Abu Dhabi’s Department of Culture and Tourism (DCT) has announced a new Dhs600m fund to boost leisure and business activities in the emirate.
The economic yield of this new fund is pegged at Dhs1.6bn by way of increased overseas visitors and enhanced business activities around the entertainment sector.
The purpose of the package will be to provide multi-purpose financing that will encourage partnerships with global entertainment bodies to undertake new projects in Abu Dhabi.
It will also as scale-up existing entertainment events in the UAE while encouraging them to set up events in Abu Dhabi
The fund will work in tandem with the ‘Advantage Abu Dhabi’ programme, also conducted by the DCT, which has a similar aim of supporting the events sector in Abu Dhabi.
The new entertainment package is part of a larger financial stimulus called the ‘Ghadan 21’ programme which is designed to boost Abu Dhabi’s economy and enhance its appeal as a destination to conduct business, visit and live.
The announcement of this fund to support entertainment activities in Abu Dhabi comes at a time when Abu Dhabi reported that the number of international guests arriving in the UAE’s capital in 2018 climbed 3.94 per cent year-on-year to 10 million visitors.