DCT Abu Dhabi Signs Partnership With Mubadala Foundation Initiating AED 50 Million Cultural Industry Investment

(MENAFN- Mid-East.Info)

Five-year partnership with Mubadala Foundation will support multiple DCT Abu Dhabi cultural programmes, initiatives and institutions, including Louvre Abu Dhabi and Zayed National Museum

Agreement creates opportunity for knowledge exchange and supports Abu Dhabi's bold vision to transform the emirate into a global cultural centre

Abu Dhabi, UAE – 25 September 2023 : The Department of Culture and Tourism – Abu Dhabi (DCT Abu Dhabi) and Mubadala Foundation today signed a partnership agreement, where the latter will contribute AED 50 million to the emirate's cultural industry over the next five years in a first-of-its-kind agreement.

The partnership marks a significant step forward in their shared mission to transform and elevate the emirate's vast cultural landscape, with Mubadala Foundation also being appointed as an 'Education & Community Partner' of DCT Abu Dhabi's across the culture sector, including the Saadiyat Cultural District and other similar sites.

The close cooperation between DCT Abu Dhabi and Mubadala Foundation presents an important commitment to fostering cultural programmes and initiatives, including projects with the renowned Louvre Abu Dhabi and the highly anticipated Zayed National Museum.

His Excellency Saood Abdulaziz Al Hosani, Undersecretary of DCT Abu Dhabi, said:“At DCT Abu Dhabi, we have cultivated compelling partnerships that are central to community development and fuel economic progress that aid Abu Dhabi's wider global ambitions. Our commitment to this is reinforced by the signing of this partnership with Mubadala Foundation, underscoring our promise to transform the emirate into a global centre for culture and creativity. Through this stakeholder collaboration, we are poised to deliver unparalleled experiences to visitors from around the globe and enable the creation of a dynamic cultural ecosystem that invites exploration and engagement.”

The partnership also serves as recognition of the pivotal role played by the public sector in supporting cultural institutions and initiatives to drive their important mission forward. Such collaborations not only fortify Abu Dhabi's cultural agenda but also seek to create a significant impact on communities.

Homaid Al Shimmari, Deputy Group CEO and Chief Corporate & Human Capital Officer at Mubadala, commented:“We're delighted to partner with DCT Abu Dhabi to strengthen collaboration across major projects in the cultural sector and to support important initiatives focusing on education, community outreach, youth, senior citizens, Emiratization and more. By working together alongside Louvre Abu Dhabi and Zayed National Museum we will promote our cultural heritage to position Abu Dhabi as an international hub for sustainable tourism and culture. We are committed to playing a key role in contributing to Abu Dhabi's arts and culture ecosystem to drive impactful change locally and globally.

The collaboration encompasses a wide range of initiatives and supports projects involving education, community outreach and engagement, youth and senior citizens, and Emiratisation.

About the Department of Culture and Tourism – Abu Dhabi:

The Department of Culture and Tourism – Abu Dhabi (DCT Abu Dhabi) drives the sustainable growth of Abu Dhabi's culture and tourism sectors, fuels economic progress and helps achieve Abu Dhabi's wider global ambitions. By working in partnership with the organisations that define the emirate's position as a leading international destination, DCT Abu Dhabi strives to unite the ecosystem around a shared vision of the emirate's potential, coordinate effort and investment, deliver innovative solutions, and use the best tools, policies and systems to support the culture and tourism industries.

DCT Abu Dhabi's vision is defined by the emirate's people, heritage and landscape. We work to enhance Abu Dhabi's status as a place of authenticity, innovation, and unparalleled experiences, represented by its living traditions of hospitality, pioneering initiatives and creative thought.

About Mubadala Investment Company:

Mubadala Investment Company is a sovereign investor managing a global portfolio, aimed at generating sustainable financial returns for the Government of Abu Dhabi.

Mubadala's $276 billion (AED 1015 billion) portfolio spans six continents with interests in multiple sectors and asset classes. We leverage our deep sectoral expertise and long-standing partnerships to drive sustainable growth and profit, while supporting the continued diversification and global integration of the economy of the United Arab Emirates.


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