Emaar starts work on $408m Dubai Mall expansion

Emaar Properties

Emaar Properties, Dubai’s largest developer, has commenced work on expanding Dubai Mall at a cost of AED1.5 billion ($408 million).

The expansion will include 240 new luxury stores and food and beverage outlets.

The contractor is already mobilising on-site, the Dubai-listed developer said in a statement. However, no details were given on when work would be completed.

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Emaar founder Mohamed Alabbar said the new Dubai Mall expansion will be a great addition to one of the world’s most visited sites.

Dubai Mall received 105 million visitors in 2023, a 19 percent increase year on year.

The world’s second-largest mall, which opened in 2008, covers an area of 1.2 million sq m and houses more than 1,200 retail outlets.

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Emaar last month said revenues from its mall and commercial leasing operations reached AED1.4 billion in the first quarter of 2024, with tenants reporting a 9 percent increase in sales, compared to Q1 2023.

Prime assets of the segment recorded an average occupancy of nearly 98 percent as of March 31, 2023.

Last year Emaar’s shopping malls, retail and commercial leasing operations recorded revenue of AED5.8 billion, with an occupancy level of 97 percent.