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Latifa bint Mohammed: A new achievement that reflects Dubai’s leadership and growing global competitiveness in the creative economy
76% of new investment projects in the cultural and creative industries in Dubai during 2022
Her Highness Sheikha Latifa bint Mohammed bin Rashid Al Maktoum, Chairperson of the Culture and Arts Authority in Dubai «Dubai Culture», and a member of the Dubai Council, confirmed that the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, may God protect him, for the sector Culture in Dubai, and His Highness’ directives to consolidate Dubai’s position as a global cultural destination and a major incubator for talents and creators, enabled the emirate to continue its pioneering path and grow its competitiveness as a global capital of the creative economy, to become the first in the world in the index of attracting foreign direct investment projects in the cultural and creative industries, according to data « Dubai Investment Observatory » of the Department of Economy and Tourism in Dubai.
Dubai achieved a new record by attracting 451 new projects during 2022 in the cultural and creative industries sector, an increase of 107.7% compared to 2021, ahead of major international cities such as London, Singapore, Paris and Berlin, to become the first in the world in this indicator, and add to its balance. A new achievement that consolidates its location as a home for exceptional creative energies, a land for innovation, and an international hub of attraction thanks to the vision of the wise leadership aimed at making Dubai a global cultural center, an incubator for creativity, and a meeting place for talents.
According to the data of the “Dubai Investment Monitor” based on the data of the Financial Times “FDI Markets”, which specializes in monitoring data on new foreign direct investment projects globally, Dubai has succeeded in maintaining its regional lead in the first place in the job creation index in foreign direct investment. And it maintained its level at the sixth position globally in the same index compared to the results of 2021, and it also ranked first regionally and 12th globally in the index of capital flows of foreign direct investment projects in the cultural and creative industries sector, advancing by two ranks over its performance in 2021, as the report revealed a total increase The capital flows of foreign direct investment projects in the sector amounted to 7.357 billion dirhams in 2022, which contributed to the creation of 12,368 new jobs.
global capital
Her Highness Sheikha Latifa bint Mohammed bin Rashid Al Maktoum said: “This new achievement embodies the forward-looking vision of the wise leadership and its unique approach. Its economic environment that stimulates creative work, and the extent of the development of its creative economy system, which it aspires to be its global capital by 2026.
Her Highness added: “Dubai, with its global cultural diversity, has succeeded in being one of the best cities in the world to live, work and invest, and a global magnet for creators and talents who have found in it a fertile ground to launch their projects and develop their innovative ideas, and transform their ambitious visions into effective projects and a sustainable economic resource, which reflects The strength of opportunities that Dubai provides to investors and entrepreneurs, and establishes a sustainable development reality that the wise leadership has set as a strategic goal within its current and future plans and projects.
Her Highness, President of the Culture and Arts Authority in Dubai, praised all the efforts that have combined to achieve this global achievement, noting the importance of enabling creators to create economic value for their creations, pointing to the role of entrepreneurs and investors in achieving the goals of the “Dubai Creative Economy Strategy” seeking to combine creative projects. And capital looking for various investment opportunities, which contributes to stimulating the growth of the creative economy sector, which is today one of the most important tributaries of the economic system based on knowledge and innovation.
first place
For his part, Helal Saeed Al Marri, Director General of the Department of Economy and Tourism in Dubai, indicated that the emirate is witnessing, year after year, the strengthening of its sustainable efforts in transforming into a diversified and creative economy that aims to attract global talents, improve the business environment, and enhance levels of growth in productivity.
His Excellency said: “Dubai is committed to maintaining its position at the forefront of the fourth industrial revolution, and provides various programs that support innovators in line with the national strategy for advanced innovation, which is confirmed by the results shown by the Dubai Investment Observatory, which revealed the emirate’s solutions in the first place in the world in attracting foreign direct investment projects. In the cultural and creative industries, so that Dubai establishes an active and attractive cultural and creative scene for international companies in this regard.
He added, “Our wise leadership attaches utmost importance to raising the contribution of foreign direct investments in future sectors, which is reflected in the Dubai Economic Agenda D33 launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum at the beginning of this year, and looks forward to providing a unique experience in work and development based on The main axes are embodied in skilled minds, ideas and competencies, advanced technology, and an economy based on innovation and knowledge.
capital flows
In terms of classifying the top five source countries in foreign direct investment flows in the cultural and creative industries sector to Dubai during the past year, the data of the “Dubai Investment Monitor” confirmed the growth of foreign direct investment capital flows, as the United States of America topped the list of countries investing in this sector in Dubai, followed by: India, Switzerland, France and the United Kingdom. The United States of America also topped the list of the number of foreign direct investment projects in 2022, followed by India, the United Kingdom, France and Switzerland, which illustrates Dubai’s efforts and strategies for this sector.
