Abu Dhabi is setting up a Dh600 million fund to attract entertainment and business events to the emirate, as part of wider plans to spur economic growth, draw foreign investors and boost tourism.
The new fund by Abu Dhabi's Department of Culture and Tourism (DCT Abu Dhabi) will finance projects in the events sector and is expected to yield returns of more than Dh1.6 billion for the local economy, the authority said on Tuesday, without providing a timeline.
"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 Ghobash, undersecretary of DCT Abu Dhabi.
The fund is part of the Ghadan 21 programme, a Dh50bn package of reforms by the Abu Dhabi government to stimulate the local economy. The measures are aimed at attracting investors and top talent to work, invest, live and visit Abu Dhabi by easing visa restrictions, slashing government service fees and building tourist attractions such as museums and theme parks.
The so-called "mega events fund" will focus on developing entertainment and business activities and festivals. It will provide multipurpose financing to attract global entertainment companies to Abu Dhabi, help upgrade existing events in the UAE and also appeal to regional companies to consider Abu Dhabi as a location to stage events.
The capital is working to grow its travel and tourism industry as part of diversifying the economy to reduce dependence on oil. The government has increased efforts to promote Abu Dhabi as a culture and heritage destination. With the opening of the Louvre Abu Dhabi, the only regional presence of France's world famous museum, the emirate has widened its arts and culture offering. It is also working to promote itself as a destination for meetings, incentives, conferences, and exhibitions.
The new projects backed by the fund are expected to increase international visitor numbers to Abu Dhabi and support businesses in the events industry. The programmes are also expected to return annually to the UAE capital.
Abu Dhabi recorded a marginal increase in the number of hotel guests in the first quarter as the capital hosted a range of events and opened new tourist attractions. The emirate hosted nearly 1.3 million hotel guests in the first three months of the year, up 0.5 per cent from 1.28 million guests during the same period last year, according to the DCT Abu Dhabi. Hotels recorded a 16 per cent increase in revenues during the period as occupancy levels reached 79 per cent and average room revenue increased 15 per cent.
DCT Abu Dhabi has identified some potential partners and beneficiaries for the fund, including global companies, promoters and touring acts that could potentially make the UAE capital a base for their operations.
Local partners including Miral, Abu Dhabi National Exhibition Centre, Live Nation International, Informa Middle East, Flash Entertainment, IMG International, Messe Frankfurt Exhibitions and Conferences, Yas Marina Circuit, and other event companies are interested in partnering with the fund, DCT Abu Dhabi said.
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UAE currency: the story behind the money in your pockets
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Price, base: Dh429,090
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MATCH INFO
Karnataka Tuskers 110-5 (10 ovs)
Tharanga 48, Shafiq 34, Rampaul 2-16
Delhi Bulls 91-8 (10 ovs)
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What is the Supreme Petroleum Council?
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Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
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ICC Women's T20 World Cup Asia Qualifier 2025, Thailand
UAE fixtures
May 9, v Malaysia
May 10, v Qatar
May 13, v Malaysia
May 15, v Qatar
May 18 and 19, semi-finals
May 20, final
UEFA CHAMPIONS LEAGUE FIXTURES
All kick-off times 10.45pm UAE ( 4 GMT) unless stated
Tuesday
Sevilla v Maribor
Spartak Moscow v Liverpool
Manchester City v Shakhtar Donetsk
Napoli v Feyenoord
Besiktas v RB Leipzig
Monaco v Porto
Apoel Nicosia v Tottenham Hotspur
Borussia Dortmund v Real Madrid
Wednesday
Basel v Benfica
CSKA Moscow Manchester United
Paris Saint-Germain v Bayern Munich
Anderlecht v Celtic
Qarabag v Roma (8pm)
Atletico Madrid v Chelsea
Juventus v Olympiakos
Sporting Lisbon v Barcelona
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Liverpool 2 (Van Dijk 18', 24')
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Tributes from the UAE's personal finance community
• Sebastien Aguilar, who heads SimplyFI.org, a non-profit community where people learn to invest Bogleheads’ style
“It is thanks to Jack Bogle’s work that this community exists and thanks to his work that many investors now get the full benefits of long term, buy and hold stock market investing.
Compared to the industry, investing using the common sense approach of a Boglehead saves a lot in costs and guarantees higher returns than the average actively managed fund over the long term.
From a personal perspective, learning how to invest using Bogle’s approach was a turning point in my life. I quickly realised there was no point chasing returns and paying expensive advisers or platforms. Once money is taken care off, you can work on what truly matters, such as family, relationships or other projects. I owe Jack Bogle for that.”
• Sam Instone, director of financial advisory firm AES International
"Thought to have saved investors over a trillion dollars, Jack Bogle’s ideas truly changed the way the world invests. Shaped by his own personal experiences, his philosophy and basic rules for investors challenged the status quo of a self-interested global industry and eventually prevailed. Loathed by many big companies and commission-driven salespeople, he has transformed the way well-informed investors and professional advisers make decisions."
• Demos Kyprianou, a board member of SimplyFI.org
"Jack Bogle for me was a rebel, a revolutionary who changed the industry and gave the little guy like me, a chance. He was also a mentor who inspired me to take the leap and take control of my own finances."
• Steve Cronin, founder of DeadSimpleSaving.com
"Obsessed with reducing fees, Jack Bogle structured Vanguard to be owned by its clients – that way the priority would be fee minimisation for clients rather than profit maximisation for the company.
His real gift to us has been the ability to invest in the stock market (buy and hold for the long term) rather than be forced to speculate (try to make profits in the shorter term) or even worse have others speculate on our behalf.
Bogle has given countless investors the ability to get on with their life while growing their wealth in the background as fast as possible. The Financial Independence movement would barely exist without this."
• Zach Holz, who blogs about financial independence at The Happiest Teacher
"Jack Bogle was one of the greatest forces for wealth democratisation the world has ever seen. He allowed people a way to be free from the parasitical "financial advisers" whose only real concern are the fat fees they get from selling you over-complicated "products" that have caused millions of people all around the world real harm.”
• Tuan Phan, a board member of SimplyFI.org
"In an industry that’s synonymous with greed, Jack Bogle was a lone wolf, swimming against the tide. When others were incentivised to enrich themselves, he stood by the ‘fiduciary’ standard – something that is badly needed in the financial industry of the UAE."
