Yas Island development to follow build-operate-transfer structure
The Abu Dhabi media zone twofour54 has appointed Aldar Properties to develop its new, permanent home on Yas Island.
The first phase of the new free zone is valued at approximately AED 1 billion ($272m), a statement said, and is set to grow, with a target of 10,000 working professionals from the media sector coming to Yas Island.
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, a statement said. Over time the GFA is expected to grow to over 300,000 square metres.
The agreement was signed today in the presence of Noura Al Kaabi, Minister of State and Chairwoman of twofour54, Maryam Al Mheiri, CEO of the Media Zone Authority and twofour54, and Mohamed Khalifa Al Mubarak, CEO of Aldar Properties.
The move will increase twofour54’s capacity by 25 per cent, and be delivered via a build-operate-transfer (BOT) structure, the statement said.
Maryam Al Mheiri, CEO of Media Zone Authority and twofour54, said: “Over the past nine years, twofour54 has grown from strength to strength to become a leading regional hub for media and entertainment content. This success is due to the holistic ecosystem that we have carefully nurtured over the years, which has allowed our partners to thrive and prosper.
“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.”
Mohamed Khalifa Al Mubarak, Chief Executive Officer of Aldar, said: “Aldar has established itself as the developer of choice in Abu Dhabi, and continues to shape the Emirate’s skyline. This will be strengthened by the development of twofour54’s new home, which will enhance the investment proposition of the UAE’s capital. This will make it an even more attractive place to do business, and contribute towards the national vision of economic diversification.
“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.”