A new culinary investment fund worth $100 million has been established by Abu Dhabi in order to entice leading international restaurant brands to the city, with the aim of encouraging more individuals to reside, operate, and invest in the emirate. The Department of Culture and Tourism – Abu Dhabi (DCT Abu Dhabi) will use the funds to construct and launch a culinary institution to assist in the recruitment, training, and staffing of the industry.
According to the government department, the newly established Abu Dhabi Culinary Investment Fund will collaborate with local asset partners to invest in the Abu Dhabi market and encourage renowned chefs, restaurants, and culinary educational institutions to participate. This initiative follows the recent launch of another fund by DCT Abu Dhabi, which aims to enhance corporate events and incentive travel in the emirate, as part of the UAE capital's efforts to grow its business tourism sector.
Why it matters
As part of its efforts to diversify its economy away from hydrocarbons, Abu Dhabi aims to attract more investors, businesses, and highly-skilled individuals to the city by promoting its strategic non-oil sectors, including advanced manufacturing and tourism.