The Emirate of Dubai has established itself as a world-leading in the cultural and creative industries (CCI), thanks to a strategy attracting foreign direct investment (FDI). In 2023, Dubai saw a significant increase in FDI projects, thereby consolidating its position as global capital of creativity and innovation. A closer look at the key elements of this impressive ascent.
A strong commitment to culture and creativity
Under the leadership of His Highness Sheikha Latifa bint Mohammed bin Rashid Al Maktoum, Chair of the Dubai Culture and Arts Authority, Dubai has reaffirmed its intention to strengthen and maintain its position as global leader in the field of FDI. Dubai’s global ranking is based on data from the Financial Times‘ ’fDi Markets’ report, which measures the performance of sub-sectors within FDI.
The impressive figures for 2023
According to data from the Dubai FDI Monitor, in 2023, Dubai attracted 898 FDI projects announced in the cultural and creative industries, representing a total inflow of FDI capital of AED 11.8 billion. This figure represents an increase of 60% compared with the previous year, illustrating the sector’s positive and growing momentum.
Source of the capital invested
FDI capital flows originate from various countries, with a notable predominance of certain major players:
- United States : 33,2%
- United Kingdom : 12,4%
- India : 9,1%
- Hungary : 4%
- Denmark : 3%
In addition to these significant financial contributions, the United States has also distinguished itself by creating new job opportunities within the Dubai creative industries cluster.
The vision of Sheikh Mohammed bin Rashid Al Maktoum
His Excellency Helal Saeed Almarri highlighted His Highness’s long-standing vision Sheikh Mohammed bin Rashid Al Maktoum to make Dubai a world capital of culture, creativity and talent. This inclusive and proactive approach has enabled Dubai to consolidate its position as world leader by attracting greenfield investment in various sectors, including CCIs.
Greenfield projects in the CCI sector
In 2023, projects of the type greenfield consisted of 78,7% of total investment in Dubai’s CCI sector. This high proportion demonstrates international investors’ confidence in the emirate’s potential for growth and innovation.
A promising future for Dubai
Thanks to a coordinated strategy and a clear vision, Dubai continues to stand out on the international stage as a centre of excellence for the cultural and creative industries. The commitment of local authorities and ongoing support for artistic and creative initiatives ensure that the emirate will remain competitive and attractive to investors from around the world.
