A new pier, arena and waterfront promenade with residential complexes and restaurants are part of a AED 12 billion development plan for Yas Island.

Announced on Monday, the plan for the 14 million square foot area on the southern part of the island, near Yas Plaza and Yas Beach, includes the new home for twofour54, the media industry’s free zone that is currently located near Khalifa Park.

A delegation from Miral Asset Management, the developer, presented the plan to Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, at the Sea Palace on Monday, 8th May, 2017.

Sheikh Mohammed said the project would contribute to the national economy and to its ­urban and architectural development.

Miral said it had completed the master plan and had invested AED 4 billion in the first phase of the project. Development began in January.

The main section will be Yas Bay, an area along the waterfront with a recreational pier and a promenade.

It was expected to draw 14,000 visitors a day after its completion, expected by 2019.

The Waterfront Promenande will have more than 50 cafes and restaurants, 20 retail outlets, a cinema, a beach club and two hotels. One of the hotels will be a Hilton family resort with a 900-room capacity.

Yas Bay will also include Yas Arena, a multipurpose venue with a capacity of 18,000.

The venue’s manager, Flash Entertainment, will host concerts, sporting events, conferences and exhibitions.

Two residential areas will be located on either side of Yas Bay, with 35 buildings expected to house 15,000 people.

The areas will have 20 parks, volleyball and tennis courts, and cycling and running tracks. Three mosques and two schools are included in the plan, which Miral said would “provide residents with a complete community infrastructure”.

About 10,000 professionals were expected to work in the Media Zone, located behind Yas Bay, which Miral said would help diversify the UAE’s economy and further develop the ­media industry.

The 3.2 million square-foot Media Zone would promote Abu Dhabi’s leadership of the regional media industry, said Noura Al Kaabi, Minister of State for Federal National Council Affairs and chairwoman of twofour54.

At present, twofour54 is home to 450 media companies that between them employ about 4,000 people.

Mohamed Khalifa Al Mubarak, Miral’s chairman, said the AED 12bn development plan was an important phase in its aim to attract 48 million visitors a year to Yas Island by 2022.

Other projects such as Warner Brothers World Abu Dhabi and CLYMB, a climbing wall and skydiving chamber, were expected to open next year, while SeaWorld Abu Dhabi – the first outside the United States – is scheduled to open in 2022.