Dubai has claimed the number one spot globally in attracting Foreign Direct Investment (FDI) in cultural and creative industries in 2022, as confirmed by Her Highness Sheikha Latifa bint Mohammed bin Rashid Al Maktoum, Chairperson of Dubai Culture and Arts Authority.
The vision and guidance of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai, have empowered the city to solidify its standing as a global cultural destination and key incubator for talent and creatives.
According to data from the Dubai Investment Observatory under the Department of Economy and Tourism in Dubai, the Emirate has excelled in its pioneering journey, enhancing its competitiveness as a global capital for the creative economy.
In 2022, Dubai set a new record by attracting 451 new projects in the sector of cultural and creative industries, marking an impressive increase of 107.7% compared to the previous year. This achievement places Dubai ahead of other major cities such as London, Singapore, Paris, and Berlin, further establishing it as a global leader.
These projects reinforce Dubai’s position as a home for extraordinary creative energies, a land of innovation, and an international attraction, all due to the insightful leadership aiming to make Dubai a global cultural center, a haven for creativity, and a gathering place for talent.
Based on data from the Dubai Investment Observatory and Financial Times’ FDI Markets, which specializes in tracking data on new FDI projects globally, Dubai has succeeded in maintaining its regional leadership in the FDI job creation index.
It also held its sixth place globally in the same index compared to the 2021 results, and ranked first regionally and twelfth worldwide in the index of FDI capital flows in the cultural and creative industries sector. This advancement marks a two-step improvement from its 2021 performance. The report revealed that total capital flows of FDI projects in the sector reached AED 7.357 billion in 2022, which contributed to the creation of 12,368 new jobs.