The global digital creative economy is set to achieve compounding growth of 11 percent each year to reach a valuation of AED27 trillion ($7.35 trillion) by 2030, a new study has said.
Moreover, this growth will be led by young and emerging talent even as technologies like artificial intelligence (AI), Web3 and virtual reality continue to expand their influence on businesses and people alike.
The findings were revealed in a white paper by Dubai Design District (d3) and Dubai Media City.
Developed in partnership with global digital consultancy Monstarlab, the ‘Digital Creative Economy 2024’ white paper compiles feedback from engagements with more than 20 leaders and a survey of 400 UAE- and internationally-based design and media professionals to provide a holistic overview of growth opportunities in the global digital creative economy.
Creative capital
The white paper’s launch comes as Dubai reaffirms its position as the global capital of the creative economy, ranking first on the Foreign Direct Investment (FDI) Index for project inflows and job opportunities in the cultural and creative industries in 2023, according to the fDi Markets report by the Financial Times.
The AED27 trillion valuation projection is based on an innovative market sizing model built by Monstarlab that reflects the average combined sizes of the global design and media markets as well as verticals defined by global and UAE standards, including books, audio-visual media, culture and heritage, visual arts, fashion, and product design.
The white paper’s findings come at a time for creative industries as the advent of generative AI breaks new ground in production processes to transform existing business models. Developed by d3 and Dubai Media City, the paper explores how the accelerated trajectory of emerging technologies is influencing skills and services ranging from fashion design and architecture through to visual arts, advertising, and events.
Unlocking potential
“There has been a seismic shift in how content is produced, distributed and monetized over the past decade, and the rapid pace of this convergence demands tomorrow’s talent is armed with the necessary skills and training to unlock its full potential,” said Majed Al Suwaidi, senior vice president of Dubai Media City, at TECOM Group.
“AI, Web3, and virtual reality are swiftly pushing the horizon of what’s possible for the future of media, but this tech-driven landscape demands a deep, holistic understanding of the implications of these new tools. Strategic support, be it through Dubai Economic Agenda ‘D33’ or Dubai Media’s vision to champion homegrown content creation, is crucial to nurturing such innovation-led creativity, and Dubai Media City is committed to enhancing the local media sector’s value chain by contributing to these programmes. It’s an exciting era for content creators as technology redefines every facet of our lives, and our white paper provides a blueprint for a new breed of creative innovators to chart their future success.”
Springboard for growth
“The creative industries are an undeniable springboard for economic growth,” said Khadija Al Bastaki, senior vice president of Dubai Design District (d3), at TECOM Group. “Strategic support in our city, too, is geared towards helping to unlock the potential of the creative sector. This is apparent in the Dubai Creative Economy Strategy, which aims to raise the GDP contribution of creative industries to 5 percent by next year.
“Strategic initiatives, targeted development and pro-business policies, and a diverse, multicultural population are cultivating an outstanding global creative community, which has been instrumental to Dubai’s status as a UNESCO City of Design and driving FDI in the creative sector. To build upon Dubai’s flourishing contribution to the global design sector, we must continue to look forward and prepare for the next priorities courageously, collaboratively, and innovatively. This white paper demonstrates our deep commitment at d3 to championing this vital conversation and ensuring an even stronger future that is informed, favourable and progressive for all our creative stakeholders,” Khadija added.
As global creative talent taps into the transformative potential of generative AI to automate, optimize, or innovate its work, the white paper explores how the trend is helping the ‘creator economy’ reshape content generation and enabling customer-centricity in commercial applications. More than 42 percent of design and 46 percent of media professionals surveyed for the white paper expect advanced emerging technologies and the adoption of AI solutions to impact their field of expertise in the coming years.
UAE a key enabler
The study also explores the UAE’s role as a contributor to the global creative industry, particularly as the fastest mover within the GCC to grow and digitise its creative economy. The majority of design (83 percent) and media (77 percent) of professionals surveyed for the white paper agree Dubai and the UAE provide well-developed infrastructure to enable creative excellence.
Benchmarking Dubai against global design capitals like Milan and London as well as media centres such as Manchester and Los Angeles, d3’s and Dubai Media City’s white paper finds Dubai has established itself as a global player through key levers nurturing the digital creative economy, including talent, government support, innovation, and infrastructure.
Events like Dubai Fashion Week, co-founded in February 2023 by d3 and the Arab Fashion Council, have firmly established the city’s position on the global creativity landscape. Strategic visions like Dubai Economic Agenda ‘D33’, Dubai Creative Economy Strategy, and Dubai’s Universal Blueprint for AI (DUB.AI) – as well as the establishment of the Virtual Assets Regulatory Authority, the first of its kind in the GCC – are accelerating the integration of AI across all facets of Dubai’s diversified economy.
Furthermore, initiatives like ‘We the UAE 2031’ and the UAE Cabinet’s decision to implement a CEO for AI across ministries and federal entities are fostering an environment conducive to developing and strengthening the local value chain for future-focused creativity.
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