Abu Dhabi’s media free zone twofour54, home to the regional headquarters of Ubisoft Entertainment SA and CNN, is aiming to triple the size of the emirate’s media industry over the next decade, as part of ongoing efforts to diversify the oil-dependent economy.
“Abu Dhabi is in the process of transforming itself from a resource-based economy to a knowledge-based economy,” twofour54’s Chief Executive Officer Michael Garin said in an interview. “They’ve identified the media and digital sector as one of the drivers of that.”
The new, government-funded Yas Creative Hub is projected to add 3.5 billion dirhams ($952.9 million) to gross domestic product by 2023 and create 11,000 new jobs by 2031 in sectors like gaming and production, Garin said.
With oil revenue diminishing, Abu Dhabi, like other Gulf energy exporters, faces pressure to diversify its economy and explore new sources of revenue. Abu Dhabi is the capital of the United Arab Emirates, which includes the business hub of Dubai.
No comments:
Post a Comment