Dubai’s creative economy tops global ranking in FDI Projects

Dubai has firmly established itself as the global leader in attracting foreign direct investment projects within the cultural and creative industries. The emirate’s just-announced accomplishment of 451 new projects in 2022 has propelled its position as the world’s capital of the creative economy and created 12,368 new jobs.

Regarding FDI capital inflows, Dubai’s cultural and creative industries substantially increased, reaching Dh7.357 billion in 2022. This surge in the capital inflow has further solidified Dubai’s reputation as the frontrunner in the Middle East and North Africa (Mena) region and placed it 12th globally, a remarkable improvement from the 14th position in 2021.

The Dubai FDI Monitor report, which draws data from the ‘fDi Markets’ by the Financial Times, underpins Dubai’s top-ranking status. The report reveals that Dubai led globally in attracting FDI projects in the cultural and creative industries, maintaining its 6th spot worldwide in job creation through FDI. Greenfield FDI projects, wholly-owned ventures, constituted a significant majority, accounting for 76 per cent of the total FDI projects in Dubai’s cultural and creative sectors.

Sheikha Latifa bint Mohammed bin Rashid Al Maktoum, Chairperson of Dubai Culture and Arts Authority and Member of the Dubai Council, said: “These notable accomplishments exemplify the remarkable strides made by Dubai’s cultural and creative industries and highlight the strength of its economic ecosystem. The emirate attracts innovators and talented individuals worldwide, providing them with an enabling environment where innovative projects can flourish, ground-breaking ideas can be nurtured and ambitious concepts can be transformed into thriving economic ventures. Dubai achieves this by leveraging its unique cultural diversity and renowned status as a premier destination for living, working, and investing. Moreover, Dubai is committed to establishing a sustainable development landscape that transcends the present and future, ultimately positioning itself as the global capital of the creative economy by 2026.”

Helal Saeed Almarri, Director-General of Dubai’s Department of Economy and Tourism, said: “This remarkable achievement ensures that Dubai further consolidates its status as one of the top three global cities as envisaged under the Dubai Economic Agenda, D33. We are grateful to our partners, stakeholders and investors for their trust and collaboration in making this happen. The No.1 global ranking in attracting FDI projects into the CCI sector also highlights Dubai’s commitment to build on and leverage its supportive environment, world-class infrastructure and a legislative system that stimulates the creative economy, attracting a new generation of global talents, investors and entrepreneurs. We look forward to continuing our efforts to enhance the competitiveness and attractiveness of this sector in the global market.”