Abu Dhabi has announced an AED 600 million (AU$237m) “megafund” as part of an initiative to boost the UAE capital’s business events and leisure sectors.
Launched by the Department of Culture and Tourism (DCT) Abu Dhabi, the specialised fund will focus on developing major entertainment and business activities and festivals.
“This initiative will work to attract the best entertainment and business event organisers from across the world to consider Abu Dhabi as a place to invest their time and efforts,” said Saif Saeed Ghobash, Under-Secretary of DCT Abu Dhabi.
Part of the ‘Ghadan 21’ programme, which works to increase Abu Dhabi’s offering, the fund will also work with the ‘Advantage Abu Dhabi’ programme.
The fund will provide multi-purpose financing to encourage local and global companies to consider Abu Dhabi as a location for events, and help support innovation in the event sector.
It will also encourage global entertainment companies to present entertainment content in Abu Dhabi.
“The support provided by the government for tourism, whether in the field of entertainment or business, shows the confidence of the emirate’s leadership in DCT Abu Dhabi, both in its projects and plans,” said Saif Saeed Ghobash.
“The support and constant growth of the tourism sector further bolster the UAE capital’s potential to advance its standing and ability to continue to attract investment in the field.”