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Dubai Tops Global Rankings in FDI for Cultural and Creative Industries

Photo : Dubai Government Media Office

Her Highness Sheikha Latifa bint Mohammed bin Rashid Al Maktoum, Chairperson of the Dubai Culture and Arts Authority (Dubai Culture), reaffirmed the commitment of the emirate to maintaining its global leadership and enhancing its competitiveness as a hub for the creative economy worldwide. According to the 2023 Foreign Direct Investment (FDI) Index, Dubai emerged as the top-ranked city globally out of 115 cities for FDI capital inflows into cultural and creative industries (CCI) projects, as well as for generating employment opportunities within these sectors. This remarkable achievement places Dubai ahead of major global centers such as London, New York, and Singapore. The ranking is based on data sourced from the Financial Times’ 'fDi Markets' report, a premier database for Greenfield FDI projects, along with the report’s 'Creative Industries Cluster' data classification, which assesses the performance of various sub-sectors within the CCI.

The Dubai FDI Monitor, released by the Dubai Department of Economy and Tourism (DET), revealed that Dubai attracted a total of 898 announced FDI projects in the cultural and creative industries in 2023, nearly doubling the figure recorded in the preceding year (451). These projects brought in a total FDI capital inflow of AED 11.8 billion, indicating a significant increase of 60%. Additionally, it is estimated that these investments led to the creation of approximately 21,563 new job opportunities in the sector during 2023, reflecting a notable surge of 74% compared to the corresponding figures in 2022.

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Highlighting the factors contributing to Dubai's success in attracting FDI, Sheikha Latifa emphasized the emirate's advanced infrastructural, legislative, legal, and digital frameworks. These frameworks play a pivotal role in fostering a conducive investment climate, thereby creating a flexible, open, and appealing environment for businesses and capital worldwide. She noted that Dubai has established an ecosystem that draws top skills and talent from around the globe, enriching its cultural diversity. This, in turn, has facilitated remarkable intellectual cross-pollination and sustainable development, positioning the emirate as a land of opportunity for creatives and entrepreneurs seeking promising investment prospects.

Sheikha Latifa attributed Dubai's achievements in FDI into CCI to the visionary leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, who aims to solidify the emirate's status as a global capital for culture, creativity, and talent. She applauded the concerted efforts aimed at promoting ease of doing business, fostering innovation, and addressing the evolving needs of the cultural and creative industries.

Helal Saeed Almarri, Director General of Dubai Department of Economy and Tourism (DET), underscored Dubai's position as a frontrunner in attracting greenfield FDI, driven by robust investment and job creation across various sectors, including cultural and creative industries. He attributed this strong performance to the visionary guidance of Sheikh Mohammed bin Rashid Al Maktoum and emphasized the ongoing collaboration with stakeholders across the public and private sectors to further enhance investment inflows into the city.

Analyzing the top source countries for FDI capital inflows into CCI in Dubai during 2023, data from the Dubai FDI Monitor and the Dubai Framework for Cultural Statistics classification revealed a notable increase in capital inflows from key markets. The United States led the list with 33.2%, followed by the United Kingdom (12.4%), India (9.1%), Hungary (4%), and Denmark (3%). These countries also contributed significantly to job creation and the number of announced FDI projects within Dubai's creative industries cluster.

The data further illustrated that Greenfield (wholly-owned) FDI projects accounted for the majority (78.7%) of total FDI projects in Dubai's CCI in 2023, followed by New Forms of Investments (16.1%), Reinvestment projects (3%), and Mergers & Acquisitions (2.1%). These figures underscore the diverse investment landscape within Dubai's cultural and creative sectors and highlight the emirate's focus on fostering sustainable growth and innovation in alignment with its developmental goals.

June 5, 2024 10:53 a.m. 462

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