Key Highlights

• Mall of the Emirates announces a massive $1.36 billion (Dh5 billion) renovation ahead of its 20th anniversary.
• The expansion will add 20,000 sq m of retail space and introduce around 100 new stores.
• A new cultural hub, including a 600-seat theater and the Dubai Performing Arts Academy, is set to open in 2025.
• Sustainability, smart technology, and premium retail experiences are at the heart of the mall’s transformation plan.

Majid Al Futtaim’s Mall of the Emirates, one of the most visited shopping locations in the United Arab Emirates, is scheduled to undergo a Dh5 billion ($1.36 billion) renovation, twenty years after it initially welcomed customers from all over the world.

According to a statement released on Wednesday, 16 April 2025, by Majid Al Futtaim, one of the largest private sector enterprises in Dubai and the largest mall operator in the Middle East, the multi-year development initiative will entail the addition of 20,000 square meters of retail space, which will house roughly 100 new retailers.

The conglomerate has already invested roughly Dh1.1 billion in the ongoing renovations at Mall of the Emirates, which officially opened in November 2005. According to the statement, it also owns and runs the City Centre chain of malls and Carrefour hypermarkets in the Middle East and North Africa.

Khalifa bin Braik, chief executive of Majid Al Futtaim Asset Management, told The National that the renovations, which include food, cultural, and well-being in addition to infrastructural enhancements, will be seen “soon.”

New Covent Garden, a cultural center with a 600-seat theater being created alongside the Dubai Performing Arts Academy, will open in 2025 as part of the extension projects, which will be finished in phases. 

In early 2027, further food options will be added, while by 2026, lifestyle and entertainment areas will be completed.

Several projects have already been completed, such as the Dh165 million bridge connecting the Umm Suqeim Street and Sheikh Zayed Road to the mall.

“The vision is part of a broader 2030 program that will continue to evolve the iconic mall into an even more dynamic and experience-driven destination,” Bin Braik said.

He added that for a “future-ready” retail experience, Majid Al Futtaim will incorporate energy-efficient technologies, smart systems, and eco-conscious design while maintaining sustainability at the heart of its expansion plan.

The Mall of the Emirates’ development aligns with the Gulf retail sector’s anticipated continued growth, which will be driven by an improvement in in-person shopping after the Covid-19 pandemic.

Driving Regional Retail Growth

According to a previous analysis by consultant Alpen Capital, the sector is expected to develop at a compound annual growth rate of 4.6% between 2023 and 2028, with Saudi Arabia and the United Arab Emirates driving the region’s expansion.

In September, the UAE-based Landmark Group, which owns brands like Centerpoint, Emax, and Fitness First, revealed intentions to invest $1 billion over the following three years to open 400 stores in Southeast Asia, the Gulf, and India.

According to the most recent company figures, the Mall of the Emirates saw over 40 million visits in 2024. It features 96 eateries and cafes, 545 stores, one of the four Apple Stores in the United Arab Emirates, the largest Vox Cinemas in the Middle East, and Ski Dubai, the first indoor ski resort and snow park in the area.

“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,” said Bin Braik.

Premium Retail Expansion in 2025

Following a record 2024 in which the company reported a 26% rise, Majid Al Futtaim stated this week that it would be expanding its premium retail portfolio in 2025. As part of the plan, which also includes the addition of other Italian brands, more than 30 stores will open in the United Arab Emirates and Saudi Arabia.

This comes after the main Mall of the Emirates location of Italian luxury brand Bottega Veneta reopened in June 2024 following a significant renovation.

The company said in March that “complex macroeconomic factors” caused its 2024 net profit to increase 18% annually to over Dh2 billion, while revenue increased 1% to around Dh34 billion.

According to Majid Al Futtaim, occupancy at its 29 malls reached 97%, and foot traffic remained consistent with the record growth it recorded in 2023.