Abu Dhabi’s Miral to invest Dh12bn over five years in Yas Island expansion

Miral, the developer behind Yas Island in Abu Dhabi, will invest Dh12 billion ($3.26 billion) over the next five years to expand the island’s hotels, theme parks and entertainment offerings.

The investment will include the expansion of a Warner Bros.-themed hotel by 250 rooms, as well as a new lifestyle hotel at Yas Bay, Mohamed Al Zaabi, Group Chief Executive of Miral, said on Monday at Arabian Travel Market in Dubai.

“We want to increase the number of rooms by almost 35 per cent over the coming five years,” he said.

As part of the expansion, Miral will also introduce new rides at Ferrari World and Warner Bros. World Abu Dhabi, along with other new experiences that will be announced in due course, Mr Al Zaabi said.

Two of the new hotels will be based on internationally recognised intellectual properties, reflecting growing demand for themed hospitality concepts. The company has not yet disclosed details of the brands involved.

The investment programme also includes the Harry Potter-themed expansion of Warner Bros. World Abu Dhabi, which is scheduled to open in 2029.

The projects will be funded primarily through Miral’s own earnings. “There will be a percentage that will be financed, but we will try to use our resources to fund those projects,” Mr Al Zaabi said.

Disneyland Abu Dhabi

Mr Al Zaabi also confirmed that work on Disneyland Abu Dhabi is progressing. The new theme park, which is also planned for Yas Island, is not part of the Dh12 billion investment pipeline.

“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 provide a date for the park’s opening.

According to Miral Chairman Mohamed Al Mubarak, the investment in new projects will support job creation and skills development across the tourism sector while further enhancing Abu Dhabi’s visitor experience.

“These investments demonstrate our long-term commitment to tourism in Abu Dhabi. 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 around the world,” he said.

Competing for international travellers

The expansion of Yas Island forms part of Abu Dhabi’s broader tourism ambitions. The emirate’s Tourism Strategy 2030 aims to increase visitor numbers to 39.3 million, raise tourism’s contribution to GDP to Dh90 billion and create 178,000 new jobs across the tourism ecosystem.

“We are not competing regionally, we are competing internationally,” Mr Al Zaabi said. “Tourists from India, China and other markets, when they are researching destinations, the first thing they see is their mobile phone. They have worldwide access, so you are head-to-head with Paris, you are head-to-head with London, New York and Orlando.”

The key, he said, is to stand out from other global destinations. Abu Dhabi’s indoor theme parks give the emirate a particular advantage, especially during the summer months.

Yas Island sees positive tourism trends

Miral did not close any of its theme parks during the conflict with Iran. Hotel occupancy on Yas Island was supported by staycation guests from within the UAE, Mr Al Zaabi said.

“Since June, we have seen a positive trend,” he said.

In addition to the UAE market, Yas Island continues to welcome 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. I think next year will be a very good year for us,” Mr Al Zaabi said.