RIYADH: Abu Dhabi plans to spend $6 billion to create new projects in the cultural and creative business sector over the next five years, the Financial Times reported.
It is part of the UAE capital’s efforts to diversify its economy away from oil.
The investment will go toward building museums, as well as sectors such as media, gaming, music and cultural heritage, the FT said.
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, and the main contract for the museum is expected soon, Abu Dhabi Department of Culture and Tourism Chairman, Mohamed Al-Mubarak, told the FT.
Abu Dhabi is aiming to boost its tourism sector amid the spread of the COVID-19 pandemic in the region.
