DUBAI - Majid Al Futtaim plans to invest 5 billion dirhams ($1.36 billion) to transform the Mall of the Emirates into what it describes as a next-generation lifestyle destination to mark the mall's 20th anniversary.

The project will add 20,000 square metres of retail space, introducing 100 stores and new food, cultural and wellness area, the Emirati retail conglomerate said.

It has already allocated 1.1 billion dirhams to a wellness club, cultural hub, dining precinct and infrastructure improvements.

Dubai, home to the world's tallest tower and famous palm-shaped islands, has tourism as a cornerstone of its economy and destination malls like Mall of the Emirates are increasingly doubling as entertainment and cultural hubs that serve as key attractions for the city's international visitors.

The emirate is also seeking to triple the exhibitions and event management sector's annual contribution to GDP to $14.7 billion by 2033.

Majid Al Futtaim will also launch four new entertainment offerings by late 2026, it said without providing further detail.

($1 = 3.6728 UAE dirham) (Reporting by Jana Choukeir, Manya Saini and Federico Maccioni in Dubai Editing by David Goodman)