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Twofour54, named after Abu Dhabi’s geographical coordinates, was set up in 2008. Garin, who has more than 40 years’ experience as a media industry executive, was appointed CEO in January.
Gaming Push
Garin is also trying to attract gaming companies to grab a piece of one of the fastest-growing sectors in entertainment. The global video game industry is now estimated to be larger than film and music combined — the sector generated annual revenue of $135 billion in 2019 and Morgan Stanley Investment Management expects double-digit sales growth by 2025.
Twofour54 has partnered with Unity Technologies SF to make Abu Dhabi the “center of the digital and gaming world,” according to Garin. Unity is the company behind video games including “GooBall” and “Angry Bots Demo.”
Garin said the center has already signed nine deals with gaming companies in the region, and is expecting to attract as many as 45 more over the next three years, creating 450 jobs.
Twofour54 has been attracting companies by subsidizing rent and offering other financial incentives. Abu Dhabi Film Commission offers a 30% cashback rebate on all productions in the emirate and Garin saidAbu Dhabi is negotiating reduced school fees and building affordable housing to attract new companies.
The UAE is expected to suffer a steep economic contraction this year. Foreign workers have been forced to go home amid a wave of job cuts in the private sector and, earlier this year, Oxford Economics estimated the UAE’s population would shrink by nearly 10%.
Earlier this week, the country abolished the need for companies to have Emirati shareholders, local media reported, in a major shake-up of foreign ownership laws aimed at attracting investment into an economy reeling from the coronavirus and a decline in oil prices.
“We’re trying to build Abu Dhabi, and we’re building it by allowing these companies to build and enjoy the success of their efforts,” Garin said.
©2020 Bloomberg L.P.
