Miral unveils $3.3bn Yas Island master plan
The development will consist of three areas: Yas Bay, a public waterfront and entertainment district; the Media Zone, featuring the new campus of twofour54; and the Residences at Yas Bay, an urban island community
Miral launched yesterday a $3.3bn (AED12bn) master development plan that will see the transformation of the southern end of Abu Dhabi’s Yas Island.
The unveiling of the development plan was made in the presence of HH Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, by Miral chairman, Mohamed Khalifa Al Mubarak, and Miral CEO, Mohammed Abdullah Al Zaabi.
According to UAE state news agency, WAM, the development will consist of three areas: Yas Bay, a public waterfront and entertainment district; the Media Zone, featuring the new campus of twofour54; and the Residences at Yas Bay, an urban island community.
Miral is investing $1.1bn (AED4bn) into Phase 1 of the 14 million-square-feet project, which is expected to attract more than 15,000 new residents and 10,000 working professionals to Yas Island.
Sheikh Al Nahyan confirmed that the UAE, under the leadership of HH Sheikh Khalifa bin Zayed Al Nahyan, President of the UAE, is progressing with the development of tourism infrastructure to strengthen the country’s position on the global economic and tourism map. He also expressed his confidence that the new project will support the country’s economy and will be a valuable addition to the cultural and urban development in the UAE.
Al Mubarak commented: "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 centrepiece of the development, will feature a recreational pier and Yas Arena, an 18,000-capacity venue on Yas Island operated by Flash Entertainment. The purpose-built, flexible venue reportedly has the potential to host large and intimate scale events, including sporting competitions, major cultural performances, concerts, and MICE activities.
Yas Bay will also feature more than 50 restaurants and 20 retails shops, which are expected to welcome more than 14,000 guests daily. Leisure attractions include a beach club, a boutique cinema, and a family entertainment centre. Yas Bay will also feature a Hilton family resort and a lifestyle hotel, adding 900 rooms to the leisure and business traveller market.
The Residences at Yas Bay, meanwhile, will feature 35 plots for investors and developers to transform into a residential neighbourhood for urban professionals and families, WAM further reported.
Ocean-view buildings will be set amid 20 recreational parks with volleyball, basketball, and tennis courts, as well as cycling and jogging tracks. There are also plans for three mosques and two schools.
Noura Al Kaabi, Minister of State for Federal National Council Affairs, and 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 comprising 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 media and entertainment hub and creating jobs for the next generation."
A 3.2 million-square-feet campus will become the new home of twofour54, Abu Dhabi’s media zone, which is named after the coordinates of Abu Dhabi (24 North, 54 East). Its relocation to this expanded location is aimed at enhancing Abu Dhabi’s reputation as a regional hub and free zone for media, content, and entertainment.
WAM noted that Miral’s latest mixed-use development plans complement the company’s expanding Yas Island tourism destination portfolio of themed parks: Ferrari World Abu Dhabi, Yas Waterworld, and the upcoming 2018 attractions, including Warner Bros World Abu Dhabi and CLYMB, as well as the recently announced marine themed park, SeaWorld Abu Dhabi, which is set to open by 2022.
Yas Island also offers a range of sporting and entertainment experiences, such as Yas Marina Circuit, Yas Mall, seven hotels, year-round events, a live performance and concert arena, an 18-hole championship golf course, a marina, and a beach.