FT News Briefing Abu Dhabi’s creative pivot away from oil
Jun 8, 2021
The recovery of $2.3 million from Colonial Pipeline hackers sparks intrigue. Biogen’s Alzheimer’s treatment gains FDA approval, stirring both hope and controversy. Meanwhile, Abu Dhabi embarks on a bold cultural investment plan to diversify from oil, aiming to foster a creative economy. This strategic pivot not only aims to reduce dependence on fossil fuels but also positions Abu Dhabi alongside global creative hubs. Additionally, the political shake-up in Mexico adds another layer of complexity to the region's dynamics.
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Abu Dhabi's Creative Pivot
- Abu Dhabi is investing billions in arts and media to diversify its oil-dependent economy.
- They aim to create new institutions and a broader cultural ecosystem, providing jobs for youth.
Following Dubai's Footsteps
- Abu Dhabi seeks to emulate Dubai's success with creative industries, leveraging its oil wealth.
- They aim to attract people and develop industries like gaming and media.
Beyond Tourism
- Abu Dhabi recognizes its limited ability to exploit all oil reserves and the need for new revenue sources beyond tourism.
- They're focusing on vital sectors like gaming and media to engage their population and generate future income.