The global digital creative economy is on track to reach a staggering Dhs27tn by 2030, fueled by technologies such as artificial intelligence (AI) and virtual reality (VR), according to a new study from Dubai Design District (d3) and Dubai Media City, in collaboration with digital consultancy Monstarlab.
The "Digital Creative Economy 2024" white paper gathered insights from over 400 design and media professionals and interviewed 20 industry leaders, underscoring Dubai’s ambition to become the global hub for creative industries. The Financial Times’ fDi Markets report ranked Dubai first in 2023 for foreign direct investment (FDI) in cultural and creative sectors.
The study highlights the rapid growth of the digital creative economy, which is expanding at 11% annually, encompassing sectors like media, design, fashion, and visual arts.
Embracing Digital Transformation
With the rise of generative AI reshaping industries, the white paper emphasizes the importance of equipping future talent with the skills needed to leverage new technologies. Majed Al Suwaidi, SVP of Dubai Media City at TECOM Group, noted,
“Content production, distribution, and monetization are evolving rapidly,”
and that strategic support from initiatives like the Dubai Economic Agenda ‘D33’ will be essential for fostering innovation.
Khadija Al Bastaki, SVP of Dubai Design District (d3), echoed these sentiments, stressing that the creative sector is a vital engine for economic growth. Dubai’s Creative Economy Strategy aims to increase the sector’s GDP contribution to 5% by next year, supported by a multicultural, pro-business environment.
Impact of Emerging Technologies
According to the report, 42% of design professionals and 46% of media experts anticipate that advanced technologies and AI will significantly impact their industries. With its strong infrastructure, Dubai is positioning itself as a key player in the global creative scene, with the majority of professionals agreeing that the city is well-equipped to lead.
Comparing Dubai to other global creative capitals like Milan and London, the report highlights the city’s competitive edge in terms of talent, government support, and innovation. Events like Dubai Fashion Week and strategic initiatives such as Dubai's AI Blueprint and the Virtual Assets Regulatory Authority are key drivers in advancing AI adoption in the region.
The white paper’s release coincides with d3’s plans to expand its creative economy, aiming to elevate both local and global designers through collaboration and innovation.
News Source: Gulf Business
