twofour54, Abu Dhabi's media and entertainment free zone, has appointed Aldar Properties to be the developer of its new, permanent home which will be situated on Yas Island.
The first phase of the new free zone is valued at about AED1 billion ($272 million) and is set to grow, with a target of 10,000 working professionals from the media sector coming to Yas Island.
The agreement is aligned with the Media Zone Authority - Abu Dhabi's mandate to develop a thriving, world-class media industry.
Set to cover an initial gross floor area (GFA) of 95,000 square metres, twofour54's new home will feature state-of-the-art offices, TV studios and retail. Over time the GFA is expected to grow to over 300,000 square metres, a statement said.
Today, twofour54 hosts over 450 media companies, including Sky News Arabia, Image Nation, Ubisoft, CNN, Fox, Flash Entertainment, M&C Saatchi, Flat6Labs and employs nearly 4,000 professionals.
The move will increase twofour54's capacity by 25 per cent, which will help it expand, evolve, and continue attracting the world's most innovative and cutting-edge companies as partners, the statement added.
Maryam Al Mheiri, CEO of Media Zone Authority and twofour54, said: "Over the past nine years, twofour54 has grown from strength to strength to become a leading regional hub for media and entertainment content. This success is due to the holistic ecosystem that we have carefully nurtured over the years, which has allowed our partners to thrive and prosper.
"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."
Mohamed Khalifa Al Mubarak, CEO of Aldar, added: "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."
Alongside its seven hotels on Yas Island, Aldar currently has more than 3,500 homes under development including West Yas, Mayan, Yas Acres and Ansam, with Ansam due for handover later this year.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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