Dubai attracted a record number of cultural and creative industries projects in 2022, a 107.7 percent increase from the previous year, surpassing significant global cities, including London, Singapore, Paris, and Berlin.
According to the Dubai FDI Monitor report, 76 percent of all initiatives were greenfield FDI projects.
Regarding FDI initiatives, the United States, India, the United Kingdom, France, and Switzerland emerged as the leading foreign direct investors in the emirate’s cultural and creative industries. At the same time, the United States, India, Switzerland, France, and the United Kingdom led the way in terms of FDI capital inflows.
In 2022, foreign direct investment (FDI) in Dubai’s cultural and creative industry increased to Dh7.357 billion, ranking the city first in the Mena region and 12th globally, up from 14th in 2021.
Foreign capital flows created an estimated 12,368 jobs, placing the emirate in first place in the region and sixth in the world in terms of job creation.
The emirate is a magnet for foreign direct investment. It increased its position as a global destination for foreign direct investment (FDI) by more than 80 percent and created more than 13,500 jobs in the past year.
According to data from the 2022 Financial Times ‘fDi Markets’ report published last month, the emirate maintained its top position for a second consecutive year, with an increase of 89.5% in total announced FDI projects and an increase of 80.3% in total FDI capital over the same period.
The total estimated FDI capital in Dubai reached Dh47 billion in 2022, up from Dh26.07 billion in 2021, and an estimated 38,447 jobs were created in 2022, compared to 24,937 jobs in 2021. Last year, the city attracted a total of 1,173 FDI initiatives.
Sheikha Latifa bint Mohammed bin Rashid Al Maktoum, Chairperson of Dubai Culture and Arts Authority and Member of Dubai Council, stated that the latest ranking reflects the emirate’s unique approach and the strength and maturity of its infrastructure as well as its legal, legislative, creative, and digital environment.
“The emirate attracts innovators and talented individuals from around the globe by providing a conducive environment where innovative projects can flourish, ground-breaking ideas can be fostered, and ambitious concepts can be transformed into thriving economic enterprises. Sheikha Latifa stated that Dubai accomplishes this by capitalizing on its unique cultural diversity and reputation as a premier location for living, working, and investing.