May 22, 2017 / 10:45 AM / 3 months ago

Aldar wins contract to build new Abu Dhabi media free zone

DUBAI, May 22 (Reuters) - Aldar Properties, the state-linked builder of Abu Dhabi's Formula One circuit, has won a contact to build a new media free zone in the emirate.

Abu Dhabi-listed Aldar was awarded the build-operate-transfer contract for the project on Monday by the government-owned Media Zone Authority-Abu Dhabi, a statement said.

Known as twofour54 and currently hosting companies such as CNN and Sky News Arabia, the free zone will move from Abu Dhabi city to nearby Yas Island where the Formula One circuit is located.

The first phase of the new free zone is valued at 1 billion dirhams ($272.26 million), the statement said.

The initial gross floor area will be 95,000 square metres and expand over time to 300,000 square metres. ($1 = 3.6730 UAE dirham) (Reporting by Alexander Cornwell)

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