Aldar Properties has won a contract to build media and entertainment free zone twofour54’s new home on the Yas Island.
The new development will initially encompass a gross floor area of 95,000 sq m, comprising offices, TV studios and retail. The gross floor area is expected to eventually expand to over 300,000 sq m.
Twofour54 currently accommodates over 450 media companies including Sky News Arabia, Image Nation, Ubisoft, CNN, Fox, Flash Entertainment, M&C Saatchi and Flat6labs. The new free zone targets 10,000 media professionals.
The project is part of Miral's master development that aims to transform Yas Island’s southern end. The first phase of the new free zone is estimated to cost around AED1bn ($272.2m) and will incorporate a build-operate-transfer (BOT) model.
Aldar CEO Mohamed Khalifa Al Mubarak said: "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."
Media Zone Authority and twofour54 CEO Maryam Al Mheiri said: "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."