Abu Dhabi plans to invest Dh22 billion ($6bn) over the next five years in its cultural and creative industries as it seeks to reduce its economic reliance on oil, create new jobs and attract talent.
After pledging Dh8.5bn in the past five years, the government has earmarked an additional Dh22bn to develop new museums as well as invest in the performing arts, music, media and gaming sectors, the emirate’s Department of Culture and Tourism said on Tuesday.
The department is "uniting the more traditional elements of the culture sector with cutting-edge creative domains and creating the conditions for multidisciplinary businesses, creators and partnerships to innovate and grow, now and for years to come," DCT Abu Dhabi chairman Mohamed Al Mubarak told The National.
The move comes as the emirate emerges from the Covid-19 pandemic with a sharper focus on hastening its push into high value-added sectors as it reduces its dependence on oil revenue.
The emirate has invested heavily in the arts, opening Louvre Abu Dhabi in 2017 to position itself as a cultural tourism city with the aim of drawing visitors from around the world to view the artworks on display.
The latest round of cultural funding will be funnelled into more large-scale projects that are yet to come.
These include the Zayed National Museum that details the history of the nation and showcases the life of Sheikh Zayed, the Founding Father, the Guggenheim Abu Dhabi that will complement Louvre Abu Dhabi’s offering with modern and contemporary art and the Abrahamic Family House.
All three projects are in the Saadiyat Cultural District.
There are already 20,000 people employed in the emirate’s cultural and creative industries and this number is expected “to grow significantly” in the coming years, DCT Abu Dhabi undersecretary Saood Al Hosani told The National.
The emirate intends to create 16,000 jobs in the multimedia and gaming sectors.
“As thousands of new jobs will be created, the industry’s direct contribution to economic output will grow significantly as more professionals and families make their lives here in the emirate,” he said.
To attract new talent, Abu Dhabi is offering the creative visa to ease the entry of skilled professionals.
The application process is fast and cheap, and the emirate has already received more than 1,000 “expressions of interest”, said Mr Al Hosani.
“Our ambition is for creative professionals to thrive in Abu Dhabi; to make attainable to them sustainable, long-term careers that offer unparalleled opportunities to develop, grow and make a great living in Abu Dhabi for years and even decades,” he said.
Abu Dhabi has already started training hundreds of cultural professionals in various fields, with programmes developed for young people to learn the skills needed to compete in a digital future, said Mr Al Hosani. AD Gaming has partnered with global company Unity Technologies to offer students in the UAE an opportunity to hone their skills in design, coding and the use of 3D technology, while more than 150 aspiring film-makers and scriptwriters have graduated from Image Nation Abu Dhabi’s Arab Film Studio, he said.
Besides attracting talent to live and work in Abu Dhabi, the cultural and creative industries are also a significant driver of tourism in the emirate.
Last year, when movement restrictions posed challenges to cultural institutions, DCT Abu Dhabi’s cultural initiatives drew 6 million visitors, said Mr Al Hosani.
The department plans to bring cultural and creative industries under its umbrella, adding fields such as film, TV, multimedia, gaming and e-sports to its existing sectors of heritage, crafts and design, publishing and visual and performing arts.
The aim is to leverage “the natural synergies between the emirate’s culture, tourism and creative sectors”, said Mr Al Mubarak.
DCT Abu Dhabi's cultural and creative industries’ strategy is underpinned by five pillars: policy formulation, talent development, innovation and digitisation, business development and the construction of infrastructure that improves people’s quality of life, it said.
The Dh8.5bn invested in cultural projects in the past five years has included projects at Saadiyat Cultural District, Yas Creative Hub and initiatives such as the creative visa.
How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
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Polarised public
31% in UK say BBC is biased to left-wing views
19% in UK say BBC is biased to right-wing views
19% in UK say BBC is not biased at all
Source: YouGov
Test squad: Azhar Ali (captain), Abid Ali, Asad Shafiq, Babar Azam, Haris Sohail, Imam-ul-Haq, Imran Khan, Iftikhar Ahmed, Kashif Bhatti, Mohammad Abbas, Mohammad Rizwan(wicketkeeper), Musa Khan, Naseem Shah, Shaheen Afridi, Shan Masood, Yasir Shah
Twenty20 squad: Babar Azam (captain), Asif Ali, Fakhar Zaman, Haris Sohail, Iftikhar Ahmed, Imad Wasim, Imam-ul-Haq, Khushdil Shah, Mohammad Amir, Mohammad Hasnain, Mohammad Irfan, Mohammad Rizwan (wicketkeeper), Musa Khan, Shadab Khan, Usman Qadir, Wahab Riaz
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Engine: 5.0-litre supercharged V8
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How they line up for Sunday's Australian Grand Prix
1 Lewis Hamilton, Mercedes
2 Kimi Raikkonen, Ferrari
3 Sebastian Vettel, Ferrari
4 Max Verstappen, Red Bull
5 Kevin Magnussen, Haas
6 Romain Grosjean, Haas
7 Nico Hulkenberg, Renault
*8 Daniel Ricciardo, Red Bull
9 Carlos Sainz, Renault
10 Valtteri Bottas, Mercedes
11 Fernando Alonso, McLaren
12 Stoffel Vandoorne, McLaren
13 Sergio Perez, Force India
14 Lance Stroll, Williams
15 Esteban Ocon, Force India
16 Brendon Hartley, Toro Rosso
17 Marcus Ericsson, Sauber
18 Charles Leclerc, Sauber
19 Sergey Sirotkin, Williams
20 Pierre Gasly, Toro Rosso
* Daniel Ricciardo qualified fifth but had a three-place grid penalty for speeding in red flag conditions during practice
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Company Fact Box
Company name/date started: Abwaab Technologies / September 2019
Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO
Based: Amman, Jordan
Sector: Education Technology
Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed
Stage: early-stage startup
Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.
Killing of Qassem Suleimani
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
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Starring: John David Washington; Adam Driver
Five stars
The Melbourne Mercer Global Pension Index
The Melbourne Mercer Global Pension Index
Mazen Abukhater, principal and actuary at global consultancy Mercer, Middle East, says the company’s Melbourne Mercer Global Pension Index - which benchmarks 34 pension schemes across the globe to assess their adequacy, sustainability and integrity - included Saudi Arabia for the first time this year to offer a glimpse into the region.
The index highlighted fundamental issues for all 34 countries, such as a rapid ageing population and a low growth / low interest environment putting pressure on expected returns. It also highlighted the increasing popularity around the world of defined contribution schemes.
“Average life expectancy has been increasing by about three years every 10 years. Someone born in 1947 is expected to live until 85 whereas someone born in 2007 is expected to live to 103,” Mr Abukhater told the Mena Pensions Conference.
“Are our systems equipped to handle these kind of life expectancies in the future? If so many people retire at 60, they are going to be in retirement for 43 years – so we need to adapt our retirement age to our changing life expectancy.”
Saudi Arabia came in the middle of Mercer’s ranking with a score of 58.9. The report said the country's index could be raised by improving the minimum level of support for the poorest aged individuals and increasing the labour force participation rate at older ages as life expectancies rise.
Mr Abukhater said the challenges of an ageing population, increased life expectancy and some individuals relying solely on their government for financial support in their retirement years will put the system under strain.
“To relieve that pressure, governments need to consider whether it is time to switch to a defined contribution scheme so that individuals can supplement their own future with the help of government support,” he said.