Picture credit score: Dubai Media Workplace
Dubai has reached the highest world rating in attracting overseas direct funding (FDI) tasks within the cultural and artistic industries in 2022.
Based on the Dubai FDI Monitor report, compiled by the Dubai Division of Financial system and Tourism (DET) and primarily based on knowledge from Monetary occasions“fDi Markets”, the world’s main supply of information on FDI tasks, Dubai attracted a file 451 tasks within the cultural and artistic industries.
This represents a rise of 107.7%, surpassing main world cities corresponding to London, Singapore, Paris and Berlin.
Sheikha Latifa bint Mohammed bin Rashid Al Maktoum, Chairman of Dubai Tradition and Arts Authority and Member of Dubai Council, stated: “These notable achievements exemplify the outstanding progress made by Dubai’s cultural and artistic industries and spotlight the energy of its financial ecosystem.
“The emirate attracts innovators and gifted people from world wide, offering them with an enabling atmosphere the place modern tasks can flourish, modern concepts will be cultivated and bold ideas will be reworked into thriving financial enterprises.
“Dubai achieves this by capitalizing on its distinctive cultural range and famend standing as a premier vacation spot for dwelling, working and investing. As well as, Dubai is dedicated to establishing a sustainable improvement panorama that transcends the current and the longer term, in the end positioning itself as the worldwide capital of the inventive economic system by 2026.”
The emirate’s whole FDI capital flows into cultural and artistic industries elevated to Dhs7.357 billion in 2022, rating town first within the MENA area and twelfth globally (up from 14th in 2021).
This FDI generated roughly 12,368 jobs, putting the emirate first within the MENA area and sixth globally (remaining on the identical degree as in 2021) when it comes to FDI job creation.
Development in keeping with the Dubai Financial Agenda D33
Helal Saeed Almarri, Director Normal of the emirate’s Division of Financial system and Tourism, stated: “This outstanding achievement is a testomony to the help and dedication of His Highness Sheikh Mohammed bin Rashid Al Maktoum to advertise a vibrant and modern inventive economic system that contributes to the event sturdy. , in addition to making certain that Dubai additional strengthens its standing as one of many high three world cities as set out within the Dubai Financial Agenda, D33.
“The No.1 world rating in attracting FDI tasks within the ICC sector additionally highlights the emirate’s dedication to constructing and capitalizing on its enabling atmosphere, world-class infrastructure and a legislative system that stimulates the inventive economic system, attracting a brand new era of world abilities, traders. and entrepreneurs. We sit up for persevering with our efforts to extend the competitiveness and attractiveness of this sector within the world market.”
The US, India, the UK, France and Switzerland emerged as the highest overseas direct traders in Dubai’s cultural and artistic industries when it comes to FDI tasks, whereas the US, India, Switzerland, France and the UK topped the checklist when it comes to FDI capital inflows. .
In 2022, Dubai tradition participated in world missions to UK and US cities to showcase Dubai’s distinctive inventive panorama and set up collaborations with entrepreneurs and artistic organisations.
Conformable Dubai FDI Monitor knowledge, greenfield (wholly owned) FDI tasks accounted for 76% of the emirate’s whole cultural and artistic industries in 2022, adopted by new types of funding (FDI), which accounted for 13%, M&A and reinvestment. tasks representing 5% every, and greenfield (combined associations) at 1%.
Artistic industries are rising
Over the previous few years, the main sub-sectors of the inventive industries within the emirate have displayed dynamic developments. Non-video sport software program publishers and laptop customized programming companies have gained in significance, with the latter seeing vital progress in its share of FDI capital in 2022.
Structure, engineering and associated companies have grown steadily, highlighting the Emirates’ give attention to creating a sustainable constructed atmosphere. Information processing, internet hosting and associated companies have seen progress within the final two years.
The sub-sector of jewelry, baggage and leather-based items shops maintained a gradual presence, showcasing the emirate’s place as a luxurious retail vacation spot.
In the meantime, the movement image and sound recording industries started to achieve floor, indicating town’s increasing position there. These trajectories exemplify the emirate’s adaptability and resilience in creating all these inventive industries.