Dubai Takes the Lead in Cultural and Creative FDI Projects for 2022: A Remarkable Achievement

Dubai has emerged as the global frontrunner in attracting foreign direct investment (FDI) projects within the cultural and creative industries for the year 2022, as confirmed by Sheikha Latifa bint Mohammed bin Rashid Al Maktoum, Chairperson of Dubai Culture and Arts Authority and Member of the Dubai Council.

According to the Dubai FDI Monitor report, compiled by Dubai's Department of Economy and Tourism (DET) using data from the Financial Times' 'fDi Markets', the city recorded an unprecedented 451 projects in the cultural and creative sectors during the previous year. Notably, the United States, India, the United Kingdom, France, and Switzerland were identified as the primary foreign direct investors in Dubai's cultural and creative industries in terms of FDI projects, while the United States, India, Switzerland, France, and the United Kingdom topped the list in terms of FDI capital inflows.

This remarkable achievement aligns with Dubai's strategic focus on these markets, as evidenced by targeted engagements with key partners. In 2022, Dubai's total FDI capital flows within the cultural and creative industries reached AED7.36 billion, positioning the city as the leading destination in the Middle East and North Africa (MENA) region and rising to 12th place globally from 14th in 2021.

Moreover, the influx of FDI projects contributed to the creation of approximately 12,368 jobs, securing Dubai's position as the top-ranking city in the MENA region and 6th globally in terms of job creation.

Dubai's exceptional performance in this global index underscores its commitment to nurturing a dynamic creative ecosystem and solidifies its status as a hub for extraordinary creative talent, a hotbed of innovation, and a preferred investment destination. Sheikha Latifa emphasized that this achievement exemplifies Dubai's distinctive approach and reflects the strength and maturity of its infrastructure, legal framework, creative environment, and digital landscape.

"The emirate attracts visionaries and talented individuals from around the world, providing them with an enabling environment where innovative projects can thrive, groundbreaking ideas can be nurtured, and ambitious concepts can evolve into successful economic ventures," she stated.

Sheikha Latifa also highlighted that Dubai leverages its unique cultural diversity and renowned status as a premier destination for living, working, and investing to maintain this distinctive position. Helal Saeed Almarri, Director General of Dubai's Department of Economy and Tourism, expressed the department's commitment to further enhancing the competitiveness and attractiveness of the cultural and creative sector in the global market.

In 2022, Dubai Culture actively participated in global missions to cities in the United Kingdom and the United States, showcasing the emirate's unparalleled creative landscape and establishing collaborations with creative entrepreneurs and organizations.