Now Reading
Abu Dhabi’s Aldar wins deal to develop Twofour54’s new freezone in Yas Island

Abu Dhabi’s Aldar wins deal to develop Twofour54’s new freezone in Yas Island

The new development will feature offices, TV studios and retail and aims to attract 10,000 professionals

Twofour54, Abu Dhabi’s media and entertainment freezone, has appointed Aldar Properties to develop its new headquarters in Yas Island.

Set to cover an initial gross floor area (GFA) of 95,000 square metres, the new development will feature offices, TV studios and retail. The total area is further expected to expand to over 300,000sqm in the future, a statement said.

The development will be delivered via a build-operate-transfer (BOT) structure.

The first phase of the new freezone is valued at approximately Dhs1bn and aims to attract 10,000 professionals from the media sector, the statement said.

Twofour54 – launched in 2008 – currently hosts over 450 media companies, including Sky News Arabia, Image Nation, Ubisoft, CNN, Fox, Flash Entertainment, M&C Saatchi and Flat6Labs and employs nearly 4,000 professionals.

The move will increase the freezone’s capacity by 25 per cent, the statement added.

Mohamed Khalifa Al Mubarak, CEO 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.”

The new freezone forms part of developer Miral’s mega Dhs12bn masterplan for the southern end of Yas Island, unveiled earlier this month.

The development, spread across 14 million sq ft, will feature three main areas including: Yas Bay – a public waterfront and entertainment district; the Media Zone – featuring the new campus of twofour54; and the Residences at Yas Bay.

Miral has invested Dhs4bn into the first phase of the development, with work already underway.

The new master development is targeting the addition of 15,000 new residents in Yas Island.

Read more: Video: Mega Dhs12bn expansion plan revealed for Abu Dhabi’s Yas Island

Yas Island, which welcomed 27 million visitors in 2016, aims to attract 30 million annual visitors in 2018, and 48 million by 2022.

It currently features the Yas Marina Circuit, Yas Mall, Yas Links Golf and Country Club. It also includes theme parks Ferrari World Abu Dhabi and Yas Waterworld, with the Warner Bros. World Abu Dhabi theme park set to open in 2018, and SeaWorld Abu Dhabi in 2022.

Developer Aldar currently has more than 3,500 homes under development in Yas Island including West Yas, Mayan, Yas Acres and Ansam, with Ansam due for handover later this year.

© 2020 MOTIVATE MEDIA GROUP. ALL RIGHTS RESERVED.

Scroll To Top