Miral announces AED 12 billion development plan to include a vibrant waterfront entertainment, commercial and residential community on Yas Island.
His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, unveiled today Miral’s master plan and vision to transform the southern end of Yas Island.
The AED 12 billion development is comprised of three distinct areas: Yas Bay, a vibrant public waterfront and entertainment district; the Media Zone, featuring the new campus of twofour54; and the Residences at Yas Bay, an urban island community, offering the complete Yas Island lifestyle.
As part of Yas Island’s vision as a global destination for family entertainment and leisure, Miral is investing AED 4 billion into Phase 1 of the 1.28 million square meter development, contributing to the emirate’s ambition to diversify the economy through world-class tourism, investment in sustainable business and residential assets. The development will attract more than 15,000 new residents and 10,000 working professionals to Yas Island.
Mohamed Khalifa Al Mubarak, Chairman of Miral, said “This is a significant milestone in Abu Dhabi’s journey to diversify its economy through world-class tourism and business infrastructure and a step towards our ambition to welcome 48 million visitors to Yas Island by 2022. Miral today opens a new chapter in Yas Island’s growth as a unique destination for entertainment and tourism, residential island living, and business”.
Yas Bay, the centerpiece of the development, is anticipated to become one of the most iconic and vibrant waterfront destinations in the region. Designed to enhance the excitement and unique experiences offered on Yas Island, Yas Bay was designed to be the epicenter of cultural energy and entertainment, will feature two hotels, a recreational pier, and a 18,000 capacity multi-purpose arena, all seamlessly integrated by a waterfront promenade containing a variety of shops, cafes and restaurants.
As a centerpiece of Miral’s ambition to further transform Yas Island into a top global destination, Yas Bay will offer more than 50 restaurants and 20 retails shops, which will welcome more than 14,000 guests daily. Leisure attractions include a beach club, boutique cinema and family entertainment center. Yas Bay will also feature 2 hotels, including a Hilton family resort, and a lifestyle hotel, adding 900 rooms to leisure and business traveler market.
Miral confirmed that the master plan is complete and ground breaking on Yas Bay commenced in January 2017, with plans to complete Yas Bay waterfront destination by 2019.
Delivering on the promise of Yas Island waterfront living, the Residences at Yas Bay will feature 35 plots for investors and developers to transform into a vibrant residential neighborhood for urban professionals and families. Ocean view buildings will be set amid 20 recreational parks with volleyball, basketball and tennis courts, cycling and jogging tracks. Plans for six commercial outlets, three mosques and two schools will provide residents with a complete community infrastructure.
The development is expected to increase the diversification of the UAE economy with the growth of the media and content industry.
Her Excellency Noura Al Kaabi, Minister of State for Federal National Council Affairs, Chairwoman of the Media Zone Authority – Abu Dhabi (MZA) and twofour54 said “twofour54 is one of the UAE’s success stories and is home to over 450 media companies and a talent pool comprised of nearly 4,000 professionals. Our ambition is to build on the successes of the last nine years and contribute to the diversification of Abu Dhabi’s economy by continuing the growth of our leading media and entertainment hub and creating jobs for the next generation.’
A state-of-the-art, 300,000 square meter campus will become the new home of twofour54, Abu Dhabi’s successful media zone, named after the co-ordinates of Abu Dhabi (24° North, 54° East). Relocating twofour54 to this expanded location enhances Abu Dhabi’s reputation as a leading regional hub for media, content and entertainment
Miral’s latest mixed-use development plans complement the company’s rapidly expanding Yas Island tourism destination portfolio of themed parks: Ferrari World Abu Dhabi, Yas Waterworld and upcoming 2018 attractions Warner Bros. World Abu Dhabi, and CLYMB, as well as, the recently-announced next-generation marine themed park, SeaWorld Abu Dhabi. Yas Island also offers a range of sporting and entertainment experiences such as Yas Marina Circuit, seven hotels, year-round events, a live performance and concert arena, an 18-hole championship golf course, a marina, a beach, and the increasingly popular shopping destination, Yas Mall.