For the third consecutive year, Dubai has been recognized as the top global destination for attracting Greenfield foreign direct investment (FDI) projects in the cultural and creative industries, according to the Financial Times’ ‘fDi Markets’ report, which evaluated 233 cities worldwide.

In 2024, Dubai successfully attracted 971 projects in this sector, resulting in total FDI capital inflows of AED 18.86 billion. This investment led to the creation of 23,517 new jobs, further solidifying Dubai’s position as an attractive hub for investors and entrepreneurs.

Dubai’s performance outshone major cities such as London and Singapore, thanks in part to flexible government policies that have boosted FDI flows into the cultural and creative industries (CCI). These initiatives have made Dubai a prime location for innovative projects and creative ventures. “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,” stated Her Highness Sheikha Latifa bint Mohammed bin Rashid Al Maktoum, Chairperson of the Dubai Culture and Arts Authority.

Data from the Dubai FDI Monitor, released by the Dubai Department of Economy and Tourism (DET), indicates that the emirate saw an 8 percent increase in CCI projects from the previous year’s total of 898. The growth was particularly driven by expansion in several sub-sectors, including advertising and public relations, custom computer programming services, educational institutions within CCI, and media and gaming services.

In 2024, the United States led the countries contributing to FDI capital inflows into Dubai’s cultural and creative industries, accounting for 23.2 percent. It was followed by India with 13.4 percent, the United Kingdom at 9.4 percent, Switzerland with 7.6 percent, and Saudi Arabia at 4.8 percent.

When it comes to the number of FDI projects, India ranked first with 18.8 percent, followed by the United Kingdom at 16.3 percent and the United States at 14.2 percent. Additionally, India led in job creation through FDI in CCI projects, contributing to 18.5 percent, with the United States at 14.6 percent and the United Kingdom at 13.6 percent.

Greenfield wholly-owned FDI projects represented 76.5 percent of the total FDI projects in the sector for 2024, while new forms of investment made up 15.4 percent. Reinvestment projects accounted for 5.6 percent, and merger and acquisition projects constituted 2.4 percent.