Abu Dhabi Unveils New Cashback Rebate Starting from 35%++ at MIPCOM 2024
ABU DHABI, UAE, Oct. 22, 2024 /PRNewswire/ -- Abu Dhabi Film Commission (ADFC) part Abu Dhabi's Creative Media Authority (CMA), today announced a key development which will continue to grow, strengthen and attract strategic investment in the film and TV production industry.
To view the Multimedia News Release, please click:
https://www.multivu.com/abu_dhabi/9298551-en-new-cashback-rebate-film-industry-mipcom-2024
ADFC is increasing the current rebate from 30% to start at 35%++ for qualify productions who apply from 1 January 2025. This update will secure further production from Hollywood, Bollywood and the Arab world.
Mohamed Dobay, Acting Director General of Creative Media Authority said: "We are proud to have been the first destination to offer a rebate scheme and are a regional prioneer with a proven track record. The updated financial rebate support will ensure we continue attracting international producers and directors from all over the world and become known as a leading destination for film and TV production both globally and regionally. Hosting blockbuster production shoots not only significantly contributes to the local economy through transport, logistics and accommodation, but leads to unbeatable showcasing opportunities for the destination, which in turn contributes to several sectors including tourism."
Sameer Al Jaberi, Head of Abu Dhabi Film Commission added: "Since launching our rebate scheme in 2013, more than 150 major productions have benefited through the programme. The rebate has a huge impact on our economy as independently verified research shows for every dirham paid through the scheme, more than three dirhams flows back into the economy through hosting large scale productions in the Emirate. Alongside the financial stimulus into the economy, visiting productions provide a tremendous training opportunities for young creatives who are the nation's future storytellers, this focus ensures a strong self sustaining industry. As we near the release of the rebate on 1 January 2025, further information will be shared with our existing production community."
This new development is set to fuel an already extensive ecosystem, as the significantly enhanced rebate financial will benefit more than 800 locally-based media companies (300 of whom are production specific) the 1000-strong freelancer talent pool, young individuals looking for training and internship opportunities and the new golden visa programme, all of which complement the new, state-of-the-art production facilities called "twofour54 Studios".
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