• Business

UAE’s Yas and Saadiyat Islands: Secure and Lucrative Investment Destinations

by Swati Gupta

September 26, 2023 23

Abu Dhabi’s Yas and Saadiyat islands have solidified their status as secure investment hubs, thanks to the concerted efforts of the Abu Dhabi Department of Culture and Tourism to transform them into luxury destinations, according to the CEO of a prominent real estate development firm.

Speaking during the Future Hospitality Summit in Abu Dhabi, Miral Group CEO Mohamed Abdalla Al-Zaabi emphasized that both Yas and Saadiyat islands continue to allure investors and tourists, aligning perfectly with the UAE’s vision of economic diversification.

Abu Dhabi, renowned for its safety, has consistently earned the distinction of being the world’s safest city for five consecutive years. Al-Zaabi underscored the attractiveness of investment opportunities in this secure environment, stating, “Investment here is very lucrative. Saadiyat and Yas islands are growing very fast.”

Highlighting the remarkable progress, he mentioned, “In 2021, we added three hotels with 1,000 rooms, and now see 90 percent occupancy in summer.”

Al-Zaabi revealed plans for further expansion in terms of accommodations to support the burgeoning tourism sector, a pivotal component of the UAE’s economic diversification blueprint.

Emphasizing the pivotal role of tourism in diversifying the economy, Al-Zaabi remarked, “Tourism will play a key role in economic diversification. The country aims to increase the sector’s contribution to the gross domestic product from 15 percent to 17 percent, which is not easy to achieve.”

He emphasized the enduring significance of hotels in this endeavor and highlighted Miral Group’s contributions in this arena, saying, “Hotels will always be a key factor here in that pillar, and we at Miral are proud of what we have done so far. Only in 2021, we opened three hotels on Yas Island. We opened Hilton, DoubleTree and, of course, in collaboration with Warner Bros. Discovery, we opened the WB hotel in Abu Dhabi, which is the first Warner Bros. hotel in the world.”

Al-Zaabi noted the remarkable success of the Warner Bros. hotel, achieving 90 percent occupancy during the summer season. He also pointed out that Yas Island no longer experiences a significant downturn in tourism during the summer months.

Reflecting on Yas Island’s development, Al-Zaabi remarked, “Since 2007, we have been developing Yas Island, introducing new facilities and attractions, and today we see that all coming together under one umbrella, one vision, integrated, and interconnected to provide a very unique and unforgettable experience for our customers.”

Addressing the potential for further growth on Yas Island, he explained that they have consistently expanded by adding new attractions, facilities, hotels, and accommodations. Collaborating with other partners, they are now actively introducing additional properties and homes on the islands.

Al-Zaabi also highlighted Miral Group’s commitment to environmental, social, and governance (ESG) principles, outlining their focus on eight key areas. He proudly shared the implementation of two significant initiatives, including a partnership with Emerge, a subsidiary of Masdar, to install solar panels generating over 7 megawatts of power for their theme park. Additionally, they have installed solar panels at SeaWorld Abu Dhabi, supplying nearly 5 megawatts of power.

Furthermore, Al-Zaabi mentioned their ongoing project, Phenomena Abu Dhabi, in collaboration with the Japanese TeamLab. They are also actively constructing the Natural History Museum as part of their collaboration with the Abu Dhabi Department of Culture and Tourism. Additionally, plans are underway to expand the Warner Bros. theme park by introducing a Harry Potter area, further enhancing the island’s unique customer experience.