Dubai’s Mall of the Emirates turns 20: Inside its Dhs5bn redevelopment

As it celebrates two decades of redefining retail in the region, Mall of the Emirates is preparing to enter a bold new phase of transformation. Marking its 20th anniversary this September, the iconic destination is unveiling an ambitious Dhs5bn reinvention under the banner of “Mall of New Possibilities”, all while its parent company, Majid Al Futtaim, reports a solid first half of 2025, showcasing resilience, profitability, and strategic evolution.

Since opening its doors in 2005, Mall of the Emirates has become far more than a shopping mall. It’s a landmark that combines culture, commerce, entertainment, and community under one roof. With world-first attractions like Ski Dubai, and the region’s top fashion, lifestyle, and culinary brands, it has long set the gold standard for lifestyle destinations in the Middle East.

Read more-30 new stores across GCC: Inside of Majid Al Futtaim’s expansion

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Now, 20 years later, Majid Al Futtaim is looking ahead.

The newly announced Dhs5bn redevelopment of the Mall of the Emirates will introduce 20,000 sqm of additional retail space, 100 new stores, and a reinvigorated mix of cultural, wellness, and experiential offerings. Among the planned features:

• New Covent Garden-inspired district, anchored by a 600-seat theatre
• A next-generation wellness precinct
• A new indoor-outdoor retail and leisure zone
• Immersive entertainment experiences tailored to evolving consumer demands

“The launch of a landmark Dhs5bn investment in our flagship destination, Mall of the Emirates, demonstrates our dedication to setting new standards in world-class retail and lifestyle experiences,” said Ahmed Galal Ismail, CEO of Majid Al Futtaim Holding.

Month-long 20th anniversary celebration

To commemorate its 20-year legacy, Mall of the Emirates has rolled out an exciting calendar of activations throughout September:

• September 13: Global Runway Under the FASHION DOME – Featuring the debut of the Fall/Winter 2025 collection at THAT Concept Store, with a live DJ, juice bar, and curated fashion experience from 4pm to 6pm.
• September 17 – 29: AllSaints Customisation Lab – A complimentary personalisation experience, where visitors can add custom logos or their own flair to AllSaints apparel.
• September 20:
  • Bandaloop Aerial Performance – The acclaimed vertical dance troupe will perform awe-inspiring aerial shows at 5pm and 6pm.
  • Exclusive SHARE Rewards – Shoppers can earn 20x SHARE points for 24 hours only.

These experiences underscore the mall’s evolving role as a place where community, creativity, and commerce intersect.

Strong financials back bold vision

The anniversary and transformation plans come on the back of a solid financial performance by Majid Al Futtaim for the first half of 2025. According to the Group’s H1 report, the company recorded:

• Consolidated revenue of Dhs3bn, up 3 per cent year-on-year
• EBITDA growth of 9 per cent, reaching Dhs2.3bn
• Net profit of Dhs5bn
• Net profit (excluding valuation and tax) up 23 per cent YoY to Dhs1.3bn from Dhs1.0bn
• Free cash flow of Dhs1bn
• Reduction in net debt to Dhs4bn, with net debt to equity improving to 38 per cent

These results reflect not only robust core business performance but also the company’s commitment to prudent capital allocation and strategic expansion.

Strategic growth across sectors

Chairman Fadel Abdulbaqi Al Ali attributed the success to long-term thinking and focused execution. “Majid Al Futtaim’s first half financial performance highlights both the strength of its strategic direction and the Group’s commitment to delivering long-term value creation for all stakeholders.”

CEO Ahmed Galal Ismail echoed the sentiment, adding: “Our strong half-year results reaffirm the group’s profitable growth trajectory and are a testament to the group’s steady progress on strategic investments and transformation across our core sectors.”

The company’s core verticals, from retail and entertainment to real estate and digital, are seeing significant investment:

• The Carrefour Now platform continues to anchor its omnichannel retail strategy.
• Its AI-driven marketing unit, Precision Media, is gaining traction as a new revenue stream.
• The company is expanding into the Saudi luxury market, part of its plan to bring global lifestyle brands to the region.

Future-proofing through innovation and experience

Majid Al Futtaim’s sustained performance is bolstered by its innovation-driven culture. From introducing digitally native business models to pioneering experiences in cinema and entertainment, the group is positioning itself for long-term scalability.

“Our performance is a testimony to the values-led efforts of our MAFers and the collective drive to create shared value for our stakeholders,” said Ismail. “We are building future-ready capabilities that position us for the next phase of sustainable, scalable growth.”

With the Mall of the Emirates’ transformation on the horizon and continued momentum across sectors, the company is doubling down on its vision of blending lifestyle, community, and innovation, all while remaining firmly anchored in financial discipline.