DCT Abu Dhabi launches $163.4m entertainment 'megafund'
Newly formed fund to support developments related to major entertainment and business activities and festivals
The UAE’s Department of Culture and Tourism Abu Dhabi (DCT Abu Dhabi) has launched a specialised ‘megafund’ worth $163.4m (AED600m) to develop major entertainment and business activities and festivals in Abu Dhabi as part of the Ghadan 21 programme, aimed at accelerating the UAE capital’s economy.
The fund will work alongside the Advantage Abu Dhabi programme, an additional DCT Abu Dhabi incentive grant scheme, and provide multi-purpose financing, including encouraging potential global entertainment partners to anchor entertainment content in Abu Dhabi and help upscale existing events in the UAE, as well as attract regional event firms to host events in Abu Dhabi.
The newly funded projects, in addition to their relevant initiatives, are expected to increase overseas visitation metrics and eventually yield an economic impact of $435.6m (AED1.6bn).
Commenting on the development, Saif Saeed Ghobash, undersecretary of DCT Abu Dhabi, said: "Launching this initiative gives Abu Dhabi new strategic momentum to enhance its local and regional presence.
“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,” he added, according to UAE state news agency, Wam.