Dubai malls rebuild: Mall of the Emirates’ AED 5bn revamp, Dubai Mall’s 240 new stores and Dubai Square

While new neighbourhood malls open in the suburbs, Dubai’s two flagship malls are being rebuilt and a third large one is under construction. For the housing market this matters as much as a new metro station: in a city that is hot for half the year, the mall is the district’s high street, where people walk, work and spend their evenings. Here are the three projects and where they stand in September 2026.

Mall of the Emirates: an AED 5bn renewal

In April 2025, marking the mall’s 20th anniversary, Majid Al Futtaim announced an AED 5bn (about $1.4bn) transformation. It includes:

• around 20 000 m² of new retail space and roughly 100 new stores;
• four new entertainment concepts by late 2026 and an upgraded IMAX at Vox Cinemas;
• a cultural hub with the Dubai Performing Arts Academy;
• the mall’s first outdoor dining courtyard, due in early 2027;
• new access roads, bridge upgrades and barrier-free parking, delivered with the RTA.

For neighbouring Al Barsha the main effect is keeping its standing. An old mall that is not refreshed quickly loses visitors to new ones; the revamp keeps the district among the easiest places to live without a car, with the metro, the mall, schools and Sheikh Zayed Road close by. Our Majid Al Futtaim profile covers how the group builds homes around its malls.

Dubai Mall: 240 more shops and restaurants

In June 2024 Emaar announced an AED 1.5bn expansion of Dubai Mall adding 240 luxury retail and dining outlets. The contractor was mobilising on site at the time of the announcement, but Emaar has not published a completion date. The pressure is clear from footfall: the mall received 105 million visitors in 2023, and in high season it is simply crowded.

For owners in Downtown Dubai the expansion supports the short-let case. Visitors choose to stay near the mall and Burj Khalifa, and Emaar keeps investing in that anchor.

Dubai Square: a new mall by the creek

The third project is Dubai Square in Dubai Creek Harbour. In February 2024 Emaar said detailed design was complete. The mall will connect directly to the future Dubai Creek Tower and use AI systems to manage visitor flows and tenants. Local press reports a phased opening from 2028; Emaar has not published an official schedule. We place it among the other new openings in our note on seven new UAE malls.

How a mall affects home values

Project	District	Effect on housing
Mall of the Emirates	Al Barsha	Keeps its standing and tenant demand near the metro
Dubai Mall	Downtown	Supports short-let and tourist demand
Dubai Square	Dubai Creek Harbour	Fills the district’s biggest gap, so the largest potential effect

A mall matters most where there is not one yet. In Downtown and Al Barsha the upgrades protect existing demand. In Creek Harbour, Dubai Square would close the district’s main gap: large-scale shopping and entertainment within walking distance. But opening is at least two years away, so pay for it cautiously.

If you are weighing an established centre against a district with upside, compare prices in Downtown Dubai and Dubai Creek Harbour: the gap per square foot is, in part, the price of a mall that has not been built yet.