ABU DHABI: Abu Dhabi’s media zone twofour54 has announced plans to build a new site that could eventually be home to 10,000 industry professionals.
Twofour54 said on Monday it had appointed Aldar to develop its new home on Yas Island, with the first phase costing some 1 billion dirhams ($272 million).
The media and entertainment free zone is set to relocate to the “state-of-the-art facilities,” which will be built under a build-operate-transfer structure.
The agreement was signed on Monday in the presence of Noura Al-Kaabi, UAE minister of state and chairwoman of twofour54, Maryam Al-Mheiri, CEO of the Media Zone Authority and twofour54, and Mohammed Khalifa Al-Mubarak, CEO of Aldar Properties.
Set to cover an initial gross floor area (GFA) of 95,000 square meters, twofour54’s new home will feature state-of-the-art offices, TV studios and retail outlets, according to a statement. Over time the GFA is expected to grow to over 300,000 square meters.
The Abu Dhabi media zone hosts over 450 media companies, including Sky News Arabia, Image Nation, Ubisoft, CNN, Fox, Flash Entertainment, M&C Saatchi and Flat6Labs.
It is home to nearly 4,000 professionals. The move will increase twofour54’s capacity by 25 percent, according to a statement.
As twofour54 continues to grow, it has a target for 10,000 professionals from the media sector coming to work at the Yas Island site.
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.
“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.”