Dubai Ranks No. 1 Globally in FDI for Cultural & Creative Industries

Dubai Ranks No. 1 Globally in FDI for Cultural & Creative Industries

H.H. Sheikha Latifa bint Mohammed bin Rashid Al Maktoum, Chairperson of Dubai Culture and Arts Authority (Dubai Culture), reaffirmed the emirate’s commitment to maintaining its leadership and enhancing its competitiveness as a global capital of the creative economy.

In the 2023 Foreign Direct Investment (FDI) Index, Dubai ranked No. 1 globally out of 115 cities for FDI capital inflows into cultural and creative industries (CCI) projects and for creating job opportunities in these sectors. This achievement surpasses major global centres like London, New York, and Singapore. The ranking is based on data from the Financial Times’ ‘fDi Markets’ report, the premier source for Greenfield FDI projects data, and the report’s ‘Creative Industries Cluster’ data classification, which measures the performance of the sub-sectors that fall within the CCI.

According to data from the Dubai FDI Monitor, released by the Dubai Department of Economy and Tourism (DET), Dubai succeeded in attracting 898 announced FDI projects into the cultural and creative industries in 2023, almost double the figure registered in the previous year (451), with a total FDI capital inflow of AED11.8 billion, marking a 60 percent increase. Additionally, an estimated 21,563 new job opportunities were created through FDI in the sector in 2023, reflecting a 74 percent rise from the corresponding figure in 2022.

Attractive ecosystem

Sheikha Latifa affirmed that Dubai has maintained its global leadership in attracting FDI into projects due to its advanced infrastructural, legislative, legal, and digital frameworks. These frameworks stimulate the investment climate and create a flexible, open, and attractive environment for businesses and capital worldwide, making it a model for fostering innovation.

“Dubai has successfully established an ecosystem that attracts top skills and talent globally, enhancing its cultural diversity,”

Her Highness said.

“This has led to exceptional intellectual cross-pollination and comprehensive, sustainable development, turning the emirate into a land of opportunity for creatives and entrepreneurs who have found promising investment opportunities here, making it the best city in the world to visit, live, work, and invest in.”

She added,

“This is thanks to the unique approach and visionary insights of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, aimed at cementing the emirate’s position as a global capital for culture, creativity, and talent.”

Sheikha Latifa commended Dubai's global leadership in attracting Foreign Direct Investment (FDI) to Cultural and Creative Industries (CCI), attributing it to the government's efforts in promoting business ease, nurturing creativity, and addressing industry needs, ultimately fostering cultural vibrancy and sustainable development.

Helal Saeed Almarri, Director-General of Dubai Department of Economy and Tourism (DET), said,

“Dubai has continued to consolidate its position as a global leader in attracting greenfield FDI, supported by robust investment and job creation across many of the city’s key sectors, including the cultural and creative industries.

Top source countries

In 2023, Dubai witnessed increased FDI capital inflows in its creative industries cluster. The US led with 33.2%, followed by the UK, India, Hungary, and Denmark. The US also topped job creation, while the UK led in announced FDI projects. Greenfield projects dominated, comprising 78.7% of total investments.

News Source: Emirates News Agency

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