key points:
Dubai’s Global Leadership in FDI for Cultural and Creative Industries: Dubai has emerged as a frontrunner in attracting Foreign Direct Investment (FDI) for cultural and creative industries, topping global rankings in 2022.
Record-High FDI Projects: The Dubai FDI Monitor report, a collaboration between the Department of Economy & Tourism (DET) and Financial Times fDi Markets, reveals a record-high of 451 FDI projects in these sectors, marking a significant increase from previous years.
Dubai’s Commitment to Creative Economy: Achieving an overall business growth of 7% in FY 2013-14, Dubai demonstrates its commitment to promoting the creative economy, aiming to be recognized as the Capital of the Creative Economy by 2026.
Surging FDI Capital: FDI capital in Dubai’s cultural and creative industries reached AED 7 billion in 2022, doubling from $170 billion in 2021, propelling Dubai to the top destination for FDI in the MENA region and 12th globally in the retail industry.
Job Creation and Economic Impact: This surge in FDI has directly contributed to the creation of approximately 12,368 jobs, showcasing Dubai’s prowess in generating employment through FDI and ranking sixth globally in this context.
Leadership’s Role: Dubai’s leadership, including H. H. Sheikha Latifa bint Mohammed bin Rashid Al Maktoum, emphasizes the importance of creating an enabling environment for creativity through infrastructure development and proper regulations.
Future Growth and Development: Dubai’s achievement in leading global FDI inflows for cultural and creative industries sets a precedent for future growth, showcasing the emirate’s cultural diversity, world-class infrastructure, and supportive business environment as key drivers of success.
Vision for the Creative Economy: As Dubai strives to become the global capital of the creative economy, it serves as a testament to the power of strategic vision and robust support systems in driving economic prosperity and development in the creative sectors.
Dubai has cemented its position as a global hub for Foreign Direct Investment (FDI) in the cultural and creative industries, topping global rankings for FDI inflows in this sector during 2022. According to the Dubai FDI Monitor report, a collaboration between the Department of Economy & Tourism (DET) and Financial Times fDi Markets, Dubai attracted a record-high 451 FDI projects in these sectors, marking a significant increase from previous years.
The report reveals that Dubai’s concerted efforts to foster a conducive environment for creativity and innovation have paid off, with the emirate achieving an overall business growth of 7% in FY 2013-14. This accomplishment underscores Dubai’s commitment to promoting the creative economy and its ambitious goal of being recognized as the Capital of the Creative Economy by 2026.
The total FDI capital in Dubai’s cultural and creative industries soared to AED 7 billion in 2022, representing a doubling from $170 billion in 2021 to reach $357 billion. Despite ranking 14th worldwide in 2021, Dubai now stands as the top destination for FDI in the MENA region and 12th globally in the retail industry. This remarkable growth has directly contributed to the creation of approximately 12,368 jobs, reaffirming Dubai’s position as a global leader in employment generation through FDI.
Leadership has been instrumental in driving Dubai’s success in attracting FDI to the cultural and creative sectors. H. H. Sheikha Latifa bint Mohammed bin Rashid Al Maktoum, Chairperson of the Dubai Culture and Arts Authority, emphasized the importance of creating an enabling environment supported by the right infrastructure and regulatory framework. This vision aligns with the Dubai Economic Agenda (D33), which aims to position the emirate among the world’s top three cities.
The strategic engagement of Dubai with key markets such as the United States, India, the United Kingdom, France, and Switzerland has further enhanced its attractiveness to foreign investors. Through targeted missions and collaborations, Dubai has emerged as a premier destination for creative talent and investment, fostering partnerships that drive economic growth and development.
The diversity of FDI projects in Dubai reflects the emirate’s commitment to digital transformation and sustainable development. Greenfield projects, mergers and acquisitions, and reinvestment projects collectively contribute to Dubai’s thriving creative ecosystem. Sectors such as non-video game software publishing, custom computer programming services, architectural and engineering services, and data processing have witnessed significant growth, underscoring Dubai’s focus on innovation and technology.
Dubai’s achievement in leading global FDI inflows for the cultural and creative industries not only highlights its current capabilities but also sets a precedent for future growth. With its cultural diversity, world-class infrastructure, and supportive business environment, Dubai continues to attract innovative projects and talented individuals from around the world. As the emirate pursues its vision of becoming the global capital of the creative economy, it serves as a testament to the power of strategic vision and robust support systems in driving economic prosperity and development in the creative sectors.