ahead of New York, Singapore and Berlin during 2021

Dubai is the second globally in attracting foreign investment in creative industries

• Dubai provides a stimulating environment for creatives and opens up new horizons for them.

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Her Highness Sheikha Latifa bint Mohammed bin Rashid Al Maktoum, President of the Dubai Culture and Arts Authority (Dubai Culture), affirmed Dubai's continued strengthening of its position as a leading global destination in attracting foreign direct investment in the cultural and creative industries, noting the emirate's success in attracting 233 new investment projects in Cultural and creative industries, according to the Dubai Investment Monitor, so that Dubai ranks second in the world in attracting new foreign direct investment projects in 2021, advancing from the fifth place in previous years, according to data from the Financial Times “FDI Markets”, which specializes in monitoring data on investment projects. New Foreign Direct International.

The data of the “Dubai Investment Monitor” of the Dubai Investment Development Corporation, one of the institutions of the Department of Economy and Tourism in Dubai, through tracking and analyzing the flows of all types of foreign direct investment to Dubai, indicate a remarkable growth in foreign direct investment in the cultural and creative industries. During 2021, it aims to enhance the emirate’s attractiveness to foreign direct investment in the cultural and creative industries sector.

Dubai maintained its regional lead in first place in the Middle East and North Africa in terms of the number of foreign direct investment projects in the creative economy, while it continued to rise globally, as it ranked second, surpassing major cities such as New York, Singapore and Berlin in terms of the number of projects that reached 233 for the year 2021, and Dubai maintained its first place regionally and fourth globally in the classification of job creation from foreign direct investment, which amounted to 6,204 jobs in the cultural and creative industries, while the estimated value of the total capital flows of foreign direct investment projects in the sector exceeded 4.9 billion dirhams in the same year.

Tangible reality

Her Highness Sheikha Latifa bint Mohammed bin Rashid Al Maktoum said that Dubai has witnessed, over the past years, a continuation of the flow of foreign direct investment to the emirate in the creative economy sectors, thanks to the directives and efforts of the rational leadership to make Dubai a first destination for creativity and innovators, through the creation of innovative infrastructure. And the development of the legal and legislative environment that supports the promotion of the growth of the creative economy, which made its fruits and results a tangible and sustainable reality within the development and construction journey pursued by the wise leadership.

During the past five years (2017-2021), the emirate witnessed a remarkable influx of foreign direct investment in the cultural and creative industries, as the number of projects reached 787 projects, with continued foreign direct investment capital flows in the sector, which amounted to 50.9 billion dirhams.

While the number of jobs created thanks to these projects reached 32,542 jobs in the same period, according to the data of the Dubai Investment Monitor, bringing Dubai to the fifth place globally in terms of the number of projects, eighth in terms of foreign direct capital in the creative economy, and fourth place In terms of the number of jobs created thanks to it during that period, according to data from the Financial Times "FDI Markets".

Her Highness, President of the Dubai Culture and Arts Authority, continued: "The achieved results reflect the maturity and stability of the investment environment in the emirate at the level of the creative economy sectors thanks to its environmental and economic system that stimulates creative work, and its advanced technological and infrastructure, which is considered one of the best in the world, which made it capable of to attract foreign direct investment.

Her Highness added: "Dubai is a magnet for talent, as the global creative community thrives in it due to the enabling environment for learning, development, innovation and the creation of opportunities it provides for talent, as well as the unique social fabric that Dubai enjoys with its diversity of cultures and openness to the world;

In addition to its focus on the human being as the centerpiece of its comprehensive development process, it always aims to enhance the welfare of citizens, residents and visitors alike, and to raise the level of services provided to them, which enhances confidence in the emirate and makes it a preferred destination for establishing businesses, living and entertainment.

global destination

For her part, Director General of Dubai Culture, Hala Badri, said that the authority is continuing to consolidate the foundations that would open new horizons for growth for the various components of the cultural and creative sector in the emirate, and consolidate its position on the global scene as an ideal destination for investment in these areas, adding: “Dubai Culture is continuing our approach to enhance Dubai’s position on the global creative economy map, and in supporting and attracting talent by developing mechanisms, strategies, legislative frameworks, regulations and policies that ensure ease of doing business in creative fields, and in investing our partnerships with government, semi-governmental and private bodies And experts, consultants and representatives of the creative sector in order to create new opportunities that ensure prosperity for all, leading to the consolidation of the emirate’s position as a global destination for investment in the cultural and creative industries.”

Badri indicated that 2021 witnessed a continuation of the flow of foreign direct investment capital in the creative sector in the emirate despite the conditions of the pandemic, considering that this reflects its flexibility and readiness to face all challenges, and at the same time confirms the availability of the appropriate climate in it to embrace and care for creators to ensure the stability, sustainability and competitiveness of their businesses.

diversified economy

For his part, Director General of the Department of Economy and Tourism in Dubai, Hilal Saeed Al Marri, stressed that the prominent position that Dubai has reached regionally and globally in all indicators of attracting foreign direct investment is the result of the vision of the wise leadership that resulted in a diversified economy based on knowledge and innovation, noting that The cultural and creative industries in Dubai have become one of the most important sectors that attract investment, advanced technology, as well as talent.

It also contributed to enhancing Dubai's position to become at the forefront of cities attracting new foreign direct investment projects globally in 2021.

For his part, Executive Director of the Dubai Investment Development Corporation, Fahad Al Gergawi, said that the cultural and creative industries sector is witnessing a tangible development in attracting foreign direct investment of various types, which includes, in addition to new investment projects, both reinvestment projects, merger and acquisition projects, joint ventures and new types of investment. And foreign direct investment from venture capital, pointing out that the data of the Dubai Investment Monitor provides a comprehensive analytical picture of investment flows in the economic sectors in the emirate, in a way that enhances strategic planning processes to promote, attract and facilitate investment and provide reliable specialized services to the global investor community.Observatory data indicate that the percentage of new investment projects in the same period amounted to 71%, while merger and acquisition projects accounted for 12% of the total number of projects, and the percentage of reinvestment projects reached 9%, joint projects to 2%, and new types of investment to 5% The total number of investment projects in the cultural and creative industries.

Latifa bint Muhammad:

• «The achieved results reflect the stability of investment in Dubai within the activities of the creative economy thanks to its global infrastructure and stimulating environment».

• "Dubai is a magnet for talent, as the global creative community thrives in it due to the enabling environment for learning, development, innovation and opportunity creation."

• Dubai maintained its regional leadership as the first in the region in terms of the number of foreign direct investment projects in the creative economy.

Strengthen

Prosperity Dubai Culture works with its strategic partners to develop effective frameworks that will enhance the prosperity witnessed by the culture and arts sector in the Emirate of Dubai and raise its contribution to the gross domestic product, supported by the full activation of its founding law, which stipulates its role as a policy maker and regulator. An enabler for this sector in the emirate.

• 233 new investment projects in the cultural and creative industries attracted by Dubai during 2021.

• 32,542 jobs were created through 787 projects within the activities of the creative economy in five years.

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