Abu Dhabi Plans $6 Billion Spending in Cultural Sector, FT Says
(Bloomberg) -- Abu Dhabi plans to invest $6 billion in the cultural and creative industries over the next five years as the energy-rich sheikhdom diversifies away from oil, the Financial Times reported.
The investment will go to building museums, as well as sectors ranging from media, gaming and music to cultural heritage, according to the newspaper. Abu Dhabi has already committed $2.3 billion to projects in the sector, it said.
Preparatory work for the Guggenheim Abu Dhabi had been awarded, Mohamed Al Mubarak, chair of the emirate’s department of culture and tourism, told FT. The main contract for the museum is expected soon, he said.
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