Dubai-based developer Majid al-Futtaim (MAF) has announced plans to spend AED1bn ($272m) to expand the Mall of the Emirates in Dubai.

The Dubai-based developer said the revamp, called Evolution 2015, will include the launch of new luxury retail stores, as well as dining outlets, entertainment concepts and an expansion of Vox Cinema.

Phase one of the project, which features a new AED100m fashion district, started this summer. By the time the revamp is completed in 2015, a quarter of the mall will be new for shoppers, with debut brands or transformations by existing retailers.

The revamp is the mall’s most ambitious to date. In 2010, it underwent an expansion to launch the Fashion Dome, a 10,500-square-metre precinct that features more than 80 luxury brands and up-market dining. The Dubai Mall has also kicked off a huge expansion as part of plans to boost footfall to more than 100 million annual visitors to its stores.

Earlier this month, MEED reported that MAF is approaching banks to raise a loan of up to $1.5bn to refinance existing debts. The company is also planning to build shopping malls in Riyadh, Abu Dhabi and Lebanon, as well as expand its activities in Egypt.