diff --git a/client/mysqldump.c b/client/mysqldump.c
index 3d2aec92dea..e6b707f9811 100644
--- a/client/mysqldump.c
+++ b/client/mysqldump.c
@@ -3039,6 +3039,18 @@ static void dump_table(char *table, char *db)
     DBUG_VOID_RETURN;
   }
 
+  /*
+     Check --skip-events flag: it is not enough to skip creation of events
+     discarding SHOW CREATE EVENT statements generation. The myslq.event
+     table data should be skipped too.
+  */
+  if (!opt_events && !my_strcasecmp(&my_charset_latin1, db, "mysql") &&
+      !my_strcasecmp(&my_charset_latin1, table, "event"))
+  {
+    verbose_msg("-- Skipping data table mysql.event, --skip-events was used\n");
+    DBUG_VOID_RETURN;
+  }
+
   result_table= quote_name(table,table_buff, 1);
   opt_quoted_table= quote_name(table, table_buff2, 0);
 
diff --git a/mysql-test/r/mysqldump.result b/mysql-test/r/mysqldump.result
index 58bcac42f9c..d8688ea5509 100644
--- a/mysql-test/r/mysqldump.result
+++ b/mysql-test/r/mysqldump.result
@@ -4177,5 +4177,18 @@ set names latin1;
 # Cleanup.
 DROP DATABASE mysqldump_test_db;
 #
+# BUG#29938: wrong behavior of mysqldump --skip-events
+#            with --all-databases
+#
+TRUNCATE mysql.event;
+USE test;
+CREATE event e29938 ON SCHEDULE AT '2035-12-31 20:01:23' DO SET @bug29938=29938;
+SHOW EVENTS;
+Db	Name	Definer	Time zone	Type	Execute at	Interval value	Interval field	Starts	Ends	Status	Originator	character_set_client	collation_connection	Database Collation
+test	e29938	root@localhost	SYSTEM	ONE TIME	2035-12-31 20:01:23	NULL	NULL	NULL	NULL	ENABLED	1	latin1	latin1_swedish_ci	latin1_swedish_ci
+TRUNCATE mysql.event;
+SHOW EVENTS;
+Db	Name	Definer	Time zone	Type	Execute at	Interval value	Interval field	Starts	Ends	Status	Originator	character_set_client	collation_connection	Database Collation
+#
 # End of 5.1 tests
 #
diff --git a/mysql-test/t/mysqldump.test b/mysql-test/t/mysqldump.test
index 171434f9dfd..0440b0fb63a 100644
--- a/mysql-test/t/mysqldump.test
+++ b/mysql-test/t/mysqldump.test
@@ -1755,6 +1755,22 @@ DROP DATABASE mysqldump_test_db;
 
 ###########################################################################
 
+--echo #
+--echo # BUG#29938: wrong behavior of mysqldump --skip-events
+--echo #            with --all-databases
+--echo #
+
+TRUNCATE mysql.event;
+
+USE test;
+CREATE event e29938 ON SCHEDULE AT '2035-12-31 20:01:23' DO SET @bug29938=29938;
+SHOW EVENTS;
+--exec $MYSQL_DUMP --skip-events --all-databases > $MYSQLTEST_VARDIR/tmp/bug29938.sql
+
+TRUNCATE mysql.event;
+--exec $MYSQL < $MYSQLTEST_VARDIR/tmp/bug29938.sql
+SHOW EVENTS;
+
 --echo #
 --echo # End of 5.1 tests
 --echo #