Wednesday, 9 June, 2021 - 10:30
Louvre Abu Dhabi Abu Dhabi - Asharq Al-Awsat
Abu Dhabi is accelerating the growth of the Culture and Creative Industries (CCI) through a AED30+ billion investment strategy that sees the Department of Culture and Tourism – Abu Dhabi (DCT Abu Dhabi) cements its leadership position as the custodian of all the multidisciplinary sectors within the CCI.
The Culture and Creative Industries are key drivers of social and economic growth and diversification in Abu Dhabi. One of the fastest growing economic sectors worldwide, globally they generate annual revenues of $2,250 billion, provide 30 million jobs and are predicted to make up some 10% of global GDP.
Dhs30 billion Abu Dhabi investment plan to boost creative and cultural industries
6 hours ago The photo used for illustrative purpose.
The Culture and Creative Industries are key drivers of social and economic growth and diversification in Abu Dhabi. One of the fastest growing economic sectors worldwide, globally they generate annual revenues of $2,250 billion, provide 30 million jobs and are predicted to make up some 10% of global GDP.
In addition to this rapid acceleration, studies show that the CCI demonstrate considerable resilience and adaptability in the face of changing economic dynamics. As the world emerges from the effects of the global pandemic, the sector’s high-value products and services have the power to support a new economic recovery, one that is more environmentally friendly and based on knowledge and new technologies.
“Muslims worldwide have marked Ramadan in decidedly different ways over the last two years, but for the Middle East, there is a sense of some normalcy as vaccinations expand and domestic restrictions are lifted,” Philip Wooller, STR’s area director for the Middle East & Africa, said.
“Key markets in the region have been outperforming their global peers, and near-normal occupancy levels for the holy month are another good indicator for the industry moving forward.”
Movement restrictions imposed to curb the spread of the coronavirus drove down average occupancy rates in hotels across the world last year. However, a wider rollout of vaccines have helped to resume travel and improve the outlook for the hospitality industry.
“Through our partnerships and collaborations with key public and private entities, we will be able to create a positive impact in our community and realise Abu Dhabi’s full potential,” Saood Al Hosani, undersecretary at DCT Abu Dhabi, said.
“This strategic agreement will play a key role in enabling the emirate’s development as a global medical tourism hub, as well as bolster Abu Dhabi’s position as the preferred destination for hosting prominent events.”
The MoU will ensure ADCEB’s support throughout the bidding process and event delivery, while EMA societies will receive direct support through DCT Abu Dhabi’s representatives across the globe.