LONDON: Dubai ranked as the top global destination for foreign direct investment in the cultural and creative industries during 2022, in terms of number of projects, according to official figures.
Sheikha Latifa bint Mohammed Al-Maktoum, chair of Dubai Culture and Arts Authority and a member of Dubai Council, announced on Sunday that the Dubai FDI Monitor report, compiled by Dubai’s Department of Economy and Tourism based on data from the Financial Times’ fDi Markets database, found that the emirate attracted 451 projects in these fields last year. This represented a 107 percent increase compared with the previous year, leaving major global competitors such as London, Singapore, Paris and Berlin trailing.
“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,” said Sheikha Latifa.
She attributed the success to the unique approach of authorities in Dubai and the strength of the emirate’s infrastructure and its legal, legislative, creative and digital environments. She said it attracts innovators and talented individuals from around the world by providing them with a supportive environment in which innovative projects can thrive and ambitious ideas become flourishing economic enterprises.
According to the report, the leading sources of foreign direct investment in the emirate’s cultural and creative industries were the US, India, the UK, France and Switzerland, which topped the list in terms of FDI capital inflows, aligning with Dubai’s strategic focus on these markets as key partners.
FDI capital flows in the cultural and creative industries in Dubai were worth 7.36 billion dirhams ($2 billion) in 2022, ranking first in the Middle East and North Africa region and 12th globally in terms of total value, an improvement from 14th place in 2021.
Helal Saeed Almarri, director-general of the Department of Economy and Tourism, said that FDI projects do not only attract capital investment but have also played a crucial role in creating 12,368 jobs, placing Dubai first in the MENA region and sixth globally in terms of jobs created by FDI.
He added that Dubai’s leading position is a testament to the emirate’s unwavering commitment to fostering a vibrant creative ecosystem that can solidify its reputation as a thriving hub for exceptional talent, an incubator for innovation, and a prime destination for investment. He added that authorities remain steadfast in their determination to enhance the competitive nature and global appeal of the emirate’s creative sector.
