Dubai ranks 1st globally in FDI in creative industries

Dubai ranked No. 1 out of 115 cities for FDI capital inflows into cultural and creative industries projects and for creating job opportunities in these sectors in 2023.

The ranking is based on data from the Financial Times’ ‘fDi Markets’ report, a key source for Greenfield FDI projects data.

This achievement surpasses major global centres like London, New York and Singapore.

Her Highness Sheikha Latifa bint Mohammed bin Rashid Al Maktoum, Chairperson of Dubai Culture and Arts Authority (Dubai Culture), reaffirmed the emirate’s commitment to maintaining its leadership and enhancing its competitiveness as a global capital of the creative economy.

She added that Dubai has maintained its leadership in attracting FDI into projects due to its advanced infrastructural, legislative, legal, and digital frameworks that create a flexible and attractive environment for businesses.

#Dubai ranks first globally in FDI in 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, released by the Dubai Department of Economy and Tourism (DET), the emirate succeeded in attracting 898 announced FDI projects into the cultural and creative industries in 2023, almost double the figure registered in the previous year (451), with a total capital inflow of AED 11.8 billion, marking a 60 per cent increase.

Additionally, an estimated 21,563 new job opportunities were created through FDI in the sector in 2023, reflecting a 74 per cent rise compared to 2022.

Top source countries

In terms of the top five source countries for FDI capital inflows into the cultural and creative industries in 2023, the US led the list with 33.2 per cent, followed by the UK (12.4%), India (9.1%), Hungary (4%) and Denmark (3%).

The US also topped the list in terms of creating new job opportunities (19.2%), followed by India (16.3%), the UK (15.7%), Singapore (5%) and France (4.2%).

Aggregating the number of announced FDI projects in Dubai’s creative industries cluster, the UK led in 2023 with 17.8 per cent, followed by India (16.9%), the US (16%), France (4%) and Italy (3.8%).

Greenfield (wholly-owned) FDI projects accounted for 78.7 per cent of the total in Dubai’s cultural and creative industries in 2023, followed by New Forms of Investments (NFIs), which accounted for 16.1 per cent, Reinvestment projects (3%) and Mergers & Acquisitions (2.1%).

Dubai continues to lead and enhance its competitiveness as a global capital of the creative economy for the second consecutive year. It maintains its top global position in the Foreign Direct Investment Index for Cultural and Creative Industries 2023, ranking as the best… pic.twitter.com/w89r8XtAR2

— Latifa MR Al Maktoum (@hhshklatifa) June 4, 2024