UAE

UAE: $100M Investment Fund Launched To Attract Top Restaurants

Abu Dhabi has set up a new $100 million culinary investment fund to help attract top global restaurant brands to the UAE capital, as it seeks to draw more people to live, work and invest in the emirate.

The fund started by the Department of Culture and Tourism — Abu Dhabi (DCT Abu Dhabi) will support building and establishing a culinary school to help with recruitment, training and staffing for the sector, the government body said on Wednesday. The school will offer a core curriculum and introduce two new degree programmes that focus on maritime sustainability and food security.

The new Abu Dhabi Culinary Investment Fund will co-invest with local asset partners and incentivise top chefs, restaurants and culinary educational institutions to enter the Abu Dhabi market, the government department said.

The move has come a couple of weeks after DCT Abu Dhabi launched a new fund aimed at further increasing corporate events and incentive travel in the emirate, as the UAE capital seeks to expand business tourism.

The goal is to encourage more investors, businesses and highly-skilled people to move to the city as they further develop strategic non-oil sectors, from tourism to advanced manufacturing, as part of a wider set of plans to diversify their economy from hydrocarbons.

The new culinary fund follows Abu Dhabi’s development as a rapidly growing gastronomical hub. Applicants can apply to the fund if they meet the main requisites outlined by DCT Abu Dhabi. Restaurant brands or chefs applying must be recognised by major awards committees and global culinary guides and must be operating in more than one country.

Applicants should offer a premium casual, lifestyle or a fine-dining experience, but without having an existing presence in the region, and make their debut in Abu Dhabi — with a one-year period of exclusivity to the emirate, DCT Abu Dhabi said.

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The National

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