Her Highness Sheikha Latifa Bint Mohammed Bin Rashid Al Maktoum, Chairperson of Dubai Culture and Arts Authority and member of the Dubai Council, disclosed that the emirate crystallizes its position as an international cultural center and acquisition spot, ranking 1st in the MENA region and 2nd in the world in alluring FDI in cultural and innovative sectors in 2021.
Her Highness stated that the emirate’s growth as a magnet for FDI in the region has been driven by the farsighted desire and directives of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai.
As per the Dubai FDI Monitor statement, posted by the Dubai Investment Development Agency, a unit of the Department of Economy and Tourism, the Dubai emirate allured 233 new assignments in the inventive economy in 2021. Beating other prime cities like New York, Berlin, and Singapore, the Dubai emirate enhanced its rankings from 5th in the previous year. The statement was depending on data from the financial times’ FDI Markets, the globe’s prime data source on greenfield FDI assignment.
“These outcomes show the maturity and sustainability of the acquisition climate in the inventive economy of Dubai. The emirate has formed excellent FDI prospects in the sector by forming a strong ecosystem and a modern business enabling infrastructure for innovative business people.”
“By promoting a climate that promotes learning, evolvement, and creation, the emirate has evolved a thriving international inventive community. Its remarkable social fabric that has developed of the unique cultural diversity of the emirate, and its wider human-centric evolvement procedure has further supported the development of the innovative economy of the emirate.” Sheikha Latifa stated.
Data from the Dubai FDI monitor shows remarkable development in overseas acquisition in the cultural and innovative sectors. The sector’s estimated worth of FDI capital flows increased by AED 4.9 billion in 2021. The rise in FDI inflow and rankings reflect the increased magnificence of the innovative economy of Dubai. In cases of the several new jobs in the innovative economy, the emirate possesses its top rank locally and 4th internationally with 6,204 new jobs invented from FDI.
Sheikha Latifa noted that throughout the last 5 years, between 2017 and 2021, the innovative economy of Dubai has seen FDI capital inflows of AED 50.9 billion across 787 assignments. These assignments formed 32,542 jobs throughout the 5-year tenure. The emirate ranks 5th internationally in cases of assignments, 8th in cases of FDI capital flow into the innovative economy, and 4th in cases of jobs formed throughout the last 5 years.
“Dubai’s success in constantly increasing the well-being of its nationals, tenants, and travelers and elevating the quality of services given to them has increased the international innovative community’s confidence in Dubai and formed it a desired international business, entertainment, and lifestyle spot.”
Hala Badri, Director-General of Dubai Culture, stated that the authority constantly reinforces the foundations to open new horizons for the different elements of the innovative economy of Dubai and empower its status internationally as a perfect acquisition spot.
“2021 seen enhanced inflows of FDI into the innovative economy of the emirate despite the pandemic, which shows that readiness and adaptability of the emirate to face all difficulties, nurture skill and assist businesses to retain their sustainability, stability, and competitiveness,” Badri stated.
Helal Saeed Almarri, Director-General of the Departments of Economic and Tourism in Dubai, worried that the emirate’s local and international pre-eminence in FDI appeal stems from the desire and assistance of the administration to form a diverse economy depending on the creation and knowledge.
“The cultural and inventive sectors today are amongst the very lucrative for acquisitions, modern technologies, and skill. The industry has contributed highly to the emirate getting the top international ranking in alluring greenfield FDI assignments in 2021,” noted AlMarri.
For his role, Fahad Al Gergawi, CEO f Dubai FDI, stated – “The FDI Monitor of Dubai data gives wider research of FDI assignments in the economic industries of the emirate. This assists the strategic planning procedure for increasing the magnificence of the emirate for FDI, and the FUS promotion, facilitation and the condition of technical and trusted services to the investor community.”
As owe the Dubai FDI Monitor data, Greenfield FDI accounted for 71% and investments assignments, reacquisition, new sorts of acquisitions, and joint ventures.
Dubai culture is performing with its strategic partners to grow a virtual structure that would improve the development of the emirate’s culture and arts industry and increase its contribution to the GDP of Dubai. This is supported by the complete activation of the founding law of the emirate culture, which mentions its part as a policymaker, enabler, and regulator, of this industry in Dubai.
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