Dubai has ranked No.1 globally out of 115 cities for foreign direct investment (FDI) capital inflows into cultural and creative industries’ projects and for creating job opportunities in these sectors, it was announced on Tuesday.
The emirate attracted 898 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 AED11.8 billion ($3.2 billion), marking a 60 percent increase.
Moreover, an estimated 21,563 new job opportunities were created through FDI in the sector in 2023. This was a 74 percent rise compared to 2022.
Attractive ecosystem
Making the announcement, Sheikha Latifa bint Mohammed bin Rashid Al Maktoum, Chairperson of Dubai Culture and Arts Authority (Dubai Culture), affirmed that Dubai has maintained its global leadership in attracting FDI into projects due to its advanced infrastructural, legislative, legal and digital frameworks. Therefore, 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.
“Dubai has successfully established an ecosystem that attracts top skills and talent globally, enhancing its cultural diversity,” she said. “This has led to exceptional intellectual cross-pollination and comprehensive, sustainable development, turning the emirate into a land of opportunity for creatives and entrepreneurs who have found promising investment opportunities here, making it the best city in the world to visit, live, work, and invest in.”
Top source countries for FDI
According to data from the Dubai FDI Monitor, released by the Dubai Department of Economy and Tourism (DET), US led the list in capital inflows at 33.2 percent. Next came the UK with 12.4 percent, India with 9.1 percent, Hungary with 4 percent, and Denmark with 3 percent. Moreover, the US also topped the list in terms of creating new job opportunities through FDI in Dubai’s creative industries cluster at 19.2 percent. India stood next 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 Dubai’s 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.
Greenfield (wholly-owned) FDI projects accounted for 78.7 percent of the total in Dubai’s CCI in 2023.
Helal Saeed Almarri, Director General of Dubai Department of Economy and Tourism (DET), said: “Dubai has continued to consolidate its position as a global leader in attracting greenfield FDI, supported by robust investment and job creation across many of the city’s key sectors, including the cultural and creative industries.”
“We continue to work with stakeholders across the public and private sectors, including Dubai Culture, to identify opportunities to drive further investment into the city, and collectively achieve the objectives of the D33 Agenda,” he added.
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