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LIFE CARE IS REGISTERED MAGAZINE IN RNI, NO.GUJGUJ/2015/71283
Reading: Abu Dhabi Announces Multifaceted Enhancements to Increase the 35%++ Cashback Rebate
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Copyright © 2015 - 2024 LifeCareNews Network. All Rights Reserved. LIFE CARE IS REGISTERED MAGAZINE IN RNI, NO.GUJGUJ/2015/71283
Business

Abu Dhabi Announces Multifaceted Enhancements to Increase the 35%++ Cashback Rebate

PRNW Agency
Last updated: 30/12/2024 10:54 PM
PRNW Agency
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Abu Dhabi Announces Multifaceted Enhancements to Increase the 35%++ Cashback Rebate
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Abu Dhabi Announces Multifaceted Enhancements to Increase the 35%++ Cashback Rebate
  • With a sliding-scale points system and clear qualifying criteria, productions have the opportunity to gain up to 50% total cashback rebate
  • Guidelines have also been enhanced; supporting additional production formats, increased total financial support caps, and refined qualification and payout process
  • Abu Dhabi was the first destination in region to offer a cashback rebate and has supported more than 170 major productions since its inception in 2013

ABU DHABI, UAE, Dec. 30, 2024 /PRNewswire/ — Abu Dhabi Film Commission (ADFC), part Abu Dhabi’s Creative Media Authority (CMA), announced multi-layered enhancements for its film and TV production rebate offer. New guidelines will see global production companies afforded up to a 50% total cashback rebate, based on a clear set of criteria and sliding-scale points system.

With a baseline increase from 30% to 35%++ announced in Q3, the new rebate, starts for qualifying productions from 1 January 2025; with new qualifying formats, increased financial project caps and an improved process designed to strengthen and attract strategic investment into the film and TV production industry in Abu Dhabi.

Mohamed Dobay, Acting Director General of Creative Media Authority, said: “As pioneers of the rebate scheme in region, TV and film production continues to be a key pillar in the development of our creative industries and a strategic differentiator for the emirate. We have curated several levels of changes to the rebate which will continue to fuel global and regional interest in Abu Dhabi and contribute to the entire creative ecosystem. We look forward to welcoming new production partners, alongside strengthening our existing and previous relationships; driving the next phase of planned growth for the industry – working towards our goal of establishing Abu Dhabi as a leading film and TV production destination globally.”

“From a local perspective, the impact of the rebate on our economy is significant, with independent research showing for every dirham paid through one of the fastest payouts processes across the industry, more than three dirhams flows back into the economy,” he continued.

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Enhanced Rebate Points System

ADFC’s enhanced rebate will offer additional uplift on top of the new 35% baseline with a maximum potential of 50% total rebate on in-market production and post-production costs, through meeting new criteria and seeking ADFC’s full and absolute approval.

The uplift has a points-based system where productions scoring between 10 to 14 points gain 2.5% uplift, in addition to the baseline of 35%, through to a 15% uplift on the baseline for productions scoring 85 points or above.

There are extensive ways in which production companies can score points, including featuring the UAE’s national history and culture in content; completing full postproduction activity in Abu Dhabi; main unit production in Abu Dhabi of a feature film and/or filming an entire TV series in the emirate.

New Eligible Formats

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From 1 January 2025, the rebate will also be available for additional production formats, including reality TV, game shows, short films and animations. This expansion of formats bolsters the existing formats of feature films, TV series and programmes and TV commercials which have been supported since the introduction of the rebate in 2013.

New Higher Rebate Caps

The rebate initiative will also increase the caps on the total financial assistance production companies can gain from ADFC. Qualifying feature films, for example, will see this increase of Abu Dhabi Qualifying Production Expenditure (ADQPE) from US$5m to US$10m.

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Refined Rebate Process

The final layer of rebate update is the streamlining of projected timelines for the rebate process itself. The interim certificate validity has increased from 60 days to 90 days – giving production teams an additional 30 days to start principal photography in Abu Dhabi, with an additional discretionary 120 days.

From the point the final certificate is issued towards the end of the rebate process, producers now will see paid funds in 30 business days (previously 60 business days) speeding up the already swift process.

Sameer Al Jaberi, Head of Abu Dhabi Film Commission added: “The reception of our initial baseline increase from 30% to 35%++ in October was extremely positive and the team has since seen a surge of interest from across the world, which will no doubt surge again with these additional layers of detail we’re announcing now. Coupled with the financial stimulus into the economy, visiting productions also support talent across the board – from youth talent who gain access to some world-class learning and training opportunities, to established talent, including freelancers who are regularly employed on visiting sets. With more than a decade of experience hosting global and regional major productions, the team at ADFC is well versed in the nuances of film and TV production and has demonstrated over the years the ease of doing business here in Abu Dhabi.”

Ben Piltz, Unit Production Manager commented, “Having a rebate is super important for studio films and the rebate in Abu Dhabi is second to none – giving you a number of benefits that you don’t get elsewhere. The enhanced rebate is going to offer a lot for future projects, the increase in the cap is a massive benefit and being able to increase eligible spend to 50% by promoting Abu Dhabi and its culture or using local talent is something everyone will look at.”

Fuelling Abu Dhabi’s already extensive ecosystem, a significantly enhanced rebate financially benefits more than 800 locally-based media companies (more than 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.

More than 170 major productions have visited Abu Dhabi in recent years including Warner Bros. Pictures, Legendary Pictures, Disney, Netflix, Paramount Pictures, Yes Raj Films, Tips, Clacket, Eagle Films and Universal Pictures. Films shot in Abu Dhabi include Dune, Dune: Part Two, F1, Mission: Impossible – Dead Reckoning Part One, Mission: Impossible – Fallout, Star Wars: The Force Awakens, 6 Underground and Furious 7, as well as Bollywood hits such as Vikram Vedha, Tiger Zinda Hai and Bharat.

Photo – https://mma.prnewswire.com/media/2585963/Behind_the_Scenes.jpg

View original content:https://www.prnewswire.co.uk/news-releases/abu-dhabi-announces-multifaceted-enhancements-to-increase-the-35-cashback-rebate-302337194.html

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