Dubai ranked No. 1 out of 115 cities for FDI capital flows into cultural and creative industries projects and for the creation of employment opportunities in these sectors in 2023.
The ranking is based on data from the Financial Times “fDi Markets” report, a key source of data on Greenfield FDI projects.
This achievement goes beyond major global centers like London, New York and Singapore.
Her Highness Sheikha Latifa bint Mohammed bin Rashid Al Maktoum, Chairperson of the Dubai Culture and Arts Authority (Dubai Culture), reaffirmed the emirate’s commitment to maintaining its leadership and strengthening its competitiveness as a world capital of the creative economy.
She added that Dubai has maintained its leadership in attracting FDI into projects through its advanced infrastructural, legislative, legal and digital frameworks that create a flexible and attractive environment for businesses.
#Dubai ranks first in the world in terms of FDI in the cultural and creative industries. https://t.co/FwXaKX6aGJ pic.twitter.com/5OSeKdlhzC
– Dubai Media Office (@DXBMediaOffice) June 4, 2024
According to data from the Dubai FDI Monitor, published by the Dubai Department of Economy and Tourism (DET), the emirate managed to attract 898 announced FDI projects in the cultural and creative industries in 2023, almost the double the figure recorded the previous year (451), with a total capital inflow of AED 11.8 billion, an increase of 60 percent.
Additionally, an estimated 21,563 new job opportunities were created through FDI in the sector in 2023, an increase of 74% from 2022.
Main source countries
Looking at the top five countries of origin of FDI capital flows into the cultural and creative industries in 2023, the United States leads with 33.2 percent, followed by the United Kingdom (12.4 percent ), India (9.1 percent), Hungary (4 percent). ) and Denmark (3%).
The United States also tops the list in terms of creating new job opportunities (19.2%), followed by India (16.3%), the United Kingdom (15.7%), Singapore (5%) and France (4.2%).
Totaling the number of FDI projects announced in Dubai’s creative industries cluster, the United Kingdom led in 2023 with 17.8 percent, followed by India (16.9%), the United States United States (16%), France (4%) and Italy (3.8%).
New (wholly owned) FDI projects accounted for 78.7 percent of the total in Dubai’s cultural and creative industries in 2023, followed by new forms of investment (NFI), which accounted for 16.1 percent, reinvestment projects (3%) and mergers. & Acquisitions (2.1%).
Dubai continues to dominate and improve its competitiveness as the world’s creative economy capital for the second year in a row. It maintains its first global position in the Cultural and Creative Industries Foreign Direct Investment Index 2023, ranking as the best… pic.twitter.com/w89r8XtAR2
– Latifa M. Al Maktoum (@LatifaMRM) June 4, 2024
Comments