Dubai has been ranked number one globally out of 115 cities for Foreign Direct Investment (FDI) capital inflows into cultural and creative industries (CCI) projects and for creating job opportunities in these sectors. According to the 2023 Foreign Direct Investment (FDI) Index, the UAE has surpassed major global centres such as London, New York, and Singapore. This ranking is based on data from the Financial Times’ ‘fDi Markets’ report and the ‘Creative Industries Cluster’ data classification, which measures the performance of sub-sectors within the CCI.
Data from the Dubai FDI Monitor shows that in 2023, Dubai attracted 898 announced FDI projects in the cultural and creative industries, nearly doubling the 451 projects registered in the previous year. The total FDI capital inflow reached Dh11.8 billion, up 60%. Additionally, an estimated 21,563 new job opportunities were created through FDI in the sector in 2023, reflecting a 74% increase from 2022.
“Dubai has successfully established an ecosystem that attracts top skills and talent globally, enhancing its cultural diversity,” said HH Sheikha Latifa bint Mohammed bin Rashid Al Maktoum, Chairperson of Dubai Culture and Arts Authority (Dubai Culture). “This has led to exceptional intellectual cross-pollination and comprehensive, sustainable development, turning the emirate into a land of opportunity for creatives and entrepreneurs who have found promising investment opportunities here, making it the best city in the world to visit, live, work, and invest in.”
“Dubai has continued to consolidate its position as a global leader in attracting greenfield FDI, supported by robust investment and job creation across many of the city’s key sectors, including the cultural and creative industries,” noted Helal Saeed Almarri, Director-General of Dubai Department of Economy and Tourism (DET). “We continue to work with stakeholders across the public and private sectors, including Dubai Culture, to identify opportunities to drive further investment into the city and collectively achieve the objectives of the D33 Agenda.”
Top source countries
The top five source countries for FDI capital inflows into Dubai’s CCI in 2023 were the US (33.2%), the UK (12.4%), India (9.1%), Hungary (4%), and Denmark (3%). The US also led in creating new job opportunities through FDI in Dubai’s creative industries cluster, with 19.2%, followed by India (16.3%), the UK (15.7%), Singapore (5%), and France (4.2%).
In terms of announced FDI projects in Dubai’s creative industries cluster, the UK led in 2023 with 17.8%, followed by India (16.9%), the US (16%), France (4%), and Italy (3.8%). These figures underscore Dubai’s strategic efforts to enhance this sector and its focus on key international markets.
According to data from the Dubai FDI Monitor and the Dubai Framework for Cultural Statistics classification, Greenfield (wholly-owned) FDI projects accounted for 78.7% of the total in Dubai’s CCI in 2023, followed by New Forms of Investments (NFIs) at 16.1%, Reinvestment projects at 3%, and Mergers and Acquisitions at 2.1%.
