Dubai leads world in number of cultural, creative projects funded by foreign direct investment, report finds

Dubai leads world in number of cultural, creative projects funded by foreign direct investment, report finds

LONDON: Dubai ranked as the top global destination for foreign direct investment in the cultural and creative industries during 2022, in terms of number of projects, according to official figures.

Sheikha Latifa bint Mohammed Al-Maktoum, chair of Dubai Culture and Arts Authority and a member of Dubai Council, announced on Sunday that the Dubai FDI Monitor report, compiled by Dubai’s Department of Economy and Tourism based on data from the Financial Times’ fDi Markets database, found that the emirate attracted 451 projects in these fields last year. This represented a 107 percent increase compared with the previous year, leaving major global competitors such as London, Singapore, Paris and Berlin trailing.

“The emirate attracts innovators and talented individuals worldwide, providing them with an enabling environment where innovative projects can flourish, ground-breaking ideas can be nurtured and ambitious concepts can be transformed into thriving economic ventures,” said Sheikha Latifa.

She attributed the success to the unique approach of authorities in Dubai and the strength of the emirate’s infrastructure and its legal, legislative, creative and digital environments. She said it attracts innovators and talented individuals from around the world by providing them with a supportive environment in which innovative projects can thrive and ambitious ideas become