Dubai has secured the top position globally in attracting Foreign Direct Investment (FDI) projects in the cultural and creative industries in 2022.
The achievement highlights Dubai's leadership and competitiveness as a global hub for the creative economy. The report, compiled by Dubai's Department of Economy and Tourism, reveals that Dubai surpassed major cities such as London, Singapore, Paris, and Berlin by attracting a record-breaking 451 FDI projects in the cultural and creative sectors, representing a remarkable increase of 107.7%.
The emirate's leading position reflects its commitment to fostering a dynamic creative ecosystem and positioning itself as a preferred destination for creative talent and investment. It is a testament to the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, who aims to establish the city as a global center for culture, innovation, and talent.
Dubai's total FDI capital flows in the cultural and creative industries reached AED7.357 billion in 2022, ranking the city first in the MENA region and 12th globally. This influx of FDI generated an estimated 12,368 jobs, positioning Dubai as a leader in job creation in FDI in both the MENA region and the world.
The United States, India, the United Kingdom, France, and Switzerland emerged as the top foreign direct investors in Dubai's cultural and creative industries. Greenfield FDI projects accounted for the majority of investments, followed by New Forms of Investments (NFIs), mergers and acquisitions, reinvestment projects, and greenfield joint ventures.
Dubai's success in attracting FDI projects demonstrates its commitment to building a supportive environment, world-class infrastructure, and a legislative system that stimulates the creative economy. The city aims to attract global talents, investors, and entrepreneurs while enhancing the competitiveness of the cultural and creative industries in the global market.
The achievement also reflects Dubai's strategic focus on key markets such as the United States, India, the United Kingdom, France, and Switzerland, with targeted engagements and collaborative efforts to showcase Dubai's creative landscape and establish partnerships.
Dubai's creative industries have shown dynamic trends, with sectors like non-video game software publishers, custom computer programming services, architectural and engineering services, and data processing experiencing notable growth. The motion picture and sound recording industries have also gained traction, indicating the city's expanding role in these areas.
The top global ranking in FDI projects reinforces Dubai's dedication to nurturing creative industries and contributes to its vision of a diversified, sustainable, and knowledge-based economy. The achievement aligns with Dubai's objective of being one of the top three economic cities globally, as outlined in the Dubai Economic Agenda, D33.
News Source: Dubai Media Office
