Dubai: Dubai has achieved top global ranking in attracting foreign direct investment (FDI) projects in the cultural and creative industries in 2022, it was announced on Sunday.
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’, Dubai attracted a record-breaking 451 projects in the cultural and creative industries, a 107.7 per cent increase, surpassing major global cities such as London, Singapore, Paris, and Berlin.
This further reinforces the emirate’s leadership and growing competitiveness as the global capital of the creative economy, said Sheikha Latifa bint Mohammed bin Rashid Al Maktoum, Chairperson of Dubai Culture and Arts Authority and Member of the Dubai Council.
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“These notable accomplishments exemplify the remarkable strides made by Dubai’s cultural and creative industries and highlight the strength of its economic ecosystem. 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. Dubai achieves this by leveraging its unique cultural diversity and renowned status as a premier destination for living, working, and investing. Moreover, Dubai is committed to establishing a sustainable development landscape that transcends the present and future, ultimately positioning itself as the global capital of the creative economy by 2026,” Sheikha Latifa said.
Dubai’s total FDI capital flows in the cultural and creative industries surged to Dh7.357 billion in 2022, ranking the city 1st in the MENA region and 12th globally (up from 14th in 2021). This FDI generated an estimated 12,368 jobs, positioning Dubai 1st in the MENA region and 6th globally (maintaining the same level as 2021) in job creation in FDI.
Helal Saeed Almarri, Director General of Dubai’s Department of Economy and Tourism, said: “The No.1 global ranking in attracting FDI projects into the CCI sector highlights Dubai’s commitment to build on and leverage its supportive environment, world-class infrastructure and a legislative system that stimulates the creative economy, attracting a new generation of global talents, investors and entrepreneurs. We look forward to continuing our efforts to enhance the competitiveness and attractiveness of this sector in the global market.”
The US, India, the UK, France and Switzerland emerged as the leading foreign direct investors in Dubai’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.
Greenfield (wholly-owned) FDI projects accounted for 76 per cent of the total in Dubai’s cultural and creative industries in 2022, followed by New Forms of Investments (NFIs), which accounted for 13 per cent, Mergers & Acquisitions and Reinvestment projects making up 5 per cent each, and Greenfield (joint-ventures) at 1 per cent.
