Abu Dhabi: His Highness Shaikh Mohammad Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, on Monday attended Miral’s launch of Dh12 billion plan to develop southern part of Yas Island.

Shaikh Mohammad was briefed by Mohammad Khalifa Al Mubarak, Chairman of Miral, and Mohammad Abdullah Al Za’abi, CEO of Miral, on the project and its phases of implementation, during a meeting at Al Bahar Palace on Monday. The project aims to attract 48 million visitors annually by 2022.

The plan will involve the construction of three districts including Yas Bay, a leisure zone that includes a waterfront. The second will be a media district, which will also serve as the headquarters of the Media Zone Authority-Abu Dhabi /twofour54, while the third will be a residential district. The residence district will contain a residential community that offers a fully integrated lifestyle.

Miral announced that it had already embarked on the implementation of the project in January, while the construction of the waterfront within the Yas Bay district will be completed by 2019.

Shaikh Mohammad emphasised that the UAE, under the leadership of President His Highness Shaikh Khalifa Bin Zayed Al Nahyan, will press ahead with developing new tourist destinations and attractions to enhance the UAE’s distinguished stature on the world economic and tourism map.

He expressed his confidence that the new project will support the economic sector and constitute a unique addition to the cultural and urban development in the country.

Miral, the project’s developer, will invest Dh4 billion in the first phase of the project, which will spread across a total area of 14 million square feet.

The project will help realise Abu Dhabi’s aspirations to diversify its economy by strengthening tourism and investment in sustainable and housing projects. The project will attract more than 15,000 residents and more than 10,000 employees who are working in Yas Island.

Al Mubarak said this project marked a new milestone in Abu Dhabi’s approach towards economic diversification by developing a world-class tourism and business infrastructure.

Yas Bay will become one of the most vital and popular waterfronts in the regions, designed to be a key destination for entertainment and culture. It will house two hotels, one wharf and a multipurpose Yas Arena Square. The square will be able to accommodate 18,000 people.

The square will also be able to host sports competitions, concerts, exhibitions and conventions. More than 50 restaurants and 20 stores will be built along the waterfront. The waterfront alone is expected to attract more than 15,000 visitors a day to enjoy its various facilities, which will include a beach club, movie theatre and entertainment centre.

The residences district will include buildings overlooking the sea and 20 parks featuring volleyball and tennis courts and cycling and running tracks.

The media district will see the construction of a media complex stretching across 3.2 million square feet, and will strengthen Abu Dhabi’s position as a leading regional hub for media and entertainment content.