Breaking News

Economic diversification: Abu Dhabi to invest $6bln in culture, creative industries

June 9, 2021
finance & economy

The emirate's performing arts, music, media and gaming sectors will also see further investment in their diverse array of programmes and initiatives

Abu Dhabi plans to invest AED 22 billion ($6bn) over the next five years in its Culture and Creative Industries (CCI) with a substantial portion to be deployed in the development and support of new museums, including the upcoming Zayed National Museum and Guggenheim Abu Dhabi.

The investment strategy is seen as a major driver of economic diversification, which will also result in creating more employment opportunities as well as allowing individuals and businesses to reach new levels of professional and economic success.

Over the past five years, AED8.5 billion has been committed across the emirate, including in projects such as Yas Creative Hub – the emirate’s new home for media and gaming - and Saadiyat Cultural District, as well as soft infrastructure initiatives such as the Creative Visa, announced earlier this year.

The emirate’s performing arts, music, media and gaming sectors will also see further investment in their diverse array of programmes and initiatives, the Department of Culture and Tourism – Abu Dhabi (DCT Abu Dhabi), said on Tuesday.

Consolidating creative domains

'As part of Abu Dhabi’s Culture and Creative Industries (CCI) strategy, initially launched in 2019, we are consolidating the related industries to accelerate growth and drive economic diversification in the emirate,' DCT Abu Dhabi said in a tweet.

'Bringing all CCI domains together under one roof will harness the synergies between such industries as film and TV, multimedia, gaming, and esports and DCT Abu Dhabi’s existing cultural sectors of heritage, visual and performing arts, crafts and design, and publishing,' it said.

Mohamed Khalifa Al Mubarak, Chairman of DCT Abu Dhabi, said: 'We see the Culture and Creative Industries as a powerful driver of economic diversification as well as defining pillars of the emirate’s identity. Through Abu Dhabi’s pioneering leadership, we will champion all CCI domains to transcend borders and reach global audiences and communities.'

'The Culture and Creative Industries are a significant contributor to the global and local economies. Today, Abu Dhabi supports more than 20,000 sustainable jobs in the field, and we expect this to grow significantly in the coming years,' Saood Al Hosani, Undersecretary of DCT Abu Dhabi said.

zawya

Top News



finance & economy

Ferrari Selects AWS as its Official Clou...
June 22, 2021
RELX INTERNATIONAL Launches RELX Pledge ...
June 22, 2021
Philip Morris International Relocates Co...
June 22, 2021