Abu Dhabi-based Miral has unveiled a $3.27 billion (AED12bn) master development on Yas Island that be home to 15,000 people and 10,000 working professionals.
The company will invest $1.09bn (AED4bn) into phase one of the 14 million square feet development to transform the southern end of Yas Island’s into a “global destination for family entertainment and leisure”.
The development comprises three distinct areas: Yas Bay, a public waterfront and entertainment district; the Media Zone, the new campus of twofour54; and the Residences at Yas Bay, an urban island community.
Attending the launch ceremony on Monday, Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed Al Nahyan said the new project will support the country’s economy and will be a valuable addition to cultural and urban development in the UAE.
Mohammed Khalifa Al Mubarak, chairman, Miral, termed the project as a significant milestone in Abu Dhabi’s journey to diversify its economy through world-class tourism and business infrastructure.
“It is a step towards our ambition to welcome 48 million visitors to Yas Island by 2022,” he added.
Yas Bay, the development’s centrepiece and a waterfront destination, will feature two hotels, a recreational pier and Yas Arena, a 18,000 capacity venue on Yas Island to be operated by Flash Entertainment.
The district will have more than 50 restaurants and 20 retails shops, with 14,000 guests expected daily. Leisure attractions include a beach club, boutique cinema and family entertainment centre. The two hotels include a Hilton family resort and a lifestyle hotel, together adding 900 rooms.
The Residences at Yas Bay will have 35 plots for investors and developers, three mosques and two schools.
The 3.2-million-square-feet Media Zone campus will become the new home of twofour54, Abu Dhabi’s media zone, named after the co-ordinates of Abu Dhabi (24 North, 54 East).
No details were shared about when the project will start and be completed.
In April, Miral said that Warner Bros. World Abu Dhabi, located on Yas Island, is set to open in 2018.
It will feature six immersive worlds: Metropolis and Gotham City, inspired by the universe of DC Super Heroes and Super-Villains; Cartoon Junction, Bedrock, and Dynamite Gulch, themed after iconic animated brands such as Looney Tunes and Hanna-Barbera; and Warner Bros. Plaza, reminiscent of old Hollywood
Source: arabian business