|01-19-2015, 05:17 PM||#1|
Majid Al Futtaim Group to expand Mall of Emirates
Majid Al Futtaim, one of the top shopping malls operators in the Middle East and North Africa, has recently started expanding its Mall of the Emirates.
The Dubai-based group will start adding a second floor that will cost DH1.5 billion and will be open by the third quarter of this year.
Mall of the Emirates had more than 23 million visitors in 2006, a number that almost doubled last year to 40 million. With such an expansion and success, this number can definitely rise further.
Few weeks ago, Nakheel, one of the leading real estate developers in UAE, confirmed that around a third of its shop space at Nakheel’s new Circle Mall at Jumeirah Village in Dubai has been booked to now reach almost 50% in less than a month after its launch.
This project, like other mega projects, allows Nakheel to expand and diversify its retail portfolio locally and globally.
UAE remains the world`s top destination for tourism and shopping. Moreover, Emirati hotels activity is expected to continue expanding revenues from the uniquely high levels of tourism.
However, Dubai might be losing its ranks as a top expat destination as a result of the surge of prices, but remains one of the biggest sightseeing spots of the world, with almost a 10.6% increase per year of its hotel guests.
Dubai attracts more than 16 million tourists annually, including 11 million hotel guests — a number projected to double or even triple within the coming years.
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