Miral, the company behind Yas Island in Abu Dhabi, has announced a Dh12 billion ($3.26 billion) investment over the next five years to expand its hospitality and theme park offerings.
The amount will be allocated towards the expansion of a Warner Bros-themed hotel with 250 rooms, as well as a new lifestyle hotel at Yas Bay, Miral's group chief executive Mohamed Al Zaabi said at the Arabian Travel Market in Dubai on Monday. “We want to increase the room number today by almost 35 per cent in the coming five years,” he said.
Among the new hotels, two will be based on themed IPs, based on increased demand for such units, he said. He did not reveal the details of the brands.
The investment also encompasses the Harry Potter-themed expansion of its Warner Bros theme park, set to open in 2029.
New rides in Ferrari World, Warner Bros and other new experiences will also be revealed as part of the expansion plans, Mr Al Zaabi said.
The investment will be sourced mainly from Miral's earnings. “There will be a percentage that will be financed and we will try to use our resources to fund those projects,” he said.
Disneyland Abu Dhabi
Mr Al Zaabi also confirmed that progress on the new Disneyland Abu Dhabi theme park is proceeding.
“I'm very happy with the progress … we work hand in hand with Disney and we meet them literally every month,” he said.
He did not reveal any dates for the opening of the theme park, which is also set to come up on Yas Island.
