Dubai achieves top ranking for FDI projects in creative sector

Dubai has achieved top global ranking in attracting Foreign Direct Investment (FDI) projects in the cultural and creative industries in 2022.

The emirate attracted a record-breaking 451 projects, which represents an increase of 107.7 per cent, and surpasses the likes of London, Singapore, Paris and Berlin.

That's according to the Department of Economy and Tourism's (DET) Dubai FDI Monitor report based on data from the Financial Times' 'fDi Markets,' a leading source on Greenfield FDI projects.

Dubai’s total FDI capital flows in the cultural and creative industries surged to AED 7.35 billion in 2022, ranking the city 1st in the MENA region and 12th globally (up from 14th in 2021).

This FDI generated an estimated 12,368 jobs, positioning Dubai 1st in the MENA region and 6th globally (maintaining the same level as 2021) in job creation in FDI.

Her Highness Sheikha Latifa bint Mohammed bin Rashid Al Maktoum, Chairperson of Dubai Culture and Arts Authority and Member of the Dubai Council, said the latest ranking reflects the emirate’s unique approach and reflects the strength and maturity of its infrastructure and its legal, legislative, creative and digital environment.

#Dubai ranks first globally in attracting FDI projects in cultural and creative industries in 2022

- AED7.357 billion total FDI capital inflows
- 451 new projects
- 12,368 new jobs
- 76% of total FDI projectshttps://t.co/A8YBtepdHg pic.twitter.com/IbAj9n0Fbz

— Dubai Media Office (@DXBMediaOffice) June 11, 2023

The United States, India, the United Kingdom, France and Switzerland emerged as the leading foreign direct investors in Dubai’s cultural and creative industries in terms of FDI projects, while the US, India, Switzerland, France and UK topped the list in terms of FDI capital inflows.

According to ‘Dubai FDI Monitor’ data, Greenfield (wholly-owned) FDI projects accounted for 76 per cent of the total, followed by New Forms of Investments (NFIs), which accounted for 13 per cent, Mergers & Acquisitions and Reinvestment projects making up 5 per cent each, and Greenfield (joint-ventures) at 1 per cent.

Non-video game software publishers and custom computer programming services have gained prominence, with the latter experiencing a significant increase in its share of FDI capital in 2022.

Architectural, engineering, and related services have consistently grown, highlighting Dubai’s emphasis on developing a sustainable built environment.

Data processing, hosting, and related services also experienced a surge over the last two years, reflecting the city’s commitment to digital transformation.

The jewellery, luggage, and leather goods stores sub-sector has maintained a steady presence, showcasing Dubai’s position as a luxury retail destination.

The motion picture and sound recording industries have also begun to gain traction.