Abu Dhabi – Mubasher: Twofour54 on Monday announced appointing Aldar Properties Company to develop its new permanent headquarter in Yas Island.

The area to be initially covered is 95,000 square metres, and is expected to grow over 300,000 square metres, according to a statement.

The planned project will raise twofour54’s capacity by 25% to support its expansion, in addition to attracting the most international innovative firms as partners. The first phase of the new free zone is valued at about AED 1 billion.

This project will be implemented through a build-operate-transfer (BOT) structure, which supports the Abu Dhabi’s vision of a public-private partnership by capitalising Aldar’s private sector expertise and equity, the statement read.

“Over the past nine years, twofour54 has grown from strength to strength to become a leading regional hub for media and entertainment content,” CEO of Media Zone Authority and twofour54 Maryam Al Mheiri said. 

“[Aldar’s position in the market] 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,” CEO of Aldar Mohamed Khalifa Al Mubarak said.

Twofour54 hosts more than 450 media companies, including Sky News Arabia, Image Nation, Ubisoft, CNN, Fox, Flash Entertainment, M&C Saatchi, and Flat6Labs.