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Abu Dhabi has announced an AED 600 million (US$163 million) ‘megafund’ as part of an initiative to develop major entertainment and business activities and festivals.

The specialised fund was launched by the Department of Culture and Tourism (DCT) Abu Dhabi, whose Under-Secretary, Saif Saeed Ghobash, said the initiative provides the capital of the United Arab Emirates with a“new strategic momentum to enhance its local and regional presence”.

He explained “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.

“The support provided by the government for tourism, whether in the field of entertainment or business, shows the confidence of the emirate’s wise leadership in DCT Abu Dhabi, both in its projects and plans.

“The support and constant growth of the tourism sector further bolster the UAE capital’s potential to advance its standing and ability to continue to attract investment in the field.”

The initiative is part of the ‘Ghadan 21’ program, which works to increase Abu Dhabi’s offering, and the ‘Advantage Abu Dhabi’ initiative.

It will provide multi-purpose financing, innovating existing events in the UAE and encouraging global entertainment companies to present entertainment content in Abu Dhabi.

It will also encourage local and global companies to consider Abu Dhabi as a location for events and help support innovation in the event sector.

The projects are expected to increase numbers of overseas visitors to Abu Dhabi, with an expected economic impact of approximately AED 1.6 billion (US$475 billion).

It has also been announced that the National Aquarium at Al Qana in Abu Dhabi is set to open in 2020, while Emaar Entertainment has announced the opening of KidZania Abu Dhabi in Yas Mall.

Louvre Abu Dhabi has welcomed more than one million visitors since it opened last year, with more than 60% coming from outside the UAE.

Images: Laservision's display at Abu Dhabi's Reem Island (top) and the Louvre Abu Dhabi (below).

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