Dubai Leads The World In Foreign Direct Investment In Cultural And Creative Industries With $3.2 Billion Inflow And Over 21,500 New Jobs Last Year
Dubai is the number one city in the world for foreign direct investment (FDI) into cultural and creative industries, according to Financial Times data.
In 2023, FDI in cultural and creative industries almost doubled, reaching AED11.8bn ($3.2bn) as well as creating 21,563 new jobs, a report said.
Sheikha Latifa bint Mohammed bin Rashid Al Maktoum, Chairperson of Dubai Culture and Arts Authority (Dubai Culture), reaffirmed the emirate’s commitment to maintaining its leadership and enhancing its competitiveness as a global capital of the creative economy.
In the 2023 Foreign Direct Investment (FDI) Index, Dubai ranked No. 1 globally out of 115 cities for FDI capital inflows into cultural and creative industries (CCI) projects and for creating job opportunities in these sectors.
This achievement surpasses major global centres like London, New York, and Singapore. The ranking is based on data from the Financial Times’ ‘fDi Markets’ report, the premier source for Greenfield FDI projects data, and the report’s ‘Creative Industries Cluster’ data classification, which measures the performance of the sub-sectors that fall within the CCI.
According to data from the Dubai FDI Monitor, released by the Dubai Department of Economy and Tourism (DET), Dubai succeeded in attracting 898 announced FDI projects into the cultural and creative industries in 2023, almost double the figure registered in the previous year (451), with a total FDI capital inflow of AED11.8bn ($3.2bn), marking a 60 percent increase.
Additionally, an estimated 21,563 new job opportunities were created through FDI in the sector in 2023, reflecting a 74 percent rise from the corresponding figure in 2022.
Sheikha Latifa affirmed that Dubai has maintained its global leadership in attracting FDI into projects due to its advanced infrastructural, legislative, legal, and digital frameworks.
These frameworks stimulate the investment climate and create a flexible, open, and attractive environment for businesses and capital worldwide, making it a model for fostering innovation.
Within the ranking of the top five source countries for FDI capital inflows into CCI in Dubai during 2023, data from the Dubai FDI Monitor as well as the Dubai Framework for Cultural Statistics classification showed an increase in capital inflows, with the US leading the list with 33.2 percent, followed by the UK with 12.4 percent, India with 9.1 percent, Hungary with 4 percent, and Denmark with 3 percent.
The US also topped the list in terms of creating new job opportunities through FDI in the city’s creative industries cluster, with 19.2 percent, followed by India with 16.3 percent, the UK with 15.7 percent, Singapore with 5 percent, and France with 4.2 percent.
Aggregating the number of announced FDI projects in the creative industries cluster, the UK led in 2023 with 17.8 percent, followed by India with 16.9 percent, the US with 16 percent, France with 4 percent, and Italy with 3.8 percent.
All these figures highlight the efforts and strategies deployed by the city in this sector and its focus on these markets as key partners.
According to Dubai FDI Monitor data and the Dubai Framework for Cultural Statistics classification, greenfield (wholly-owned) FDI projects accounted for 78.7 percent of the total in the city’s CCI in 2023, followed by New Forms of Investments (NFIs), which accounted for 16.1 percent, reinvestment projects that make up 3 percent, and mergers & acquisitions at 2.1 percent.
