Humaid Matar Al Dhaheri says VAT will be refunded to companies working in the exhibitions and conferences sector
VAT will be refunded to companies working in the exhibitions and conferences sector under a decision by the UAE Cabinet, said Humaid Matar Al Dhaheri, Group CEO of ADNEC, on Monday.
He praised the decision, saying in comments published by state news agency WAM that it would "significantly enhance the competitiveness of the industry and increase the capacity to attract niche global events, exhibitions and conferences".
"Our wise leadership has always been keen to support several national institutions and constantly aiming to drive the development of various economic and social sectors for the benefit of the country and its citizens, which is reflected in enhancing the emirate’s position globally and making it an ideal destination for hosting international conferences, exhibitions and events," he said in a statement.
"The decision to refund VAT by institutions working in the exhibitions and conferences sector... will trim costs incurred by organisers and international associations while also enabling local associations to submit more bids for hosting major international conferences and congresses and enhancing the support of partnerships with the public and private sectors," he added.
Abu Dhabi National Exhibitions Company (ADNEC) said last year that the value of its contribution to the economy of Abu Dhabi reached AED1.12 billion ($300 million) in the first quarter of 2017, up eight percent on targets.
ADNEC offers 133,000 square metres of interconnected floor space to meet the requirements of a wide variety of events and exhibitions. The venue attracted 1.5 million people across 480 events in 2016.