Miral announces major progress on $3.3bn Yas Bay development
Significant momentum achieved across the mixed-use development
Miral, the Abu Dhabi-based destination developer, has announced major progress in the development of the $3.3 billion Yas Bay development, the emirate’s new waterfront destination on Yas Island.
In a statement, the developer said that significant momentum has been achieved across the mixed-use development, with key milestones achieved, including the planned completion of the public realm and infrastructure by December 2019, and the 75% construction progress reached on Yas Bay Arena.
The main focal point of Yas Bay – The Waterfront – will incorporate Yas Bay Arena, two world-class hotels and a beach club, as well as a boardwalk and pier that will have up to 37 cafes and restaurants, as well as 19 retail outlets.
Yas Bay Area will be a first-of-its-kind multipurpose indoor venue, which will provide a flexible capacity of between 5,000 to 18,000 people. It will host large-scale and private events such as sporting competition and cultural performances.
Miral’s $1.1 billion investment into the $3.3-billion project, includes developing the public realm, the infrastructure, the Hilton hotel and Yas Bay Arena. The 14 million sqft development comprises three distinct areas: The Waterfront, Residences at Yas Bay, and twofour54, said the developer.
“Our latest construction update highlights the significant progress we have achieved on our pioneering Yas Bay project. The mixed-use development will be a vibrant and iconic addition to Yas Island and a new, exciting destination for Abu Dhabi,” said Mohamed Abdalla Zaabi, CEO of Miral.
“With key construction milestones being achieved, we look forward to working with investors and partners from across the world to further develop this unique destination that sets a new benchmark for Yas Island and the UAE,” stated Al Zaabi.
“With this investment, we are contributing to the emirate’s vision to diversify the economy and getting closer to positioning Yas Island as one of the top global destinations for entertainment, leisure and business,” he added.
Yas Bay will also hold two new hospitality offerings, including a major Hilton hotel set within the Waterfront Area.
Having reached 60% in construction progress and scheduled for completion in 2020, it is primed to become one of Yas Island’s key landmarks, comprising 546 rooms with a wide range of food and beverage outlets, said the developer.
Yas Bay also incorporates Residences at Yas Bay, an urban island community with capacity for 15,000 residents through 35 low-to-mid-rise residential plots, out of which 33 are remaining as 2 plots were sold earlier in the year, 19 recreational parks, three Mosques and two schools, it stated.
In addition, the new 3.2 million sqft home of twofour54, the creative hub for Abu Dhabi’s media and entertainment industry at Yas Bay, is set to attract 10,000 professionals, added the statement from Miral.
