Miral unveils $3.3bn Yas Island master development plan
Miral, Abu Dhabi's leading creator of destinations, has launched a Dh12 billion ($3.3 billion) master development plan to transform the southern end of Yas Island with vibrant waterfront promenade with residential complexes and entertainment destinations.
The launch was held in the presence of Mohammed bin Zayed Al-Nahyan, the Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces at the Sea Palace Abu Dhabi.
Unveiling the project details, Miral officials said the massive development comprises 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.
"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," remarked Mohammed Khalifa Al Mubarak, the chairman of Miral.
"Miral today opens a new chapter in Yas Island’s growth as a unique destination for entertainment and tourism, residential island living, and business," he stated, while revealing the details and development phases of the project to Sheikh Mohamed at the presentation.
As part of Yas Island’s vision as a global destination for family entertainment and leisure, Miral is investing Dh4 billion ($1.08 billion) into Phase One of the 14 million-sq-ft development, thus contributing to the emirate’s ambition to diversify the economy through world-class tourism, investment in sustainable business and residential assets.
According to him, the development will attract more than 15,000 new residents and 10,000 working professionals to Yas Island.
Sheikh Mohammed stressed that the country, under the leadership of HH Sheikh Khalifa bin Zayed Al Nahyan, President of the UAE, was progressing with the development of the tourism infrastructure to strengthen the leading position the country has achieved on the global economic and tourism map.
He also expressed confidence that the new project would support the country’s economy and be a valuable addition to cultural and urban development in the UAE.
Al Mubarak highlighted the key features of the South of Yas Island development. These include:
*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, it will be the epicenter of cultural energy and entertainment featuring two hotels, a recreational pier, and Yas Arena, a first-of-its-kind 18,000 capacity venue on Yas Island operated by Flash Entertainment.
This purpose built flexible venue has the potential to host large and intimate scale events including sporting competitions, major cultural performances, concerts and MICE activities.All of the Yas Bay attractions are seamlessly integrated by a waterfront promenade containing a variety of shops, cafes and restaurants.
Al Mubarak said 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.
It will also feature 2 hotels, including a Hilton family resort, and a lifestyle hotel, adding 900 rooms to leisure and business traveller market.
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 three mosques and two schools will provide residents with a complete community infrastructure, he noted.
The development is expected to increase the diversification of the UAE economy with the growth of the media and content industry.
A state-of-the-art, 3.2 million sq ft 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 and free zone for media, content and entertainment
On the upcoming development, Noura Al Kaabi, Minister of State for Federal National Council Affairs, and chairwoman of the Media Zone Authority - Abu Dhabi (MZA) and twofour54, said: "The 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 leading media and entertainment hub and creating jobs for the next generation," she noted.
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 set to open by 2022, remarked Al Mubarak.
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
