The creative economy sector in Dubai sector was in the TOP-3 globally in 2021

According to the Dubai FDI Monitor report, published by the Dubai Investment Development Agency (Dubai FDI), an agency of the Department of Economy and Tourism (DET), Dubai’s creative economy took first place regionally and second globally in 2021, in terms of attracting foreign direct investment projects. With an estimated value of AED 4.9B (USD 1.3B) of FDI capital flows, the emirate surpassed New York, Singapore and Berlin.

Aiming to switch to a non-oil economy, the UAE launched a 10-year National Strategy for the Cultural and Creative Industries, the first one in the Arab world, back in late 2021. Taking this information into account, it is safe to say that these 2 sectors will play a significant role in the UAE’s  development over the next 50 years.

According to the UAE Princess and Daughter of the Ruler of Dubai, Latifa bint Mohammed bin Rashid Al Maktoum (II), Chairwoman of the Dubai Culture and Arts Authority (Dubai Culture) and member of the Dubai Council, Dubai has already recorded a decent increase in FDI capital flows in the creative economy. In fact, based on data from the Financial Times’ fDi Markets, the thriving emirate attracted a total of AED 50.9B of foreign investment from 2017-2021 across 787 projects. In addition, Dubai ranked first regionally and fourth globally, as 6,204 jobs were created from FDI in 2021. These indicators clearly illustrate a robust ecosystem and an advanced business-enabling infrastructure for creative startups and entrepreneurs.

As well as all the above, Dubai has recently launched the world’s first incubator for sustainable cities in order to develop new solutions for the next generation of sustainable cities worldwide. Devised by Dubai-based urban planning consultants URB, this concept is designed to address economic, environmental and social impact through urban planning, city management and the adoption of eco-friendly initiatives.

The emirate is also on the way to becoming a leading real estate investment destination globally, amidst the newly launched visa regulations. That being said, this move is boosting the demand for local properties, as Dubai registered a total of 2,043 property deals worth AED 7.2B (USD 1.9B) during the week ending 20 May 2022. Not forgetting that the emirate plans to increase its population from 3.5 million in 2022 to 5.8 million by 2040, which will create yet another wave of demand for hospitality, commercial and residential real estate.