Dubai has achieved a top global ranking in attracting foreign direct investment (FDI) projects in the cultural and creative industries in 2022, Sheikha Latifa bint Mohammed bin Rashid Al Maktoum, Chairperson of Dubai Culture and Arts Authority and Member of the Dubai Council, said.
According to the Dubai FDI Monitor report, compiled by Dubai’s Department of Economy and Tourism (DET) and based on data from the Financial Times’ ‘fDi Markets’,’ the city attracted a record-breaking 451 projects in the cultural and creative industries last year.
This marks a whopping over 107 percent jump from the previous year, surpassing major global cities such as London, Singapore, Paris, and Berlin.
The US, India, the UK, France and Switzerland emerged as the leading foreign direct investors in the emirate’s cultural and creative industries in terms of FDI projects, while the US, India, Switzerland, France and UK topped the list in terms of FDI capital inflows.
This aligns with the emirate’s strategic focus on these markets as key partners through targeted engagements.
The city’s total FDI capital flows in the cultural and creative industries surged to AED7.36 billion in 2022, ranking the city 1st in the MENA region and 12th globally, up from 14th in 2021.
Dubai: Leading the way in FDI and job creation
The FDI projects generated an estimated 12,368 jobs, positioning Dubai 1st in the MENA region and 6th globally.
The emirate’s leading position in the global index underlines its commitment to fostering a dynamic creative ecosystem and cements its position as a hub for exceptional creative talent, a breeding ground for innovation and a preferred destination for investment.
Sheikha Latifa said the latest ranking embodies the emirate’s unique approach and reflects the strength and maturity of its infrastructure and its legal, legislative, creative and digital environment.
“The emirate attracts innovators and talented individuals worldwide, providing them with an enabling environment where innovative projects can flourish, ground-breaking ideas can be nurtured and ambitious concepts can be transformed into thriving economic ventures,” she said.
Sheikha Latifa said Dubai achieves this distinction also by leveraging its unique cultural diversity and renowned status as a premier destination for living, working, and investing.
Helal Saeed Almarri, Director General of the emirate’s Department of Economy and Tourism, said the department looks forward to continuing its efforts to enhance the competitiveness and attractiveness of this sector in the global market.
In 2022, Dubai Culture participated in global missions to cities within the UK and the US to showcase the emirate’s unique creative landscape and establish collaborations with creative entrepreneurs and organisations.
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