Dubai has ranked first globally in attracting greenfield foreign direct investment (FDI) projects in the cultural and creative industries in 2024, solidifying its role as a leading global hub for the creative economy. According to the fDi Markets report, Dubai has held this position for three consecutive years now.
This achievement was driven by the emirate’s strong performance across sub-sectors within the broader cultural and creative industries ecosystem. In 2024, Dubai attracted 971 projects in the sector, with total FDI capital inflows reaching AED18.86 billion, resulting in the creation of 23,517 new jobs.
“This achievement reflects the strength of our legal and regulatory frameworks, future-ready infrastructure and the bold vision of our leadership, driven by strategic policies such as the Dubai Economic Agenda D33 and the Creative Economy Strategy,” said Dubai Culture in a social media post.
Global hub for the creative economy
Commenting on the achievement, Her Highness Sheikha Latifa bint Mohammed bin Rashid Al Maktoum, Chairperson of the Dubai Culture and Arts Authority (Dubai Culture), said: “Dubai has ranked as the top city worldwide in the number of foreign direct investment (FDI) projects in the cultural and creative industries for 2024, maintaining its lead for the third consecutive year. Out of 233 cities ranked in the report, Dubai outperformed major global hubs.”
Sheikha Latifa noted that Dubai’s continued advancement in competitiveness and leadership, and its consolidation as a global hub for the creative economy, reflect the unique vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.
The city’s robust investment environment has firmly positioned it among the world’s fastest-growing and most attractive destinations for creative investments and innovative talent. It has also built a unique cultural ecosystem, transforming Dubai into an incubator for creativity and a magnet for visionary minds.
“We take pride in every individual who chooses Dubai as the place to realize their boldest dreams, and we believe that FDI plays a vital role in driving comprehensive and sustainable development, affirming Dubai’s leading role on the global cultural map,” she added.
Dubai’s creative sectors contribute AED21.9 billion to economy
According to the Creative Dubai 2024 Impact Report, the creative sector serves as a significant economic driver on a global scale, comprising approximately 3.1 percent of the world’s economy, with total estimated revenues of $2.3 trillion. Leading nations in this sector include China, the USA, Italy, Hong Kong and Germany, with substantial exports of creative goods and services amounting to billions annually.
In the MENA region, the UAE emerges as a key player, boasting the largest creative sector based on the export of creative goods and services valued at $13.7 billion. Other notable contributors in the region include Egypt, Lebanon, Saudi Arabia and Tunisia, underscoring the growing importance of the creative economy in driving economic growth and cultural exchange worldwide.
According to The Dubai Framework for Cultural Statistics, Dubai’s creative sectors made a significant contribution of AED21.9 billion in 2022, comprising 4.6 percent of the city’s total GDP. The thriving industry also plays a crucial role in employment, providing opportunities for 175,727 individuals.
Read: Job creation in UAE’s non-oil sector rises to highest level in 11 months, says PMI
World’s top greenfield FDI destination
Dubai has also been ranked the world’s No.1 destination for greenfield FDI projects for the fourth successive year, according to the Financial Times Ltd.’s ‘fDi Markets’ data. In 2024, Dubai attracted AED52.3 billion ($14.24 billion) in estimated FDI capital, a 33.2 percent increase from AED39.26 billion ($10.69 billion) in 2023, marking the highest FDI value ever recorded in a single year for the emirate since 2020.
Dubai attracted a record-breaking 1,117 greenfield FDI projects in 2024, the highest in its history. Dubai also achieved a historic milestone in FDI attraction with 1,826 announced FDI projects, an 11 percent increase from 1,650 projects in 2023, according to DET’s Dubai FDI Monitor. This marks the highest number of total announced FDI projects ever recorded by the emirate. A total of 58,680 estimated jobs were generated through FDI in 2024, a 31 percent increase from 44,745 jobs in 2023.
