Abu Dhabi-based real estate developer Miral plans to transform the southern end of Yas Island in Abu Dhabi at a total cost of AED 12 bn, Invest-Gate reports.

The development includes three areas; Yas Bay which is a waterfront and an entertainment district, a media zone, and a residential complex at Yas Bay, according to the company’s released statement.

Yas Bay will feature two hotels, 20 retail shops, 50 restaurants, and coffee shops, a boutique, a cinema, and a family entertainment center.

The UAE is currently progressing in the construction of the tourism infrastructure to achieve economic and touristic goals. Phase one of the project is worth AED 4 bn and will span an area of 14 mn square feet as it will be featured as an entertainment/leisure destination.

The new development is expected to attract more than 15,000 new residents and 10,000 business people to Yas Island. It will also include 35 land plots offered for investors, recreational parks, three mosques, two schools, jogging and cycling tracks.

“This is a significant milestone in Abu Dhabi’s journey to diversify its economy through world-class tourism and business infrastructure and a step towards our ambition to welcome 48 mn visitors to Yas Island by 2022,” says Chairman of Miral Mohamed Khalifa Al Mubarak.