Dubai tops in attracting FDI projects in cultural, creative industries; surpasses London, Paris, Berlin

Dubai tops in attracting FDI projects in cultural, creative industries; surpasses London, Paris, Berlin

Emirate’s cultural, creative sectors attracted Dh7.35 billion in foreign direct investment in 2022

Published: Sun 11 Jun 2023, 10:03 PM

Dubai attracted a record 451 projects in the cultural and creative industries in 2022, an impressive increase of 107.7 per cent from the previous year, surpassing major global cities such as London, Singapore, Paris, and Berlin.

According to the Dubai FDI Monitor report, greenfield FDI projects accounted for 76 per cent of the total projects.

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

Foreign direct investment (FDI) in Dubai’s cultural and creative industry jumped to Dh7.357 billion in 2022, ranking the city first in the Mena region and 12th globally, up from 14th place in 2021.

Foreign capital flows generated an estimated 12,368 jobs, positioning the emirate first in the region and sixth globally in job creation.

The emirate has been a magnet for FDI inflows. It further strengthened its position as a global destination for foreign direct investment (FDI), recording over 80 per cent increase in FDI inflows and