Dubai top in attracting FDI projects for the cultural and creative industries.
In 2022, Dubai welcomed a huge number of new projects in the arts and creative sectors, up 107.7% from the previous year. This was far more than major cities like Berlin, Paris, London, and Singapore. As per the Dubai FDI Monitor report, 76% of all projects are new investments, making up the majority of these projects.
Foreign direct investment (FDI) in Dubai’s cultural and creative industries increased to Dh7.357 billion in 2022, taking Dubai to the highest level in the Mena region and from 14th to 12th in the world in 2021. Moreover, foreign capital flows created 12,368 valuable jobs, making the emirate rank first regionally and sixth globally for employment.
As per the data from the 2022 Financial Times “FDI Markets” report released last month, the emirate maintained its top spot for the second consecutive year, achieving 89.5% growth in total FDI projects announced in 2022. Nonetheless, overall FDI capital increased by 80.3% over the period.
Total projected FDI capital in Dubai reached Dh47 billion in the previous year, compared to Dh26.07 billion in 2021. Approximately 38,447 jobs were created in 2022, up from 24,932 jobs the previous year. The city carried out a total of 1,173 FDI projects last year.
Sheikha Latifa bint Mohammed bin Rashid Al Maktoum, Chairman of the Dubai Culture and Arts Authority and Member of the Dubai City Council, said the latest rankings represent Emirates’ unique approach and show the strengths and maturity of its infrastructure and legal, legislative, creative, and digital environments.
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