key points :
Dubai leads globally in attracting FDI for cultural and creative industries, with a record high of 451 projects.
FDI capital in Dubai’s cultural and creative sectors reaches AED 7 billion, doubling from $170 billion in 2021 to $357 billion in 2022.
Leadership in Dubai, particularly by H.H. Sheikha Latifa bint Mohammed bin Rashid Al Maktoum, plays a crucial role in fostering creativity and development.
Strategic engagement with key markets like the United States, India, and the United Kingdom bolsters Dubai’s attractiveness for investment.
Diverse FDI projects in Dubai’s creative sectors, including Greenfield projects, mergers, acquisitions, and reinvestments, reflect the city’s emphasis on digital transformation and sustainability.
Dubai’s achievement sets a precedent for future growth and development in the global creative economy, showcasing the impact of visionary leadership and strategic initiatives.
Dubai Emerges as Global Leader in Cultural and Creative Industry FDI
Dubai has solidified its position as a global frontrunner in attracting Foreign Direct Investment (FDI) for the cultural and creative industries, according to the latest Dubai FDI Monitor report released by the Department of Economy & Tourism (DET) in collaboration with Financial Times fDi Markets.
The report reveals a record high of 451 FDI projects in the cultural and creative sectors, with Dubai leading the charge with 107 projects, marking a significant increase from previous years.
One of the key highlights of this achievement is Dubai’s remarkable growth in FDI capital within the cultural and creative industries, which reached AED 7 billion. This substantial increase, doubling from $170 billion in 2021 to $357 billion in 2022, positions Dubai as a global leader in this domain, ranking 12th worldwide and topping the MENA region.
Moreover, Dubai’s strategic approach has not only attracted substantial investments but has also contributed to job creation, with approximately 12,368 jobs directly attributed to FDI in these sectors. This places Dubai sixth globally in terms of employment generation through FDI.
The success can be attributed to Dubai’s visionary leadership, with H.H. Sheikha Latifa bint Mohammed bin Rashid Al Maktoum, Chairperson of the Dubai Culture and Arts Authority, emphasizing the importance of creating an enabling environment for creativity. This includes the development of infrastructure and regulatory frameworks tailored to the needs of the creative sector.
Dubai’s strategic engagement with key global markets such as the United States, India, the United Kingdom, France, and Switzerland has further contributed to its success. These countries have emerged as significant investors in Dubai’s creative sectors, showcasing the city’s global appeal and attractiveness for creative talent and investment.
The diversity of FDI projects in Dubai’s creative sectors, including Greenfield projects, mergers and acquisitions, and reinvestment projects, reflects the city’s emphasis on digital transformation and sustainable development. Sectors such as non-video game software publishing, custom computer programming services, architectural and engineering services, and data processing have witnessed notable growth, indicating Dubai’s commitment to innovation and modernization.
Dubai’s achievement in topping global FDI inflows in the cultural and creative industries underscores its potential for future growth and development. With its cultural diversity, world-class infrastructure, and supportive business environment, Dubai continues to attract innovative projects and talented individuals from across the globe.
As Dubai pursues its goal of becoming the global capital of the creative economy by 2026, it sets a precedent for other cities worldwide, demonstrating how strategic vision and robust support systems can drive substantial economic growth and development in the creative sectors.
