Tuesday, April 16, 2024
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MIPIM Insight

Transforming the Built Environment

The 2024 edition of MIPIM will take place on 12-15 March at the Palais des Festivals in Cannes, France and be the premier real estate event gathering the most influential players from all sectors of the international property industry. Over the next few pages, RLI will highlight a selection of projects from around the world that look to create more sustainable, liveable and prosperous places for all.

This year known as ‘The Global Urban Festival’, MIPIM is a catalyst for concrete solutions, combining face-to-face discussions, thought leadership, development opportunities and global capital to drive change.

With 20,000sq m of exhibition space for the 2024 edition, MIPIM is the property event to discover opportunities and meet key international stakeholders. Visitors can discuss, connect and prosper by attending a variety of events and access the online database for networking all year long.

MIPIM 2024 promises to build upon the huge success of the 2023 edition, which attracted over 22,500 delegates from 90 countries, including 6,500 investors representing 76 of the world’s top 100 investment managers, advising on €4 trillion worth of assets.
New additions to MIPIM this year includes MIPIM Challengers which was announced back in September and is an initiative that provides an opportunity for young built environment professionals under 30 years old from across the world to make the case at MIPIM for new solutions to the biggest challenges facing the real estate industry.

The inaugural MIPIM Challengers initiative will see 16 real estate professionals that are under 30 take part in the full event programme at MIPIM 2024 and make the case for new solutions to the biggest challenges facing the real estate industry.

Meanwhile, amid growing demand for living spaces, for the first time MIPIM will host ‘Housing Matters!’, a new half-day summit focused on sustainable housing solutions in partnership with Co-Liv on Monday 11 March.

The Housing Matters! conference programme includes a roundtable discussion on the current housing landscape, a global tour of affordable and accessible housing solutions presented by representatives from different countries, a series of engaging pitches where entrepreneurs and innovators present their solutions to housing challenges and a speed pitching session.

The 2024 Housing Matters! event will build on the success of the MIPIM Co-Liv Summit launched in 2023. It will extend its focus in 2024 beyond co-living to encompass a wide range of alternative residential sectors, including single-family housing, student accommodation, build-to-rent (BTR), later-living and other innovative solutions.

Global Projects – Americas

Originally called the Main Office Post, The Post has been sitting on 349 W Georgia Street in Downtown Vancouver since it opened in 1958, replacing the building that sat on the corner of Granville Street and Hastings Street. After more than four years of construction by developer QuadReal, The Post’s latest revitalisation was expected to fully complete and open by the end of last year. Within the first three floors, the building has 185,000sq ft of retail, restaurant and service spaces – the single largest net gain of retail space in downtown Vancouver in two decades. This includes a 50,000sq ft flagship Loblaws City Market grocery store, a 26,000sq ft food hall by The Joseph Richard Group, a 35,000sq ft Evolve Strength fitness gym and various smaller and/or unannounced tenants.

Enhancing Montreal’s iconic and ever-evolving composition with a groundbreaking approach to how people work, learn, play and live, the largest private development in Quebec, Royalmount is a densified, mixed-used project, with massive greening, public transit access and a focus on active mobility. The project, a major new retail and lifestyle destination coming to Montreal this year, has announced Saint Laurent, Versace, Jimmy Choo, Michael Kors, David Yurman and TAG Heuer as the latest luxury brands set to open, with the first launches taking place in summer 2024. Royalmount is a $7bn, mixed-use development in the heart of Montreal, featuring retail, offices, restaurants and entertainment, all surrounding an engaging central park. The first phase will consist of 824,000sq ft, two-level retail and lifestyle complex. It will be the first 100 per cent carbon-neutral mixed-use development in the Americas and the largest LEED Gold retail project in Canada. Being delivered by real estate development and management company Carbonleo, it aims to bring best-in-class brands and experiences to the Quebec market. Upon opening, Royalmount will become the preeminent destination for shopping, dining and entertainment in Eastern Canada. A neighbourhood reimagined and a world-class midtown in the heart of Montreal. Royalmount is set to be a never-before-seen living environment where connectivity, creativity, sustainability and technology thrive.

JLL have announced that it has secured Avenue One in Omaha, Nebraska, as part of the mixed-use development and management strategic partnership with Poag Development Group. Avenue One, owned by Jasper Stone Partners, is 200 acres of mixed-use development and will be the first ground-up development under JLL and Poag Development Group since announcing their strategic partnership in August of 2022. For Avenue One, JLL’s Retail Property Management specialised leasing team will be the leasing agent and Poag will provide the development services. Avenue One is more than 20 years in the making and is the vision of Jasper Stone Partners. Jasper Stone Partners, a boutique private real estate investment firm, envisions Avenue One to be a special place to draw people from all over Omaha to 192nd Street and West Dodge Road and serve as Omaha’s “Western Gateway.” The development will feature a business park, shops, restaurants, hotels, apartments and six miles of walking trails. JLL and Poag’s strategic partnership will bring the vision of this mixed-use property to life. Avenue One’s curated collection of restaurants, local and national stores and hotel will make the area a prime hot spot for everyday enjoyment and special occasion treats when it opens in early 2025.

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Developer Unibail-Rodamco-Westfield (URW) has shared new details on its upcoming redevelopment of Westfield Old Orchard. Focus has been tapped as the co-developer for the first phase of the landmark transformation of the Skokie, Illinois mall, which will include the construction of approximately 400 luxury apartment homes and street-level retail, along with a park and event space. The project is anticipated to break ground in 2025 and slated to open to residents in early 2027. The multi-faceted remodelling vision for Westfield Old Orchard first took shape in 2018 when URW acquired the former Lord & Taylor space. The transformed space will soon be home to artisan-crafted, sustainably sourced home furnishings brand Arhaus, high-tech mini golf and social experience Puttshack and a Zara location. In addition, Old Orchard is modernising the existing shopping centre with enhancements to the common areas, as well as opening a slate of new restaurants, health and wellness amenities and retailers. New additions to the centre will include Bloomies, Bloomingdale’s curated shopping concept, local dining favourites Bar Siena and Hampton Social and top luxury and fashion brands Louis Vuitton, Alo Yoga and Vuori.

Unibail-Rodamco-Westfield (URW) has also announced Mill Creek Residential (MCR) as co-developer for the first phase of the landmark transformation of Westfield Garden State Plaza in Bergen County, New Jersey. Anticipated to break ground in 2024 and slated to open to residents in 2027, the first phase will include the construction of 550 luxury apartment homes that will be integrated with the shopping centre via a one-acre ‘green town’ for residents, visitors and shoppers to enjoy, as well as introduce a ‘main street’ outdoor district featuring restaurants and everyday conveniences and services. The planned overhaul for Westfield Garden State Plaza in Paramus will bring green plazas and luxury apartments to the mall and may eventually include a hotel, medical offices and senior housing. The development will also include significant community and sustainability features such as new parks and greenspaces, green building construction, upgraded connectivity to public transportation networks, electric vehicle charging stations and the restoration of a section of the beloved local Sprout Brook. The developers said the new residences and green space will complement the mall’s existing retail, dining and entertainment options.

Fuelled by an outpouring of support for downtown development from throughout their community, Iguana Investments and the Jacksonville Jaguars are gearing up for a revitalised downtown. With the opening of Miller Electric Center and both the Jacksonville Shipyards and Stadium of the Future in the works, the game plan is just getting started. The Jacksonville Shipyards, including a restored Met Park, will deliver a downtown experience that blends urban design with waterfront entertainment. A modernised public marina, landmark five-star hotel and residences, plus six-storey office building will create hundreds of new jobs, generate vital tourism revenue and spark additional opportunities for emerging local businesses. With an influx of restaurants, hotels, entertainment and parks to complement existing establishments, a buzzing downtown could become the true heart and soul of Jacksonville. The redevelopment of the Jacksonville Shipyards and construction of the Miller Electric Center, with an eye toward the Stadium of the Future, will transform downtown into a thriving riverfront. A revitalised downtown will bring new jobs into the area, attract tourism revenue and drive momentum on additional development throughout the urban core. No specific opening dates have been given as development continues on the different elements of the project.

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K11 Group has unveiled a new harbour front cultural retail destination in Shenzhen dubbed K11 Ecoast, a flagship for its Mainland China expansion plan. The $1.4bn project, located in Prince Bay, is scheduled to open at the end of 2024. It is jointly developed by K11’s parent company New World Development Company and China Merchants Shekou Holdings. The development will have a GFA of 228,500sq m, featuring a K11 Art Mall, K11 HACC multi-purpose art space, K11 Atelier office building and a Promenade. K11 Ecoast was designed and constructed in accordance with China’s 14th five-year plan national guidelines, using renewable energy, recyclable materials and hospital-grade air filtering systems. The development includes a 60,000sq m outdoor landscaping, the largest among all K11 projects.

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Another Lead8-designed scheme is the China Central Place Shanghai, which was unveiled at the 5th China International Import Expo and is positioned as one of the significant future projects that will define the evolution of the North Bund. The recently revealed China Central Place Shanghai development will total a construction area of approximately 200,000sq m. The scheme will be comprised of 30 luxury flagship stores with historical and cultural features, a 180m-high international headquarters building and multiple open landscaped plazas. China Central Place Shanghai intends to play an essential role in the district’s development by expanding domestic demand and building a regional brand economy. The scheme has commenced with construction and it has an estimated completion date of 2026.

Back in September the developer Nan Fung Group launched AIRSIDE, its 1.9 million square-foot, 47-storey mixed-use development in Hong Kong’s Kai Tak. The 700,000sq ft mall offers an extensive mix of premium tenants, including home-grown brands, international cuisines and experiential retail. A 25,000sq ft City’Super store joins Muji among other retail anchors, in addition to around 40 F&B outlets and world-class entertainment, such as Hong Kong’s first large-scale indoor surfing centre. A new MCL Cinema spanning over 30,000sq ft and comprising seven cinema houses, can accommodate up to 900 movie-goers. The development also features a pet-friendly hub. Renowned architecture firm Snøhetta is behind the design, drawing inspiration from the intense fusion of natural elements, historic structure and contemporary urban spaces in Hong Kong.

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11 SKIES is a future HL$20bn mixed-use destination located at SKYCITY. It is a game-changing destination that innovatively combines world-class retail, dining and entertaining experiences with a Grade-A business cluster. At over 3.8 million square feet, 11 SKIES stands as the largest all-in-one retailtainment destination in Hong Kong. It houses over 800 shops, 120 dining concepts and Hong Kong’s largest indoor and immersive entertainment zone at 570,000sq ft. Three thematically-designed business towers specialising in cross-border professional services complete the 11 SKIES ecosystem, making this the must-visit destination in Hong Kong. Opening in phases between 2022 and 2025 by developer New World Development, the project is strategically located right next to the Hong Kong International Airport, Hong Kong-Zhuhai-Macao Bridge and Tuen Mun-Chek Lap Kok Link.

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Site 3 New Central Harbourfront is set to become a world-class development for Hong Kong and is described as one of the most important and strategic additions to the city’s Central Business District. Henderson Land Development Company Limited (“Henderson Land”) was delighted to announce that Pacific Gate Development Limited, a wholly-owned subsidiary, has been awarded the tender to develop and manage Site 3 of Hong Kong’s New Central Harbourfront. The project will be developed in two phases, with the first phase due to complete by 2027. Phase one will contain about 270,000sq ft of office space, 340,000sq ft of retail, dining and entertainment spaces and about 900 parking spaces. Phase two will be completed by 2032, with an addition of about 390,000sq ft of office space, 600,000sq ft of retail space and an underground connection to the Central MTR Station.

Launched in December 2022 by developer Bhumika Group, Urban Square was designed and developed as an iconic destination, to be a focused, mixed-use destination for the Rajasthan state and feature a balanced mix of commercial retail, hospitality and entertainment. The project has been conceived as a catalyst to enhance commerce, infrastructure and hospitality standards of the historic city of Udaipur, India. Urban Square is a 1.8 million square feet scheme which is now the largest mall of Rajasthan and it has been positioned as an “all under one roof” mall and multiplex with lifestyle retail, mouth-watering F&B options along with Food Court, an adrenaline-driving gaming zone and a bowling alley and many more entertainment options for the entire family. The second phase will feature a range of retail shops with three more anchor tenants — a food court, restaurants and an entertainment zone, offices, a five-star hotel with 200 keys and ample parking space both in the basement as well as a multilevel car park.

Omaxe Chowk, the much-talked-about shopping centre in the heart of New Delhi’s iconic high street Chandni Chowk will open to the public in the second week of March and feature 85 Indian and international brands including fine jewellery brand Kalyan Jewellers. The mall will also feature a ‘Bridal Market’ and ‘Jewel Court to offer a large selection of wedding and occasion wear fashions. Omaxe Chowk is a project by Omaxe Group, launched by entrepreneur Rohtas Goel in 1987. The business specialises in developing malls, office spaces, residential projects and townships and is also working on a mall development project in Vrindavan.

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Ingka Centres, part of Ikea’s retail operator Ingka Group, recently said it would open its first retail centre in India in late 2025. The centre named ‘Lykli’ will be opened in Gurugram, Haryana. The company is investing 400 million euros (around Rs. 3,500 crore) in the Gurugram project. It is also planning a similar centre in Noida, Uttar Pradesh. The name Lykli comes from ‘lycklig’, a Swedish word for ‘happy’ and it was chosen by its future customers in India. Ingka Centres offers traditionally offer shopping places, office space, food and beverage outlets and social activities collaborating with local community. The meeting place will be anchored by IKEA and has been designed to meet local needs with a playful blend of dining and entertainment complemented by a diverse retail selection of both global and local brands. Earlier this year, Ingka Centres had entered into an agreement with leading cinema exhibitor PVR (now PVR Inox), which will operate a nine-screen movie multiplex at the Gurugram project.

One Bangkok is a highly-anticipated future development which will deliver 1.83 million square meters of integrated mixed-use development on a 16 hectare site in the heart of Bangkok. Located adjacent to the city’s iconic Lumphini Park, One Bangkok will be Thailand’s largest integrated development comprising premium grade-A office buildings, luxury and lifestyle hotels, luxury residential towers, interconnected retail precincts, art and cultural hubs and public space. The development is expected to accommodate up to 200,000 people daily following its full completion in 2026 and it is under development by Frasers Property. The development will feature eight hectares of green and open spaces, with architecture and tropical planting seamlessly intertwined to establish a tranquil setting in a vertical environment.

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SES has been managing the King Cross shopping centre in Zagreb, Croatia as owner and operator since 2018. Now SES is developing the established centre into Croatia’s most modern shopping mall. Construction work to completely refurbish the centre will begin in 2024 and it is set to be completed for autumn 2025. With next year’s complete centre refurbishment, SES is investing over 40 million euros in total to boost the appeal of the shopping mall. With this in mind, the forecourt also features in the plan alongside a new centre and attractive outdoor eating areas, Mediterranean style. The existing shopping areas will be adapted alongside the creation of adventure zones and children’s play areas. The project will create an additional 5,000sq m of leasable area on site. The mall currently has 35,000sq m of gross leasable space (GLA), 55 shops and 1,600 parking spaces.

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Currently under construction by developers Apsys Group and with an estimated opening date of April this year, the Neyrpic scheme is located in the town of Saint-Martin-d’Hères opposite the Town Hall, a few minutes from downtown Grenoble and is part of a vast urban renewal project. Neyrpic aims to provide the municipality with attractive living, leisure and sharing spaces and to contribute to its economic development, in respect for the major metropolitan balances, the history of old factories and the requirements of the ecological transition. Designed as an energetic, multi-functional place where commerce, leisure, sport and nature will be inextricably linked. The heart of the project is an external square with spacious terraces – places for relaxation and fun. A place designed and implemented in accordance with the idea of sustainable development, respecting the character of the place and offering added value to the city’s residents.

The largest city-centre project in Europe, Westfield Hamburg-Überseequartier is set to become a new urban community hotspot in Germany. Encompassing a unique culture, leisure, entertainment and dining offer, it will feature a 10-screen flagship cinema, beauty and wellness centres, international and local restaurants, bars and cafés and the latest trends in entertainment technology. This mixed-use urban district will feature flexible offices with 360° views over HafenCity and the harbour, modern apartments with direct access to the waterfront, three hotels and a 200-store shopping centre offering the best local and international brands together with a wide range of services and digital innovations, for an enhanced customer journey. The shopping centre itself will span 80,500sq m of retail, leisure and restaurant space and it is set to open in spring 2024 by developers Unibail-Rodamco-Westfield. The scheme will expand the Hamburg City metropolitan area by 40 per cent and the proportion of public and publicly accessible private open spaces is 38 per cent.

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Opened in March 2023, Sonae Sierra is responsible for managing Prishtina Mall, the largest shopping centre in Southeastern Europe. With a GLA of 115,000sq m, the project has been positioned as a regional entre intended to serve the surrounding area of the Balkans. It hosts more than 230 prestigious local and international retail brands and food and entertainment options across three and a half levels. The mall has 3,500 car parking spaces. Some of the retailers present at the mall include French home improvement and do-it-yourself goods retail brand Mr Bricolage, which occupies 3,000sq m of space, streetwear brand Sizeer Kosova, fashion company DIESEL in 160sq m of space and Swedish fashion brand H&M in 2,144sq m of space. The new Prishtina mall features a CineStar, the largest movie theatre chain in Southeast Europe and HyperActive, a gaming and sports area located within 12,000sq m of space.

Developed by HJ Invest and opened late last month, Galeria Goplana is a modern shopping centre featuring attractive architectural design that will become a new landmark and a popular leisure destination in the city of Leszno, Poland. It features 9,000sq m of retail floor space that is anchored by 25 stores. The first premises were handed over to tenants in November last year. Global real estate services firm Cushman & Wakefield was the leasing agent for the complex. Anchor tenants include such well-known brands as Half Price, Biedronka, Just Gym, CCC, Pepco, Rossman, Sinsay, Apart, Tabak, Świat Książki and Plus GSM. In addition to a perfume shop, the complex also offers a broad range of restaurants and cafés.

NEPI Rockcastle’s €136M Promenada Craiova development in central southern Romania officially opened its doors on 5 October. The retail scheme has attracted a host of international brands and is the largest retail development by size and investment value opening in Central and Eastern Europe in 2023, according to CBRE. The overall retail scheme has a total gross lettable area (GLA) of approximately 80,000sq m, larger than originally planned due to strong retailer demand for space exceeding the initial projected supply. The scheme comprises a 53,300sq m GLA shopping centre and a 10,400sq m GLA retail park, both owned by NEPI Rockcastle. In addition, the retail scheme incorporates a 16,000sq m GLA DIY store, owned by Dedeman. The shopping centre is 99.9 per cent let and offers over 100 stores, among them international brands. It also boasts Craiova’s largest outdoor panoramic terrace, which is surrounded by restaurants and cafes.

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After 13 years of operation, Eurovea became the largest shopping centre in Slovakia as its extension opened on 25 May. The centre reports an occupancy rate of 95 per cent and it has brought new brands and innovative concepts to the area. Developed by J&T Real Estate, the extension has added 26,000sq m to the existing GLA of 59,000sq m, bringing to a grand total of 85,000sq m which is home to 320 stores and restaurants, cafes and other food outlets. Prior to the expansion, 13.5 million people visited the shopping centre annually. The outlets in the extension, as well as some which have been refurbished include Cinema City, which expanded the number of its movie theatres to 17 and opened in August.

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The Elephant and Castle Town Centre redevelopment is one of Central London’s largest regeneration projects. The town centre is being brought forward in three main phases. The first phase of development at Elephant and Castle opened in 2017 and is managed by Get Living. Elephant Central incorporates 374 homes for rent alongside 278 student studios, across three buildings. Retail and leisure within the first phase includes a supermarket, a gym, a nursery and independent retailers. The second phase is currently underway and focuses on the comprehensive redevelopment of the former Elephant and Castle shopping centre into a new town centre that will serve as the hub and focal point of the local community. With Multiplex now appointed, the second phase construction is targeted to complete in 2026. The third and final phase will be delivered on the existing London College of Communication, UAL site following their move into their new campus. This phase will provide a further 498 new homes (333 market rent, 49 affordable rent and 116 social rent) as well as retail space and a 500-person capacity cultural venue.

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Middle East & North Africa
His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister last month inaugurated the Marassi Galleria at Marassi Al Bahrain. Marassi Galleria is the first shopping resort in the Kingdom, located within the Marassi Al Bahrain project, on an area of 114,000sq m. The mall offers visitors an integrated experience of shopping, dining and entertainment and sets a new standard for the retail sector at a local and regional level. The mall contains 450 retail shops, including a group of luxury international brands and provides 10,000 employment opportunities for Bahraini nationals in both the mall and with other companies in the broader project. Marassi Galleria also has an entertainment area that includes the largest aquarium in the Kingdom, an underwater zoo, an adventure park, and a cinema complex. The commercial complex is connected to two five-star resorts, the Address Marassi Al Bahrain and Vida Marassi Al Bahrain.

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Back in May last year, the VIA Riyadh project was unveiled by developer Takamul Project Management Company and became a new addition to Saudi Arabia’s entertainment and tourism portfolio. Representing a new era of luxury, the luxurious destination marks a significant milestone in Saudi Arabia’s journey to enhance its entertainment offerings. VIA Riyadh is situated near the Diplomatic Quarter and the development intermingles iconic names, from the globally renowned St. Regis hotel, to resplendent designer brand stores and top-level restaurants, to the Renaissance cinema that offers lavish levels of comfort and exclusivity. An architectural masterpiece inspired by the Salmani architecture and urban style, VIA Riyadh was designed to work in perfect harmony with the local identity of the capital, preserving the unique identity of the city.

Launched last month in Jeddah, Saudi Arabia by developer Cenomi Centers, U Walk Jeddah is set to become an iconic lifestyle destination for shopping, dining and entertainment. The upcoming U-Walk Mall sits centrally in the Al Zahar District within Sectors 3, 4 and 5 of Jeddah, capturing a large chunk of the city’s high end, prime neighbourhoods. By 2025 the primary and secondary catchment will contain an enormous three million people. U-Walk Jeddah Mall is strategically located between King Abdul Aziz Road and Prince Sultan Road in a dynamic urban environment, providing very easy access from some of the major commercial corridors in the Northern Central part of Jeddah. The upcoming destination will be a contemporary concept with its stunning fountains, indoor retail boulevard, its own leisure district and open-air promenades flanked by hip eateries. Explore a new dynamic urban street walk shopping, leisure and entertainment destination for Jeddah, the Kingdom’s second largest city.

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Solitaire by developers Al-Marqab Investment Company is set to be Riyadh’s newest multi-use lifestyle destination and will consist of three aboveground levels of retail, food and beverage, entertainment, wellness and sport offerings and three levels of basement parking. Within the city of Riyadh, Solitaire will occupy a 60,000sq m area bordered by King Abdulaziz Rd, Al Imam Saud Ibn Faisal Road and Al Thumamah Road. With views to the south revealing the prestigious King Abdullah Financial District, affirming this prime location within the city. The North Ring Road is just 2km away, making the asset easily accessible from Riyadh’s outer suburbs. As a multi-use lifestyle destination with design work by Benoy, Solitaire’s focus is on providing a unique, 360° lifestyle offering encompassing the key areas of retail, dining, entertainment, wellness and sport. The opening date of the project is scheduled for late 2024.

The Rig, one of Public Investment Fund’s (PIF) entertainment projects, has recently announced the launch of its masterplan, an ambitious and unprecedented vision for tourism that will redefine adventure tourism. The project is in line with PIF’s strategy and the Kingdom’s Vision 2030 objectives of contributing to the growth of the tourism sector, directly and indirectly contributing to employment opportunities and diversifying the economy. The Rig is inspired by the design of offshore oil platforms, to celebrate the legacy and heritage of Saudi Arabia’s long oil and gas history. The unique hospitality and adventure experience will span a gross floor area of over 300,000sq m, located 40km from the coastline, near Al Juraid Island and Berri Oil Field in the Arabian Gulf. The Rig will seek to attract over 900,000 annual visitors by 2032, appealing to a wide range of domestic, regional and international audiences, including adrenaline seekers, explorers, balanced holiday makers and relaxation seekers. The range of hospitality, leisure, entertainment and accommodation options provided by the scheme will include three hotels totalling 800 rooms, along with 11 restaurants, an extreme sports & adventure park, a world-class marina and helipads.

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Expo City Mall by developer Emaar Properties is on course to open this year is Dubai, UAE. The upcoming 385,000sq mall is set to be situated in Dubai’s Emaar South project and feature a large-scale offering of over 190 shops and F&B outlets. Nestled within the progressive Dubai Expo City, this upcoming mall will offer an unparalleled experience. With a focus on providing an immersive shopping experience, the mall will be home to an extensive collection of fashion, electronics, home furnishings and speciality stores. With its impressive array of offerings and a commitment to providing exceptional experiences, Expo City Mall will be a must-visit destination for shopaholics, foodies and those looking for entertainment venues.

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Another project by Developer Emaar Properties is their new Dubai Square which is set to become of the world’s most advanced developments, using AI for the design, construction and creating ‘unique’ personalised customer experiences. According to Emaar, Dubai Square is a residential, hospitality and retail city that will boast 10,000 residential units, over 1,500 hotel rooms and a retail district that is approximately the size of The Dubai Mall. Dubai Square will be facing the iconic Dubai Creek Tower and the Dubai Creek Plaza. The projects will be connected through a cutting-edge underground extension. The new development is heavily focused on family entertainment, with free live shows at the futuristic Grand Plaza. A dedicated art district, technologically enhanced Ice Adventure and a rooftop waterpark are also planned. Emaar is planning to complete both the new landmark Creek Tower and the Dubai Square project at the same time in 2027.

Marjan, the master developer of freehold properties in Ras Al Khaimah, has today unveiled RAK Central, its latest mixed-use destination, which will feature a Grade-A office and commercial district that is set to open in 2026, helping to drive business and tourism development, unlock job opportunities and redefine lifestyle in the Emirate. Upon completion of all phases of the mega-development, RAK Central will create a vibrant work, live and play destination that will contribute to RAK Vision 2030, driving a prosperous and diversified economy, building happy and cohesive communities, securing a sustainable future and safeguarding the environment by following advanced green building strategies. Upon completion, RAK Central will offer three million square feet of rentable office space, more than 4,000 residential apartments, three hotels with a capacity surpassing 1,000 keys, multiple parks and green spaces, various retail and entertainment facilities and several interconnected buildings with over 1,000 parking spaces for visitors. Construction work is scheduled to begin in 2024, with the first phase of the infrastructure and the main business complex expected to be completed in the fourth quarter of 2026.