai’s ambition to enhance its status as a top global destination.

Dubai’s Rising Fortunes

Dubai has experienced remarkable growth since the Covid-19 pandemic. The city’s early vaccination efforts and subsequent reopening to tourism and business set it apart from much of the world. The UAE introduced remote worker visas, 10-year “golden” visas, and relaxed foreign ownership laws for businesses. Additionally, major international events like Expo 2020 and COP 28 have bolstered Dubai’s appeal.

The geopolitical landscape has also contributed to Dubai’s growth. Following Russia’s 2022 invasion of Ukraine, many Russians moved to Dubai, drawn by its warm climate and lack of sanctions. This influx has boosted the city’s population, tourism, and property revenues.

Record-Breaking Visitor Numbers

In 2023, Dubai saw a 63% increase in residency visas issued in the first half of the year compared to the same period in 2022. The Dubai Mall itself attracted a record 105 million visitors in 2023, a 19% increase from the previous year.

Emaar Properties, with a net asset value of $37.6 billion at the end of 2022, continues to be a major player in Dubai’s development. The company’s largest shareholders include Dubai ruler Mohammed bin Rashid Al Maktoum and the Investment Corporation of Dubai, a UAE sovereign wealth fund.

Future Projects

In addition to the Dubai Mall expansion, Emaar founder Mohamed Alabbar announced plans for a new mall in Dubai’s Creek Harbor area. This innovative mall will feature a drive-through experience for visitors using electric cars.