Aldar, a leading developer based in Abu Dhabi, said it has won a major contract from twofour54, Abu Dhabi's key media and entertainment free zone, to build their headquarters on the Yas Island in the UAE capital.

This comes as part of a plan to relocate the media and entertainment free zone to state-of-the-art facilities on Yas Island.

Set to cover an initial gross floor area (GFA) of 95,000 sq m, twofour54's new home, Media Zone Authority, will feature state-of-the-art offices, TV studios and retail. Over time the GFA is expected to grow to over 300,000 sq m, said a statement from Aldar.

The first phase of the new free zone will be developed at a cost of Dh1 billion ($272 million), it stated.

The new free zone forms part of Miral's master development plan to transform the southern end of Yas Island, said Maryam Al Mheiri, CEO of Media Zone Authority and twofour54, after signing the agreement with Mohamed Khalifa Al Mubarak, CEO of Aldar Properties in the presence of Noura Al Kaabi, Minister of State and chairman of twofour54, on Monday (May 22).

Since its inception in 2008, twofour54 has established Abu Dhabi as a leading, regional creative hub and as a destination that attracts international media companies, content providers and technologies.

Today, twofour54 hosts over 450 media companies, including Sky News Arabia, Image Nation, Ubisoft, CNN, Fox, Flash Entertainment, M&C Saatchi, Flat6Labs and more, and employs nearly 4,000 talented professionals, stated Al Mheiri.

The twofour54 will continue to grow, with a target of 10,000 working professionals from the media sector coming to Yas Island, she stated.

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, she added.

The development will be delivered via a Build-Operate-Transfer (BOT) structure. This supports the Abu Dhabi vision of a public-private partnership by capitalising on Aldar's private sector expertise and equity to develop strategic projects, and attract foreign direct investment to the Emirate.

Commenting on the strategic partnership, Al Mheiri 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," she noted.

On the deal, Al Mubarak said Aldar has established itself as the developer of choice in Abu Dhabi, and continues to shape the emirate's skyline.

"This will be strengthened by the development of twofour54's new home, which will enhance the investment proposition of the UAE's capital. This will make it an even more attractive place to do business, and contribute towards the national vision of economic diversification," noted the top official.

"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," he added.-TradeArabia News Service