Dubai, United Arab Emirates – Dubai continues to assert its position as the world’s capital of the creative economy, attracting a record number of Foreign Direct Investment (FDI) projects in the cultural and creative industries to increase the Dubai Creative Economy. The emirate’s relentless pursuit of excellence has resulted in the establishment of 451 new projects in 2022, solidifying Dubai’s global leadership and creating 12,368 new job opportunities.
With FDI capital inflows reaching an impressive AED 7.357 billion in 2022, Dubai has emerged as the frontrunner in the Middle East and North Africa (MENA) region and climbed to the 12th position worldwide, a significant improvement from its 14th ranking in 2021.
These remarkable achievements are underpinned by the findings of the Dubai FDI Monitor report, which draws data from the renowned ‘fDi Markets’ by the Financial Times. According to the report, Dubai leads the world in attracting FDI projects in the cultural and creative industries while maintaining its 6th position globally in job creation through FDI. Notably, greenfield FDI projects, characterized by wholly-owned ventures, constituted a substantial majority, accounting for 76% of total FDI projects in Dubai’s cultural and creative sectors.
Dubai’s ability to attract such substantial FDI projects can be attributed to its robust infrastructure, well-established legal framework, and thriving creative and digital ecosystem. These factors have transformed Dubai into an irresistible hub for innovators and investors, providing an ideal environment for launching ambitious projects and turning visionary ideas into tangible economic ventures .According to the report, key foreign direct investors in Dubai’s creative economy include the United States, India, the United Kingdom, France, and Switzerland. These strategic partnerships have been fostered through active engagement and targeted missions by Dubai Culture & Arts Authority, which showcases the emirate’s unique creative landscape and cultivates collaborations with entrepreneurs and organizations worldwide.
Dubai’s top global ranking in FDI projects serves as a testament to its unwavering commitment to nurturing the growth of creative industries and reinforcing its status as an innovative talent and investment hub. This dedication aligns seamlessly with Dubai’s overarching vision of fostering a diversified, sustainable, and knowledge-based economy. By prioritizing creativity, collaboration, and innovation, Dubai has firmly established itself as a global center for culture, an incubator for creativity, and a thriving hub for talent.
Dubai’s achievements in the creative economy underline its position as a premier destination for investors, showcasing its potential as a leading player in shaping the future of creative industries worldwide.
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