Emaar Properties has announced the Dh1.5 billion ($408 million) expansion of Dubai Mall as it seeks to attract more visitors and grow the venue's offerings.
The plan will include 240 new luxury shops and food and beverage outlets, and the contractor is already mobilising on-site, Emaar said on Monday. It did not give an estimated completion date.
Dubai Mall, which had 105 million visitors last year, up 19 per cent annually, is a popular destination for tourists and shoppers.
The development is a “great addition to one of the most visited sites in the world”, Mohamed Alabbar, founder of Emaar, said.
“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.”
Dubai is investing heavily in boosting its tourism industry.
The city hosted 5.18 million international overnight visitors in the first quarter of 2024, compared with 4.67 million tourist arrivals during the same period last year, according to official data.
The emirate recorded its best annual tourism performance last year, with international tourist arrivals to the emirate increasing by 19.4 per cent annually to 17.15 million, amid the continued expansion of its economy.
Last year’s figure exceeded the previous record of 16.73 million visitors registered in 2019, according to the latest data published by Dubai’s Department of Economy and Tourism.
Dubai is also building a new passenger terminal at Al Maktoum International, the emirate's second airport also known as Dubai World Central, as its main hub, Dubai International, inches closer to full capacity.
Meanwhile, retail spending across the UAE rose 14 per cent annually last year, driven by fashion (which grew by 31 per cent year on year), general retail (up 16 per cent), leisure and entertainment (15 per cent) and hypermarkets and supermarkets (3 per cent), mall operator Majid Al Futtaim said in a report in April.
Inaugurated in 2008, Dubai Mall is spread over 1.2 million square metres and is among the world's largest shopping malls.
Currently, it houses more than 1,200 shops, including two anchor department stores, Galeries Lafayette and Bloomingdale's, along with 200 international dining options.
Some of its entertainment and leisure attractions include Dubai Aquarium and Underwater Zoo, Reel Cinema’s 24-screen cineplex, KidZania Dubai, Play DXB, Dubai Ice Rink, Ekart and Zabeel Sports District.
Emaar's recurring revenue from malls, hospitality, leisure, entertainment, and commercial leasing rose more than 26 per cent annually to Dh9.2 billion last year, the company said in February.
Revenue from this portfolio constituted over 34 per cent of the company’s total revenue last year.
In February, Emaar also announced two luxury projects in the emirate valued at a combined Dh96 billion as the property market continues to grow amid strong investor demand.
Stormy seas
Weather warnings show that Storm Eunice is soon to make landfall. The videographer and I are scrambling to return to the other side of the Channel before it does. As we race to the port of Calais, I see miles of wire fencing topped with barbed wire all around it, a silent ‘Keep Out’ sign for those who, unlike us, aren’t lucky enough to have the right to move freely and safely across borders.
We set sail on a giant ferry whose length dwarfs the dinghies migrants use by nearly a 100 times. Despite the windy rain lashing at the portholes, we arrive safely in Dover; grateful but acutely aware of the miserable conditions the people we’ve left behind are in and of the privilege of choice.
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
The specs: 2018 Chevrolet Trailblazer
Price, base / as tested Dh99,000 / Dh132,000
Engine 3.6L V6
Transmission: Six-speed automatic
Power 275hp @ 6,000rpm
Torque 350Nm @ 3,700rpm
Fuel economy combined 12.2L / 100km
UAE currency: the story behind the money in your pockets
Three trading apps to try
Sharad Nair recommends three investment apps for UAE residents:
- For beginners or people who want to start investing with limited capital, Mr Nair suggests eToro. “The low fees and low minimum balance requirements make the platform more accessible,” he says. “The user interface is straightforward to understand and operate, while its social element may help ease beginners into the idea of investing money by looking to a virtual community.”
- If you’re an experienced investor, and have $10,000 or more to invest, consider Saxo Bank. “Saxo Bank offers a more comprehensive trading platform with advanced features and insight for more experienced users. It offers a more personalised approach to opening and operating an account on their platform,” he says.
- Finally, StashAway could work for those who want a hands-off approach to their investing. “It removes one of the biggest challenges for novice traders: picking the securities in their portfolio,” Mr Nair says. “A goal-based approach or view towards investing can help motivate residents who may usually shy away from investment platforms.”
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
INDIA SQUAD
Rohit Sharma (captain), Shikhar Dhawan (vice-captain), KL Rahul, Suresh Raina, Manish Pandey, Dinesh Karthik (wicketkeeper), Deepak Hooda, Washington Sundar, Yuzvendra Chahal, Axar Patel, Vijay Shankar, Shardul Thakur, Jaydev Unadkat, Mohammad Siraj and Rishabh Pant (wicketkeeper)
UAE currency: the story behind the money in your pockets
