The emirate of Dubai has established itself as a global reference in the cultural and creative industries (CCI), thanks to a strategic strategy of attracting foreign direct investment (FDI). In 2023, Dubai recorded a significant increase in FDI projects, consolidating its position as the global capital of creativity and innovation. Focus on the key elements of this impressive rise.
A strong commitment to culture and creativity
Under the leadership of Her Highness Sheikha Latifa bint Mohammed bin Rashid Al Maktoum, Chairwoman of the Dubai Culture and Arts Authority, Dubai has reaffirmed its intention to strengthen and maintain its position as global leader in the CCI sector. Dubai's global ranking is based on data from the Financial Times' 'fDi Markets' report, which measures the performance of sub-sectors within ITCs.
Impressive figures for 2023
According to data from the Dubai FDI Monitor, in 2023, Dubai attracted 898 announced FDI projects in the cultural and creative industries, representing a total FDI capital inflow of AED 11.8 billion. This marks a 60% increase on the previous year, illustrating the sector's positive and growing momentum.
Origin of capital invested
FDI capital flows come from various countries, with a notable predominance of certain major players:
- United States: 33.2%
- United Kingdom: 12.4%
- India: 9.1
- Hungary: 4% of sales
- Denmark: 3% of sales
In addition to these significant financial contributions, the USA has also distinguished itself by creating new employment opportunities within Dubai's creative industries cluster.
The vision of Sheikh Mohammed bin Rashid Al Maktoum
His Excellency Helal Saeed Almarri highlighted the long-standing vision of His Highness 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 a world leader by attracting greenfield investments in various sectors, including ITCs.
Greenfield projects in the CCI sector
In 2023, greenfield projects accounted for 78.7% of total investment in Dubai's ITC sector. This high rate demonstrates the confidence of international investors in the emirate's potential for growth and innovation.
A bright future for Dubai
Thanks to a concerted strategy and a clear vision, Dubai continues to distinguish itself on the international stage as a center 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 maintain its competitiveness and attractiveness to investors from all over the world.
