Dubai attracts AED 11.8 billion in foreign investments in “creative industries”

Dubai topped the 2023 FDI Cultural and Creative Industries Index, according to the Financial Times’ fDi Markets report, the leading source of data on new FDI projects. Dubai maintained its position as the world’s top destination for job creation and venture capital flows in the cultural and creative industries sector, out of 115 cities ranked in the report.

According to data from the Dubai Foreign Investment Observatory issued by the Department of Economy and Tourism in Dubai, the emirate succeeded in attracting 898 projects in the cultural and creative industries sector last year, which is about double the number recorded in 2022, at about 451 projects.

This led to a 60% increase in total FDI capital inflows to the sector to AED 11.8 billion, and contributed to the creation of 21,563 new job opportunities through these projects last year, representing a 74% increase compared to 2022.

Dubai is consolidating its position as a home for creative energies and a hub of attraction for them from all over the world, in order to achieve the goals of the “Dubai Creative Economy Strategy”, which is to double the contribution of the creative sector to the emirate’s GDP from 2.6% by the end of 2020, to 5% by 2026, as well as to double the number of creative companies in the fields of content, design and culture from 8,300 companies to 15,000, and to double the number of creative jobs from 70,000 to 140,000 jobs during the same period.

In the Emirate of Abu Dhabi, the creative economy and cultural and creative industries are key drivers of economic growth and diversification. The Department of Culture and Tourism in Abu Dhabi launched the Abu Dhabi Strategy for Cultural and Creative Industries, as part of a five-year cultural agenda that aims to combine major investments and unprecedented measures to create an environment conducive to the flourishing of cultural and creative industries.

Abu Dhabi has pumped significant strategic investments into establishing thriving cultural and creative industries, with the total value of planned investments in this sector exceeding AED 30 billion.

The various emirates of the country continue to work to support and enhance the creative economy in line with the country’s strategy aimed at nurturing the future generation of creative thinkers, enriching their knowledge and life skills, and activating their role in economic growth and sustainable development.

The UAE is working to enhance its leading position as a global destination for the creative economy, within a comprehensive future vision and strategy that aims to diversify the national economy and focuses on transforming the country into a preferred destination for innovators, investors and entrepreneurs from all over the world.

The UAE is one of the leading countries in the creative economy in the region and the world. Its role in promoting and developing this sector on a global level is expected to grow, especially in light of the competitive infrastructure provided by the country that encourages investment in innovation and creativity, in addition to its ongoing efforts to support cultural and creative industries, which are a major contributor to diversifying the economy.

The UAE has launched several programmes and initiatives over the past years to support the move towards a creative economy, enhance innovation and investment in creative projects, and provide new opportunities for growth, most notably the National Strategy for Cultural and Creative Industries, which establishes a new phase in the future of the creative economy, establishes strong foundations to enhance the contribution of the cultural and creative industries sector to achieving sustainable development, and enhances the presence and position of the UAE as a global destination that attracts creative expertise and talents.

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The creative economy is a fundamental pillar of the UAE’s strategy for growth and development over the next 50 years, especially since the creative economy is one of the fastest growing economic sectors in the world, contributing more than 6.1% of the global GDP, in addition to generating annual revenues exceeding two trillion dollars.

• The UAE is strengthening its position as a global destination for the creative economy.