Dubai: Abu Dhabi’s media cluster operator, twofour54, has brought in Aldar Properties to build a new permanent base for itself on Yas Island. The development will be delivered via a build-operate-transfer (BOT) structure.
Covering an initial gross floor area (GFA) of 95,000 square metres, the facility will feature Grade A offices, TV studios and retail spaces. Over time, the GFA is expected to grow to over 300,000 square metres. The first phase of the free zone is valued at approximately Dh1 billion and has set a target of 10,000 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 development is set to attract more than 15,000 new residents to Yas Island. “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,” said Maryam Al Mheiri, CEO of Media Zone Authority and twofour54.
Currently, twofour54 hosts over 450 companies. The move will increase its capacity by 25 per cent.
