Miral, the company behind Yas Island in Abu Dhabi, has announced a Dh12 billion ($3.26 billion) investment over the next five years to expand its hospitality and theme park offerings.
The amount will be allocated towards the expansion of a Warner Bros-themed hotel with 250 rooms, as well as a new lifestyle hotel at Yas Bay, Miral's group chief executive Mohamed Al Zaabi said at the Arabian Travel Market in Dubai on Monday. “We want to increase the room number today by almost 35 per cent in the coming five years,” he said.
Among the new hotels, two will be based on themed IPs, based on increased demand for such units, he said, without disclosing details of the brands.
The investment also encompasses the Harry Potter-themed expansion of its Warner Bros theme park, set to open in 2029. New rides in Ferrari World, Warner Bros and other new experiences will also be revealed as part of the expansion plans, Mr Al Zaabi said.
The investment will be sourced mainly from Miral's earnings. “There will be a percentage that will be financed and we will try to use our resources to fund those projects,” he said.
Disneyland Abu Dhabi
Mr Al Zaabi also confirmed that progress on the new Disneyland Abu Dhabi theme park, which is not part of the Dh12 billion investment pipeline, is proceeding.
“I'm very happy with the progress … we work hand in hand with Disney and we meet them literally every month,” he said.
He did not reveal any dates for the opening of the theme park, which is also set to come up on Yas Island.
Miral said its investment in new projects will support job creation and skills development in the tourism sector while enhancing Abu Dhabi's tourism experience.
The investment signals a commitment to Abu Dhabi’s long-term tourism, Mohamed Al Mubarak, chairman of Miral, said in a statement. “Yas Island has become a global success story, demonstrating how world class experiences contribute to economic growth, enhance quality of life, and strengthen Abu Dhabi’s appeal to audiences from around the world.”
Abu Dhabi’s Tourism Strategy 2030 plans to boost visitor numbers to 39.3 million, increase the sector's GDP contribution to Dh90 billion and create 178,000 new jobs within the tourism ecosystem.
Mr Al Zaabi said: “We are not competing regionally, we are competing internationally. Tourists in India, China, any tourist market, the first thing they see [when researching destinations] is their mobile phone. [People have] worldwide access, so you are head to head with Paris, you are head to head with London, New York, Orlando.”
The key is to stand out and having indoor theme parks makes the emirate a unique summertime destination, he added.
Miral did not close any of its theme parks during the Iran conflict. Occupancy levels at the hotels on Yas Island were supported by staycation guests, he said.
“Since June, we have seen a positive trend,” Mr Al Zaabi said. Along with the UAE market, they have been receiving visitors from the Gulf, India and Russia.
“In general, I see a positive trend and we are very optimistic about the coming months as well,” he said. “I think next year will be a very good year for us.”
