It is top for the region attracting 233 new projects in the creative economy in 2021
Dubai ranks second globally and first regionally for attracting foreign direct investment (FDI) projects in its creative economy.
Sheikha Latifa bint Mohammed bin Rashid Al Maktoum, Chairperson of Dubai Culture and Arts Authority (Dubai Culture) and member of the Dubai Council, revealed that Dubai had consolidated its status as a global cultural hub and investment destination.
According to the Dubai FDI Monitor report, Dubai attracted 233 new projects in the creative economy in 2021, surpassing other major cities such as New York, Singapore and Berlin. Dubai improved its rankings from fifth in the previous year.
The report was based on data from the Financial Times’ ‘fDi Markets’, the world’s leading data source on greenfield FDI projects.
Sheikha Latifa said: “These results reflect the maturity and stability of the investment environment in the emirate’s creative economy. Dubai has created outstanding FDI opportunities in the sector by building a robust ecosystem and an advanced business-enabling infrastructure for creative entrepreneurs.”
Data from Dubai FDI Monitor indicates significant growth in foreign investment in the cultural and creative industries. The sector’s estimated value of FDI capital flows exceeded $1.3 billion (AED4.9 billion) in 2021.
The rise in FDI inflow and rankings reflect the enhanced attractiveness of the emirate’s creative economy. In terms of the number of new jobs in the creative economy, Dubai held on to its top rank regionally and fourth globally with 6,204 new jobs created from FDI.
“Its unique social fabric that has evolved out of the emirate’s remarkable cultural diversity and its comprehensive human-centred development process has further supported the growth of Dubai’s creative economy,” she added
Sheikha Latifa noted that during the past five years, between 2017 and 2021, the emirate’s creative economy witnessed FDI capital inflows of AED50.9 billion across 787 projects. These projects created 32,542 new jobs during the five-year period.
Helal Saeed Almarri, Director-General of the Department of Economy and Tourism in Dubai, stressed that Dubai’s regional and global pre-eminence in FDI attraction stems from the vision and guidance of the leadership to build a diversified economy based on knowledge and innovation.
“The cultural and creative industries today are among the most attractive for investments, advanced technologies, and talent. The sector has contributed greatly to Dubai achieving the top global ranking in attracting greenfield FDI projects in 2021,” said AlMarri.