17-04-2025
Dubai's Mall of the Emirates to undergo $1.36bn makeover to mark 20th anniversary
Dubai's Mall of the Emirates, one of the UAE's most popular retail destinations, is set to receive a Dh5 billion ($1.36 billion) makeover two decades after it first opened doors to shoppers from around the world, its owner Majid Al Futtaim has said. The multiyear expansion programme will include the addition of 20,000 sq m of retail space, which will house about 100 new stores, Majid Al Futtaim, one of Dubai's biggest private sector companies and the Middle East's largest mall operator, said in a statement on Wednesday. The conglomerate – which also owns and operates the City Centre chain of malls and Carrefour hypermarkets in the Middle East and North Africa – has already invested about Dh1.1 billion in improvements that are currently under way at Mall of the Emirates, which formally opened doors in November 2005, it said. The upgrades span well-being, culture and dining, in addition to infrastructure improvements, the results of which will be seen "soon", Khalifa bin Braik, chief executive of Majid Al Futtaim Asset Management, told The National. The expansion projects will be completed in phases, with the New Covent Garden, a cultural hub with a 600-seat theatre being developed with the Dubai Performing Arts Academy, opening in 2025. Lifestyle and entertainment spaces will be ready by 2026, while additional dining outlets will follow in early 2027. A number of projects, such as the Dh165 million bridge connecting the Umm Suqeim Street and Sheikh Zayed Road to the mall, have already been completed. "The vision is part of a broader 2030 programme that will continue to evolve the iconic mall into an even more dynamic and experience-driven destination," Mr Bin Braik said. Majid Al Futtaim will keep sustainability at the forefront of its expansion scheme and will integrate energy-efficient technologies, smart systems and eco-conscious design, for a "future-ready" retail experience, he added. The expansion at Mall of the Emirates comes as the Gulf retail industry is projected to grow further amid a resurgence in brick-and-mortar shopping following the standstill induced by the Covid-19 pandemic. The sector is projected to expand at a compound annual growth rate of 4.6 per cent between 2023 to 2028, with the UAE and Saudi Arabia leading the region's growth, a previous report by advisory Alpen Capital had shown. UAE-based Landmark Group, whose portfolio includes Centrepoint, Emax and Fitness First, in September announced plans to invest $1 billion over the next three years to open 400 shops in the Gulf, India and South-east Asia. Mall of the Emirates welcomed more than 40 million visitors in 2024, latest company data shows. It has 545 shops, 96 restaurants and cafes, the largest Vox Cinemas in the Middle East, one of the four Apple Stores in the UAE and the region's first indoor ski resort and snow park, Ski Dubai. "This continuing transformation, coupled with the region's strong economic momentum, has positioned Mall of the Emirates as one of the world's highest-performing malls for leading brands," Mr Bin Braik said. Last week, Majid Al Futtaim announced the expansion of its luxury retail portfolio in 2025, after a record 2024 in which the business posted a 26 per cent growth. Part of the move includes the addition of a number of Italian brands and the opening of more than 30 stores across the UAE and Saudi Arabia. That is a follow-up to the reopening of Italian luxury house Bottega Veneta's flagship Mall of the Emirates store in June 2024 after an extensive revamp. In March, the conglomerate reported that its 2024 net profit jumped 18 per cent annually to more than Dh2 billion as revenue rose 1 per cent to nearly Dh34 billion, amid "complex macroeconomic factors". Occupancy at Majid Al Futtaim's 29 malls hit 97 per cent, with footfall remaining stable from the record growth it posted in 2023, it said.
