The biggest shopping mall in the world is preparing to expand.
Emaar Properties, a real estate developer based in the United Arab Emirates, shared their plans on Monday for an expansion costing 1.5 billion dirhams ($408 million) at Dubai Mall. This would add 240 high-end shopping stores and more food outlets to the already largest shopping center by total area in the world.
This mall, located near the famous Dubai Fountain and the iconic Burj Khalifa, already includes the world's biggest aquarium and a digital art museum, a full-sized dinosaur skeleton, an Olympic-sized ice rink, and a cinema with 26 screens. The founder of Emaar Properties, Mohamed Alabbar, called it a "great addition to one of the most visited sites in the world".
In 2022, Dubai had a surge in tourists, welcoming a record-breaking number. The mall itself received 105 million visitors last year, a 19% increase from the previous year. Emaar plans to accommodate the growing amount of pedestrian traffic through these expansion projects, as the city focuses on boosting its tourism economy.
In contrast to the downward trend in shopping malls globally, the United Arab Emirates' retail market boomed with a 14% rise in spending last year. This rise is largely attributed to purchases in the fashion (31% increase), general retail (16%), and leisure and entertainment sectors (15%). Government initiatives such as the Dubai Shopping Festival, which began in 1996, have contributed to the region's reputation for offering an exceptional shopping experience throughout several malls.
However, Emaar Properties has yet to disclose when the work on the expansion is expected to begin.
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Despite the global decline in shopping malls, Dubai's retail market experienced a 14% rise last year, largely due to increased spending in fashion, general retail, and leisure and entertainment sectors. This growth has prompted Emaar Properties to expand Dubai Mall, the world's largest shopping center by total area, with plans to add 240 high-end travel destinations and more food outlets.
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