By : Dina Abdelmoneim
Dubai Culture: 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 AED 7.357 billion in 2022. This surge in the capital inflow has further solidified Dubai's reputation as the frontrunner in the 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% of the total FDI projects in Dubai's cultural and creative sectors.
Dubai's unprecedented success in attracting FDI projects can be attributed to its robust infrastructure, well-established legal framework, and thriving creative and digital ecosystem. These factors have transformed Dubai into an irresistible hub for innovators and investors, offering a fertile ground for launching ambitious projects and leading visionary ideas to become tangible economic ventures.
The US, India, the UK, France, and Switzerland emerged as the key foreign direct investors from the report regarding FDI projects, while the US, India, Switzerland, France and UK topped the list in terms of FDI capital inflows. This strategic alignment with these markets has been fostered through active engagement and targeted missions by Dubai Culture & Arts Authority, showcasing the emirate's unique creative landscape and forging collaborations with entrepreneurs and organisations worldwide.
Dubai's top global ranking in FDI projects is a testament to its unwavering dedication to nurturing the growth of creative industries, reinforcing its standing as an innovative hub for talent and investment. This commitment aligns seamlessly with Dubai's overarching vision of cultivating a diversified, sustainable, and knowledge-based economy. By emphasising creativity, collaboration, and innovation, Dubai has firmly established itself as a global centre for culture, an incubator for creativity, and a thriving hub for talent.
To read the full press release, visit https://dubaiculture.gov.ae/en/news-and-press-releases/Dubai-ranks-first-globally-in-attracting-FDI-projects
