twofour54 has appointed Aldar Properties as the strategic real estate partner of the Media Zone Authority, to be the developer of its new, permanent home which will be situated on Yas Island.
The agreement was signed in the presence of Her Excellency Noura Al Kaabi, minister of state and chairwoman of twofour54, by Her Excellency Maryam Al Mheiri, CEO of Media Zone Authority and twofour54, and His Excellency Mohamed Khalifa Al Mubarak, CEO of Aldar Properties.
The agreement is aligned with the Media Zone Authority - Abu Dhabi’s mandate by the Abu Dhabi Government and Executive Council to develop a thriving media industry that significantly contributes to the achievement of the Emirate of Abu Dhabi's economic objectives.
Set to cover an initial gross floor area (GFA) of 95,000 square metres, twofour54’s new home will feature state-of-the-art offices, TV studios and retail. Over time the GFA is expected to grow to over 300,000 square metres.
The development will be delivered via a Build-Operate-Transfer (BOT) structure. 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.
Al Mheiri said: “Aldar has a significant track record, making them the perfect partner for us as we prepare for the next chapter of our story – developing a physically connected community which supports our partners’ growth and empowers them to innovate, collaborate and create.”
Al Mubarak added: “Having already evolved into a leading entertainment, leisure and residential destination, Yas Island is now set to become a hub for the media and entertainment industry. This is a key pillar of Aldar’s strategy to create high quality, desirable and versatile destinations that enrich the lives of residents, tourists, and business travellers.”
The first phase of the new free zone is valued at approximately AED 1 billion, with a target of 10,000 working professionals from the media sector coming to Yas Island. The new free zone forms part of Miral’s master development plan to transform the southern end of Yas Island.
The master development is set to attract more than 15,000 new residents to Yas Island. As one of the Middle East’s most exciting destinations, Yas Island’s appeal continues to grow. Having welcomed 27 million visitors from the UAE and abroad in 2016, the island aims to take its annual visitor tally to 30 million in 2018, and 48 million by 2022.