Key Points :
- Global Leadership:
- Dubai ranked first globally in attracting Foreign Direct Investment (FDI) for cultural and creative industries in 2022.
- The Dubai FDI Monitor report recorded 451 FDI projects, the highest number to date.
- Economic Growth:
- Dubai experienced a 7% business growth in FY 2013-14 compared to the previous year.
- Aiming to be the Capital of the Creative Economy by 2026.
- FDI Capital and Job Creation:
- Total FDI capital in the cultural and creative industries reached AED 7 billion.
- FDI capital doubled from $170 billion in 2021 to $357 billion in 2022.
- Dubai ranked first in the MENA region and 12th globally in FDI capital inflows.
- Created approximately 12,368 jobs, ranking sixth globally in job creation through FDI.
- Leadership and Support:
- H.H. Sheikha Latifa bint Mohammed bin Rashid Al Maktoum emphasized the creation of an enabling environment with proper infrastructure and regulations.
- Efforts are aligned with the Dubai Economic Agenda (D33) to make Dubai one of the top three global cities.
- Strategic Engagement:
- Key markets include the United States, India, the United Kingdom, France, and Switzerland.
- Targeted engagement strategies, global missions, and collaborations enhanced Dubai’s attractiveness for investment.
- Diverse FDI Projects:
- Greenfield (wholly-owned) projects made up 76% of the total in 2022.
- Growth in non-video game software publishing, custom computer programming services, architectural and engineering services, and data processing.
- Future Vision:
- Dubai aims to continue attracting innovative projects and talented individuals.
- The goal is to become the global capital of the creative economy, demonstrating the impact of strategic vision and robust support systems on economic growth.
These points summarize Dubai’s achievements and strategic efforts in attracting FDI in the cultural and creative industries, highlighting its leadership, economic impact, and future ambitions.
Global Leadership in FDI:
- Dubai ranked first globally in attracting Foreign Direct Investment (FDI) for the cultural and creative industries in 2022.
- The Dubai FDI Monitor report, based on data from the Financial Times fDi Markets, recorded 451 FDI projects in this sector, a record high with 107 projects increasing from 2009.
Economic Growth and Targets:
- In FY 2013-14, Dubai experienced a 7% overall business growth over the previous year.
- Dubai aims to be designated as the Capital of the Creative Economy by 2026, reflecting its sustained efforts in supporting and promoting the creative economy.
FDI Capital and Job Creation:
- Total FDI capital in Dubai’s cultural and creative industries reached AED 7 billion.
- The capital doubled from $170 billion in 2021 to $357 billion in 2022.
- Dubai ranked first in the MENA region and 12th globally in FDI capital inflows, up from 14th in 2021.
- Cumulative FDI directly created approximately 12,368 jobs, ranking Dubai sixth globally in job creation through FDI.
Leadership and Infrastructure:
- Leadership in Dubai, particularly H.H. Sheikha Latifa bint Mohammed bin Rashid Al Maktoum, has been pivotal in encouraging creativity and developing the creative culture.
- Creation of an enabling environment through infrastructure development and proper laws and regulations has supported the sector’s growth.
Dubai Economic Agenda (D33):
- The Dubai Economic Agenda (D33) aims to make Dubai one of the top three global cities.
- This goal is supported by the leadership of H.H. Sheikh Mohammed bin Rashid Al Maktoum and the collaborative efforts of relevant parties and investors.
Strategic Engagement with Key Markets:
- Dubai’s strategic engagement with countries like the United States, India, the United Kingdom, France, and Switzerland has been crucial.
- These countries are leading foreign investors in Dubai’s creative sectors in terms of project numbers and capital inflows.
- Global missions and collaborations have enhanced Dubai’s appeal as a destination for creative talent and investment.
Diverse FDI Projects:
- Greenfield (wholly-owned) projects accounted for 76% of the total FDI projects in 2022.
- Other types of investments include new forms of investments, mergers and acquisitions, and reinvestment projects.
- Significant growth was seen in sectors like non-video game software publishing, custom computer programming services, architectural and engineering services, and data processing.
Future Growth and Vision:
- Dubai’s success in attracting FDI in the cultural and creative industries sets a precedent for future growth.
- The city’s cultural diversity, world-class infrastructure, and supportive business environment continue to attract innovative projects and talent.
- As Dubai progresses towards becoming the global capital of the creative economy, it exemplifies how strategic vision and robust support systems can drive substantial economic growth and development in creative sectors.
