Dubai, UAE – Dubai has achieved top global ranking in attracting Foreign Direct Investment (FDI) projects in the cultural and creative industries in 2022, revealed Sheikha Latifa bint Mohammed bin Rashid Al Maktoum, Chairperson of Dubai Culture and Arts Authority on Monday.
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 world’s leading data source on Greenfield FDI projects, Dubai attracted a record-breaking 451 projects in the cultural and creative industries. This represents an impressive increase of 107.7 percent, surpassing major global cities such as London, Singapore, Paris, and Berlin.
Dubai’s total FDI capital flows in the cultural and creative industries surged to AED7.357 billion ($97 billion) in 2022, ranking the city first in the MENA region and 12th globally (up from 14th in 2021). This FDI generated an estimated 12,368 jobs, positioning Dubai first in the MENA region and 6th globally (maintaining the same level as 2021) in job creation in FDI.
The United States, India, the United Kingdom, 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.
In 2022, Dubai Culture participated in global missions to cities within the UK and the US to showcase Dubai’s unique creative landscape and establish collaborations with creative entrepreneurs and organizations.
According to ‘Dubai FDI Monitor’ data, Greenfield (wholly-owned) FDI projects accounted for 76 percent of the total in Dubai’s cultural and creative industries in 2022, followed by New Forms of Investments (NFIs), which accounted for 13 percent, Mergers & Acquisitions and Reinvestment projects making up 5 percent each, and Greenfield (joint-ventures) at 1 percent.
Over the past few years, the top sub-sectors in Dubai’s creative industries have performed better. . Non-video game software publishers and custom computer programming services have gained prominence, with the latter experiencing a significant increase in its share of FDI capital in 2022.
Architectural, engineering, and related services have consistently grown so has data processing, hosting, and related services experienced a surge. The jewellery, luggage, and leather goods stores sub-sector have maintained a steady presence. Meanwhile, the motion picture and sound recording industries have begun to gain traction.
Asian nations, like India and Singapore, are finding their fastest-growing creative industry sectors to be enormous revitalisers of employment figures, allowing them to project nine-digit exports within the coming years.