The group has $3.5bn of projects under construction across Abu Dhabi, including the $472m Seaworld Abu Dhabi development
Abu Dhabi’s Miral Asset Management has launched a new group identity to streamline the delivery of AED13bn ($3.5bn)-worth of leisure and cultural projects across the emirate.
Rebranded as Miral, the developer will now encompass three subsidiaries overseeing its existing and upcoming portfolio of work.
Miral Destinations, previously Experience Hub, will unite group-wide sales and marketing under a single unit to streamline the promotion of destinations.
Miral Experiences, previously known as Farah Experiences, will oversee the operations and management of the destinations and events that fall under the Miral purview.
The third arm, Yas Asset Management, is tasked with managing properties on Yas Island, including Yas Bay and Yas Marina.
Group CEO Mohamed Abdalla al-Zaabi said the rebranding is in response to the “tourism growth witnessed in Abu Dhabi in recent months”.
”We are seeing visitor numbers like never before,” Al-Zaabi told a group of journalists in Abu Dhabi on 26 October.
In July-August 2022, occupancy numbers for Miral’s Warner Bros-themed hotel were above 90 per cent – a remarkable feat for a new hotel during the quiet summer period, according to Al-Zaabi.
“International tourist recovery [of Miral-managed assets] stood at 90 per cent, while domestic recovery stood at 120 per cent when compared to 2019. We are very optimistic and excited about the coming quarter,” he says, emphasising the foreseeable impact of the events lined up at venues such as Etihad Arena.
Miral has three landmark projects under progress, including SeaWorld Abu Dhabi on Yas Island, and the Natural History Museum Abu Dhabi and teamLab Phenomena Abu Dhabi on Saadiyat Island.
SeaWorld is set to finalise construction by the end of 2022 and will open its doors to the public in 2023.
The Natural History Museum reported 25 per cent completion of works in October, and will finish construction by 2025. Design is under way on the teamLab Phenomena project, with construction expected to conclude by 2024.
Miral has indicated that it has three more projects in the pipeline, although it did not reveal their size or location.
Economic diversification has fuelled the development of multibillion-dollar tourism schemes over the past two
decades in cities such as Abu Dhabi and Dubai.
Regional tourism projects gather pace
Other projects, including the Zayed National Museum, Guggenheim Abu Dhabi and Abrahamic Family House, are all in various stages of construction.
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