Miral Asset Management is spending Dh700 million on new rides and experiences at Ferrari World as it targets bringing more visitors to Abu Dhabi’s Yas Island amid a wider global tourism push by the emirate.

According to the chief executive of the company, which develops and operates attractions including Yas Waterworld and the upcoming Warner Bros World Abu Dhabi, the investment in Ferrari World will help to support its growth plans.

“In this industry you need to keep adding new rides and updating your profile, and make sure every year you have something new for the customer,” said Mohammed Al Zaabi. “Yas Island is playing a major role in Abu Dhabi’s economy and the tourism industry in the region.”

Miral said yesterday that the latest ride – the 102 kilometres per hour, 62-metre-high Turbo Track – would be ready in March 2017.

In November, the Abu Dhabi Tourism and Culture Authority (TCA Abu Dhabi) launched a global campaign to showcase the emirate as a destination offering more than just beaches and luxury resorts. Yas Island and Ferrari World featured in the promotional video. The marketing push is targeting Abu Dhabi’s top source markets – India China, Britain, Germany, the US and the Arabian Gulf.

About 40 per cent of Ferrari World’s customers are tourists and the total number of visitors grew by about 9 per cent last year compared with the year earlier, supported by demand from India and China.

By 2022, Miral expects 48 million visitors to Yas Island.

“We would like to maintain the same growth rate this year,” Mr Al Zaabi said. “There was a major drop in Russian tourists in 2015 but they made a strong comeback last year along with a slight decrease in European tourists, but there was a good growth in Chinese and Indian markets.”

About 240 flights a week from India to Abu Dhabi and visas provided on arrival for Chinese tourists are expected to be the major drivers for visitor growth to the emirate.

Last year, new theme parks and attractions opened in the UAE including Legoland Dubai and IMG Worlds of Adventure.

“These are enablers and the UAE is now more attractive for international tourists [with] a long list of places to visit and that will increase visitor numbers for all,” Mr Al Zaabi said.

Of the AED 700m investment in Ferrari World, AED 500m has already been spent, Miral said.

After the opening of the Flying Aces roller coaster in April, two new rides and two experiences are scheduled to be added by the end of this year. Five rides aimed at three to four-year-olds are expected to be ready by the end of next year.

A Ferrari car simulator will also be added this year.

Ferrari World, which currently has 35 rides and attractions, will have 39 by the end of this year and 43 in 2018.

Last month, Miral said it would build a SeaWorld marine life park on Yas, scheduled to open by 2022.

According to the Dubai hospitality consultancy Hotel Development Resources, the growth of the theme park sector will attract more visitors to the country, help extend their average stay and boost hotel occupancy levels.