Abu Dhabi plans $6bn culture spending to diversify from oil

Abu Dhabi plans $6bn culture spending to diversify from oil

Abu Dhabi is pledging to invest $6bn in the cultural and creative industries as the Gulf emirate seeks to increase its post-coronavirus stimulus spending and diversify away from oil.

Having already committed $2.3bn to projects in the sector, the government will over the next five years plough another $6bn into building museums, as well as making investments in sectors ranging from media, gaming and music to cultural heritage, architecture and the arts.

"In terms of growth, we know creative industries are going to be a major contributor to GDP here in Abu Dhabi,“ said Mohamed Al Mubarak, chair of the emirate's department of culture and tourism, in an interview.

The oil-rich capital of the United Arab Emirates launched a separate $13.6bn stimulus package in 2019 to prepare the emirate for a post-oil future. It is accelerating diversification plans as it emerges from the coronavirus pandemic with a renewed focus on economic development.

A "substantial portion“ of these new funds is earmarked for building cultural institutions on Abu Dhabi's Saadiyat Island, already home to an outpost of the Louvre, a big tourist attraction.

The Zayed National Museum, showcasing the life of founding father Sheikh Zayed, is under construction. Preparatory work for the much-anticipated, long-delayed Guggenheim Abu