AB Espresso: MAJOR $408mn Dubai Mall expansion

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Check out the latest updates from Arabian Business, where our editorial team has compiled the region's developments from Monday:

Dubai Mall has announced a major AED1.5bn ($408m) expansion. Emaar Properties has announced the “monumental” expansion of the Mall, which will include 240 new luxury stores and food and beverage outlets. The project represents an investment of AED1.5bn ($408m) and the contractor is already mobilising on-site.

Meanwhile, the Gulf region’s IPO frenzy shows no signs of slowing, with Saudi and UAE firms lining up stock market listings across sectors, expected to attract more global capital as the markets deepen, analysts say. Economic diversification strategies in the UAE and Saudi Arabia, coupled with increasing investor appetite are fuelling an enduring rush of stock market listings across sectors.

Speaking of IPOs, Etihad Airways, Abu Dhabi-based UAE national airline, is getting prepared for a possible initial public offering (IPO). No timeline has been set, but Antonoaldo Neves, Chief Executive Officer of Etihad, told Bloomberg TV on the sidelines of the IATA annual general meeting in Dubai: “We are working very hard to make it happen whenever it is the time. “An IPO is never an endgame, it’s just another source for us to raise capital.”

In other news, Dubai Municipality has awarded contracts totalling AED355 million to transform Al Mamzar beach and Jumeirah 1 beach. Officials plan completing the projects within 18 months, according to a statement by the Dubai Media Office. The developments span 5.7km of coastline between the two beaches. They form part of continuous work building sustainable infrastructure for all coastal facilities. The projects follow the Dubai Master Plan for Public Beaches.

On the real estate front, the property rental market in Dubai reached around $10bn last year and is set to reach new heights in 2024. The Dubai real estate market continues to thrive, demonstrating substantial growth in rental activity, according to Provident Property Management. In a new report it said the average price for renting apartments in the city are approximately AED73 ($20) per square foot so far this year, up from around AED62 ($17) per square foot at the same time last year. Villas and townhouses, during the same period have climbed to AED76 ($21) per square foot from AED54 ($15) per square foot.

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