Dubai Secures Global Lead In FDI For Cultural And Creative Sectors
Dubai has secured its position as a global leader in attracting foreign direct investment (FDI) into cultural and creative industries (CCI) projects, according to the 2023 Foreign Direct Investment (FDI) Index. The emirate ranked first globally out of 115 cities for FDI capital inflows into the CCI and for creating job opportunities in these sectors, surpassing major global centers such as London, New York, and Singapore.
In 2023, Dubai attracted 898 announced FDI projects into the cultural and creative industries, almost double the figure from the previous year. The total FDI capital inflow reached Dh11.8 billion, marking a 60% increase. Furthermore, the FDI projects created an estimated 21,563 new job opportunities, reflecting a 74% rise from the previous year.
Sheikha Latifa bint Mohammed bin Rashid Al Maktoum, Chairperson of Dubai Culture and Arts Authority (Dubai Culture), attributed Dubai's success in attracting FDI to its advanced infrastructural, legislative, legal, and digital frameworks. These frameworks have created a flexible, open, and attractive environment for businesses and capital worldwide, making Dubai the best city in the world to visit, live, work, and invest in.
Sheikha Latifa emphasized that Dubai's success in attracting top skills and talent globally has enhanced its cultural diversity and led to comprehensive and sustainable development. She credited the visionary insights of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, for cementing emirate's position as a global capital for culture, creativity, and talent.
Dubai's ranking in FDI into CCI reflects the government's efforts in promoting ease of doing business, fostering new avenues for creativity, and addressing the needs of the cultural and creative industries. The emirate's streamlined procedures enable investors, entrepreneurs, and creatives to transform their ideas into successful ventures, enhancing the cultural vibrancy of Dubai and aligning with the goals of sustainable development.
Helal Saeed Almarri, Director-General of Dubai Department of Economy and Tourism (DET), highlighted Dubai's strong F performance as a result of the visionary guidance of Sheikh Mohammed bin Rashid Al Maktoum. He emphasized the city's commitment to driving further investment and achieving the objectives of the D33 Agenda by collaborating with stakeholders across the public and private sectors, including Dubai Culture.
The top five source countries for FDI capital inflows into CCI in Dubai during 2023 were the United States (33.2%), the United Kingdom (12.4%), India (9.1%), Hungary (4%), and Denmark (3%). The United States also led in terms of creating new job opportunities in Dubai's creative industries cluster, followed by India, the United Kingdom, Singapore, and France.
The United Kingdom topped the list in terms of the number of announced FDI projects in Dubai's creative industries cluster, followed by India, the United States, France, and Italy. These figures highlight Dubai's efforts and strategies in developing the CCI sector and its focus on key markets.
Greenfield FDI projects, which are wholly-owned projects, accounted for 78.7% of the total in Dubai's CCI in 2023. New Forms of Investments (NFIs) accounted for 16.1%, Reinvestment projects made up 3%, and Mergers and Acquisitions accounted for 2.1%. Dubai's focus on attracting FDI and creating a conducive environment for investment has led to its global leadership in the cultural and creative industries sector.
Sign in with Google