DUBAI, 29th May, 2022 (WAM) — The Chairperson of the Dubai Culture and Arts Authority (Dubai Culture) and Dubai Council Member, Her Highness Sheikha Latifa bint Mohammed bin Rashid Al Maktoum has revealed that Dubai is consolidating its status as a global cultural hub and investment destination, ranking first in the Middle East and North Africa (MENA) region and second in the world for attracting foreign direct investment (FDI) in cultural and creative industries (ICC ) in 2021.
His Highness said Dubai’s emergence as a magnet for FDI in the sector was driven by the farsighted vision and guidance of the Vice President, Prime Minister and Governor of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktum.
According to the Dubai FDI Monitor report, published by the Dubai Investment Development Agency (Dubai FDI), an agency of the Department of Economy and Tourism (DET), Dubai attracted 233 new projects in the creative economy in 2021. Surpassing other major cities such as New York, Singapore and Berlin, Dubai improved its ranking from fifth place the previous year. The report was based on data from the Financial Times’ fDi Markets, the world’s leading data source on new FDI projects.
“These results reflect the maturity and stability of the investment environment in the emirate’s creative economy. Dubai has created exceptional FDI opportunities in the sector by building a robust ecosystem and advanced business-enabling infrastructure for creative entrepreneurs.
“By fostering an environment that fosters learning, development and innovation, Dubai has developed a vibrant global creative community. Its unique social fabric that has evolved from the emirate’s remarkable cultural diversity and its development process comprehensive human-centric design have further supported the growth of Dubai’s creative economy,” added Sheikha Latifa.
Data from the Dubai FDI Monitor indicates significant growth in foreign investment in the cultural and creative industries. The estimated value of FDI capital flows from the sector exceeded AED 4.9 billion in 2021.
The increase in FDI inflows and ranking reflects the increased attractiveness of the emirate’s creative economy. In terms of the number of new jobs in the creative economy, Dubai maintained its first place regionally and fourth globally with 6,204 new jobs created through FDI.
Sheikha Latifa noted that over the past five years, between 2017 and 2021, the emirate’s creative economy recorded FDI capital inflows of AED50.9 billion in 787 projects. These projects created 32,542 new jobs over the five-year period. Dubai ranks fifth in the world in terms of projects, eighth in terms of FDI capital flows into the creative economy and fourth in terms of jobs created over the past five years, according to Financial Times data. Ltd “fDi Markets”.
His Highness further said: “Dubai’s success in continuously improving the well-being of its citizens, residents and visitors and improving the quality of services provided to them has strengthened the confidence of the global creative community in the emirate and has made it a favorite global business, lifestyle and entertainment destination”.
Dubai’s Chief Culture Officer, Hala Badri, said the Authority continues to strengthen the foundations to open up new horizons for the various components of the emirate’s creative economy and cement its position on the world stage as a as an ideal investment destination.
“2021 has witnessed an increase in FDI capital inflows into Dubai’s creative economy despite the pandemic, which reflects the emirate’s flexibility and willingness to meet all challenges, nurture talent and to help businesses maintain their stability, sustainability and competitiveness,” Badri added.
The Director General of Dubai’s Department of Economy and Tourism, Helal Saeed Almarri, pointed out that Dubai’s regional and global prominence in attracting FDI stems from the leaders’ vision and guidance to build a diversified economy based on knowledge and innovation. “Cultural and creative industries are today among the most attractive for investment, cutting-edge technologies and talent. The sector has contributed greatly to Dubai getting the top ranking in the world by attracting greenfield FDI projects in 2021,” noted AlMarri.
For his part, Dubai FDI Managing Director, Fahad Al Gergawi, added, “Dubai FDI Monitor data provides a comprehensive analysis of FDI projects in Dubai’s economic sectors. the attractiveness of Dubai for FDI, as well as like the FUS, the promotion, facilitation and provision of specialized and reliable services to the investment community”.
According to data from the “Dubai FDI Monitor”, Greenfield FDI accounted for 71% of total FDI projects in Dubai’s cultural and creative industries in 2021, followed by mergers and acquisitions projects (12% of the total), reinvestment FDI (9%), new forms of investment (5%) and joint ventures (2%).
Dubai Culture is working with its strategic partners to develop an effective framework that will enhance the growth of Dubai’s culture and arts sector and increase its contribution to the emirate’s GDP. It is supported by the full activation of Dubai Culture’s founding law, which stipulates its role as a policy maker, regulator and facilitator of this sector in the emirate.
Translated by: Mervat Mahmoud.
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Dubai ranks first regionally and second globally in attracting FDI projects in the creative economy in 2021
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