Dubai retains top global position for attracting Greenfield FDI Projects in cultural and creative industries in 2024

Her Highness Sheikha Latifa bint Mohammed bin Rashid Al Maktoum, Chairperson of the Dubai Culture and Arts Authority (Dubai Culture), affirmed that Dubai’s continued rise as a leading global hub for the creative economy reflects the far-reaching vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai. She noted that Dubai’s top global ranking for the number of foreign direct investment (FDI) projects in the cultural and creative industries (CCI) in 2024 — as reported by the Financial Times’ ‘fDi Markets’ and its ‘Creative Industries Cluster’ classification — reaffirms the emirate’s pioneering role in shaping a sustainable, innovation-driven creative economy.

Dubai retained its position as the top global destination for attracting Greenfield FDI projects in cultural and creative industries among 233 cities in the report for the third year in a row, surpassing major cities such as London and Singapore. This achievement was driven by the emirate’s strong performance across sub-sectors within the broader cultural and creative industries ecosystem. In 2024, Dubai attracted 971 projects in the sector, with total FDI capital inflows reaching AED18.86 billion, resulting in the creation of 23,517 new jobs.

Flexible government policies contributed to boosting FDI flows into the cultural and creative industries and strengthening Dubai's position as an attractive destination for investors, entrepreneurs, and owners of innovative initiatives and projects. These include Executive Council Resolution No. (11) of 2025 issued by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, Minister of Defence, and Chairman of The Executive Council of Dubai, regulating the operation of free zone establishments within Dubai. The resolution allows them to expand their business outside the free zone, provided they obtain the necessary permits from the Dubai Department of Economy and Tourism (DET).

The resolution aligns with the ambitious goals of the Dubai Economic Agenda D33, which focuses on building a dynamic business ecosystem in line with the leadership’s vision to enhance competitive advantages and further improve the efficiency of local and international companies in the city. Another example is the ‘Zero Government Bureaucracy’ (ZGB) programme, which aims to simplify and reduce government procedures, eliminate unnecessary requirements, and enhance efficiency, quality, and flexibility in government performance across the UAE, positioning it as an attractive destination for investors, entrepreneurs, and innovators. In addition, the recent introduction of the International Art Fairs Grant by the Dubai Culture and Arts Authority (Dubai Culture) offered financial support to Dubai-based galleries participating in art fairs abroad.

Her Highness Sheikha Latifa bint Mohammed bin Rashid Al Maktoum affirmed that Dubai’s forward-looking strategies and progressive policies have been instrumental in deepening its cultural and economic diversity, transforming it into a global hub for business, creativity, and innovation and one of the world’s most desirable cities to visit, live, and work in.

“Guided by the leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Dubai has succeeded in building a dynamic cultural ecosystem; one that inspires creativity, welcomes talent from across the world, and fuels innovation at every level. Through strategic planning and pioneering initiatives, Dubai has cultivated an environment that empowers creatives, investors, and entrepreneurs to realise their ideas and turn them into impactful, sustainable projects that enrich the emirate’s cultural fabric.”

Her Highness highlighted that Dubai’s ability to maintain its top ranking in attracting FDI in the cultural and creative industries signals investor confidence in the city’s long-term vision. “FDI is not only a catalyst for economic growth but also a gateway to inclusive, long-term development. Dubai’s success reflects its stature on the global cultural map and its reputation as a destination where ambition meets opportunity. Supported by world-class infrastructure, strategic positioning, and strong economic fundamentals, Dubai continues to be one of the fastest-growing cities for investment and talent,” she said.

She further noted that Dubai’s performance across key areas of importance to the investor, including technological and innovation capabilities, efficient regulatory frameworks, financial mobility, government transparency, and investor protection, has reinforced its position as a global leader in trade, tourism, and investment, with the cultural and creative industries forming a core pillar of this continued success.

According to data from the Dubai FDI Monitor, released by the Dubai Department of Economy and Tourism (DET), and based on the Dubai Framework for Cultural Statistics, the emirate attracted 971 projects in the cultural and creative industries sector in 2024, an 8% increase from the previous year’s 898 projects. These projects generated a capital inflow of AED18.86 billion (a nearly 60% rise), and created 23,517 new jobs in 2024, a 9% increase from 2023. This growth was driven by expansion in sub-sectors including advertising and PR; custom computer programming services; education and institutions in CCI domains; CCI business services; filmmaking, media and gaming; software design specialising in advanced technologies, including AI, machine learning, digital engineering and cloud solutions; and paint, coating and adhesive manufacturing.

The United States topped the list of countries for FDI capital inflows into Dubai’s cultural and creative industries in 2024 with 23.2%, according to the Dubai FDI Monitor and the Dubai Framework for Cultural Statistics, followed by India (13.4%), the United Kingdom (9.4%), Switzerland (7.6%), and Saudi Arabia (4.8%). India topped the list in terms of the number of FDI projects in the cultural and creative industries in 2024 with 18.8%, followed by the United Kingdom (16.3%), the United States (14.2%), Germany (4.2%), and Italy (3.7%). These results reflect Dubai’s targeted strategies and focus on these markets as key partners. India also led in job creation through FDI in CCI projects with 18.5%, followed by the United States (14.6%), the United Kingdom (13.6%), Germany (4.3%), and France (4%).

Data from the Dubai FDI Monitor, according to the Dubai Framework for Cultural Statistics, showed that greenfield wholly-owned FDI projects accounted for 76.5% of the total FDI projects in the registered sectors in 2024, while new forms of investment made up 15.4%, reinvestment projects 5.6%, and merger & acquisition projects 2.4%.

His Excellency Helal Saeed Almarri, Director General of the Dubai Department of Economy and Tourism (DET), said: “Dubai’s global leadership in attracting greenfield FDI — including in the cultural and creative industries — is a direct outcome of the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, and the disciplined execution of the Dubai Economic Agenda D33.

As we advance toward our goal of solidifying Dubai’s position among the world’s top three urban economies, the creative economy has emerged as a strategic growth enabler, enhancing competitiveness, stimulating innovation, and reinforcing Dubai’s role as a magnet for top-tier talent and international investment. Our regulatory clarity, robust IP protection, and adoption of frontier technologies such as AI are enabling this sector to integrate with high-impact industries including media, advanced manufacturing, and tourism, creating economic value at scale”.

Her Excellency Hala Badri, Director General of Dubai Culture, emphasised that Dubai’s top ranking in the number of FDI projects reflects its flexibility and promising investment environment that encourages creativity, as well as the strength of its legal framework that has enabled the establishment of a progressive cultural ecosystem capable of attracting entrepreneurs and creatives worldwide. She said: “Dubai continues to cement its leadership as one of the most prominent global hubs for FDI in CCI, thanks to its future-forward vision and ability to diversify its economy.

Its innovative strategies like the Dubai Economic Agenda D33, which aims to position the emirate among the world’s top three urban economies, and the Dubai Creative Economy Strategy, which seeks to increase the contribution of the creative sector to Dubai’s GDP to 5% by 2026, are helping expand opportunities for investors, entrepreneurs, and creatives in the cultural and creative industries. This is reflected in the findings of the ‘Creative Dubai: Navigating Tomorrow’s Creative Landscape’ report launched by Dubai Culture in December 2024 to provide a data-driven analysis of the performance of the creative economy in Dubai and its diverse investment opportunities.”

Dubai’s success in attracting global creative investments underscores the significance of its investment ecosystem, the evolution of its regulatory frameworks, and its dedication to fostering innovation. As the sector continues to grow rapidly, the emirate remains a magnet for global capital and a vibrant cultural scene, reinforcing its position as a global hub for the creative economy.