Business | Economy
Number of malls in Dubai to double
The number of shopping malls in Dubai will double and build up a space of 40 million square metres in the coming years, the head of Dubai Shopping Malls Group (DSMG) said.
- By Cleofe Maceda, Staff Reporter
- Published: 00:34 February 19, 2008
Dubai: The number of shopping malls in Dubai will double and build up a space of 40 million square metres in the coming years, the head of Dubai Shopping Malls Group (DSMG) said.
DSMG head Eesa Adam said that as Dubai's retail sector continues to witness a remarkable expansion, the number of shopping centres has reached 35, covering a total space of 14 million square metres and containing more than 3,500 stores.
But Retail International, in an update of its annual survey of Middle East "organised floor space" in retail real estate, projected several years ago that Dubai could have nearly 10 million square metres of gross leasable area by 2015, an area that has already been far exceeded.
The retail consultancy attributed the expansion to the "dramatic growth in the population and economy of Dubai."
Dubai's vibrant shopping industry is considered a major driver of the multi-billion-dollar Gulf retail market, which is the second home to more than 400 international brands.
Economic boom
Adam said that during the inaugural edition of the Dubai Shopping Festival (DSF), there were only 15 shopping centres in Dubai occupying a relatively small area of less than two million square metres.
"But over time and with the DSF wagon going fabulously well, investor trust in the emirate's potential has built up, and with the growing number of investors, Dubai is now enjoying the largest economic boom," Adam said in a statement.
DSF, the annual shopping bonanza, has been credited for the expansion of Dubai's retail industry.
About 75 per cent of the stores in malls reportedly participate in DSF activities due to the dividends they gain.
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