- Broker Directory
- My Tools
- News & Advice
- Market Trends
- Other GN Sites
Even as the Mall of the Emirates (MoE) opened its new 5,000-sq-m Fashion District, redeveloped at a cost of Dh100 million, Dubai-based conglomerate Majid Al Futtaim announced the second phase in a Dh1-billion redevelopment project in the mall that is set for completion late next year.
Dimitri George Vazelakis, Executive Managing Director of shopping malls told Gulf News the second phase will feature an additional 25,000 sq m of new retail space.
Phase one, which saw the transformation of the Arabian and tapestry area into a contemporary fashion district, features 30 stores, including seven brands debuting in Dubai in a boutique format and existing brands.
Phase two will see the mall expand upwards, adding a second floor on top of the Carrefour area.
The multi-stage redevelopment, known as Evolution 2015, is worth an estimated $274 million (Dh1 billion) and will include new shopping, dining and entertainment concepts. The current Vox cinema will be relocated to the new floor, along with a bigger food court and entertainment area.
“By the end of 2015, 25 per cent of our retailers will be completely new. This includes new brands into the UAE, making their debut in this region, as well as completely transforming existing retailers,” Vazelakis said.
He added that MoE attracted around 40 million visitors last year, and the company expects footfall in the mall to increase “in excess of 10 per cent” in 2015.
Drake and Scull International has landed the $30 million contract to carry out mechanical, electrical and plumbing works on the project. CEO Khaldoun Tabari said: “The new contract for the redevelopment of Mall of the Emirates underscores our proven track record in offering specialised MEP services for large-scale shopping malls.”
Source: Property Weekly