Mohammad Al Abbar (Chairman Emaar Properties) said yesterday that Emaar’s DH1.2 billion investment in Dubai Opera (which opened on Wednesday) is expected to boost the economy. It would also be able to put the country on a cultural landscape.
Al Abbar said “The opera house, part of the $20 billion Downtown Dubai development, would generate indirect revenues by attracting tourists to the emirate, in addition to direct revenues from ticket sales, food and beverage sales. The performances hosted by Dubai Opera generates a huge cultural dividend for Dubai by positioning it as one of the global hubs for the performing arts industry”.
The dividend would be both direct (benefits associated with hosting wold class events) and indirect (various economic activities that will support the event).
Al Abbar also added “The economic dividend of Dubai Opera is far-reaching. Cultural events are a stimulus for tourism and in turn contributing to the aviation, hospitality and allied sectors. With its year-round calendar of high profile events by world-class performers, Dubai Opera will further attract visitors to Downtown Dubai, which has already delivered on its promise as ‘The Centre of Now.”
In a press conference it was stated that cultural projects contributed 4.5% of Europe’s GDP and 8%of its employment but however, an estimate on the opera house’s economic impact was not stated.