The media and entertainment free zone twofour54 in Abu Dhabi said it has appointed Aldar Properties, the emirate’s biggest listed developer, to build its new home on Yas Island.
The project is part of a Dh12 billion development of the southern part of Yas Island by the master developer Miral Asset Management.
The first phase of the new free zone will cost Dh1bn and will be based on the build-operate-transfer (BOT) model, twofour54 said.
“This supports the Abu Dhabi vision of a public-private partnership by capitalising on Aldar’s private sector expertise and equity to develop strategic projects and attract foreign direct investment to the emirate,” twofour54 said.
The new free zone, which is targeting 10,000 media professionals, will be spread across an initial gross floor area of 95,000 square metres, with a view to increasing this to more than 300,000 sq metres in the future.
The new development will include offices, TV studios and retail outlets.
Twofour54, which was set up in 2008, is currently home to more than 450 Arabic and international media and entertainment companies including Sky News Arabia, Image Nation, Ubisoft, CNN, Fox, Flash Entertainment, M&C Saatchi and Flat6labs. The free zone is operated under the ownership of Media Zone Authority – Abu Dhabi, a government body.
A new pier, arena and waterfront promenade with residential complexes and restaurants are part of the Dh12bn development of a 14 million sq foot area on Yas, which is already home to the Yas Marina Circuit, Yas Waterworld and Yas Mall.
Mohamed Al Mubarak, Miral’s chairman, has said the development plan was an important phase in its aim to attract 48 million visitors a year to Yas Island by 2022.
Other projects such as Warner Brothers World Abu Dhabi and Clymb, a climbing wall and skydiving chamber, are expected to open next year, while SeaWorld Abu Dhabi – the first outside the United States – is scheduled to open in 2022.
dalsaadi@thenational.ae
Follow The National's Business section on Twitter