The global digital creative economy is forecasted to experience an 11% annual growth rate, reaching a valuation of Dh27 trillion by 2030.
The figure was put forward by a new white paper by Dubai Design District (d3) and Dubai Media City, which highlights the booming potential of the global digital creative economy, driven by AI and other emerging technologies.
This projection is based on a market-sizing model created by Monstarlab, reflecting the combined sizes of global design and media markets, along with other verticals such as books, audiovisual media, culture and heritage, visual arts, fashion, and product design.
The findings come at a critical time for creative industries, as generative AI and other technologies are transforming production processes and business models. According to the white paper, 42% of design professionals and 46% of media professionals expect advanced technologies and AI solutions to significantly impact their fields in the coming years.
“There has been a seismic shift in how content is produced, distributed, and monetised 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.
The study also highlighted the UAE’s role as a key player in the global creative industry. A majority of design (83%) and media (77%) professionals surveyed agree that Dubai and the UAE provide well-developed infrastructure to support creative excellence.
“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.
Dubai has been 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.
