Abu Dhabi’s creator of destinations Miral has announced major progress in the development of $3.3-billion Yas Bay, the emirate’s new and iconic waterfront destination on Yas Island.
With key milestones, including the completion of the public realm and infrastructure in December 2019, and the 75 percent construction progress of Yas Bay Arena, significant momentum has been achieved across the groundbreaking mixed-use development.
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 are set to have 37 cafés and restaurants, and 19 retail outlets.
As one of the most striking components of the waterfront development, Yas Bay Arena, will be a first-of-its-kind, multi-purpose indoor venue, providing flexible capacity from 500 people to around 18,000 people.
The new Arena is set to become a major addition to Abu Dhabi’s entertainment and culture offering, hosting large-scale and private events such as sporting competitions 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 sq ft development comprises three distinct areas: The Waterfront, Residences at Yas Bay, and twofour54, said the developer.
On the key milestones, CEO Mohamed Abdalla Al Zaabi said: “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.”
“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 be home to two new world-class hospitality offerings, including a major Hilton hotel set within the Waterfront area.
Having reached 60 percent 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, all seamlessly connected to the waterfront, it stated.
In addition, the new 3.2 million sq ft home of twofour54, the globally-renowned creative hub for Abu Dhabi’s media and entertainment industry at Yas Bay, is set to attract 10,000 professionals, said the statement from Miral.
As a centerpiece of Miral’s vision to continue to position Yas Island as a top global destination, Yas Bay will be an addition to the Island’s attractions and will enhance the excitement and unique experiences already offered, it added.
TradeArabia News Service
01/10/2019
