The United Arab Emirates (UAE) is taking bold strides to bolster its economy through multiple initiatives aimed at fostering growth, particularly within Dubai's creative sector and the oil industry. Recently, Sheikha Latifa bint Mohammed bin Rashid Al Maktoum, chairperson of the Dubai Culture and Arts Authority, launched the report titled "Dubai Creative: Exploring Future Creative Horizons." This report is part of the Dubai Culture’s initiatives aimed at realizing the city’s vision of becoming a global cultural hub and fostering creativity.
This initiative aligns with the vision of Sheikh Mohammed bin Rashid Al Maktoum, Vice President of the UAE, Prime Minister, and Ruler of Dubai, to position Dubai as a worldwide center for culture and talent. The report, produced in collaboration with Dinar Standard, highlights Dubai's achievements within the cultural and creative industries as well as the accompanying key statistics reflecting the transformations within these sectors.
According to the report, the creative economy contributes significantly, comprising approximately 6.1% of the global economy valued at $4.3 trillion. The UAE stands out with the largest creative industry sector in the Middle East and North Africa (MENA), valued at $13.7 billion as of 2021. The Dubai statistical data indicated the cultural and creative industries provided added value of 21.96 billion dirhams (approximately $6 billion) to Dubai’s Gross Domestic Product (GDP) in 2022, accounting for 4.6% of the total GDP. Currently, there are over 47,500 registered companies within these sectors, providing jobs for approximately 175,727 employees.
The report goes on to highlight how Dubai attracted 898 Foreign Direct Investment (FDI) projects within the creative industries sector alone, raising the total FDI inflows to 11.8 billion dirhams. Sheikha Latifa bint Mohammed noted the positive impact of creativity on shaping Dubai's knowledge-based and innovative economy, stating, "Creativity is not only cultural and social but also economic, and constitutes a fundamental pillar for shaping the future of societies and cities." She emphasized the importance of transforming Dubai’s creative economy, which benefits from innovative solutions and advanced digital infrastructure along with various supportive initiatives for cultural enterprises.
Hala Badri, Director General of the Dubai Culture and Arts Authority, pointed out, "The emirate has successfully enhanced its global leadership, thanks to its appealing legislative and investment environment, complemented by entrepreneurial incubators. The 'Dubai Creative' report reflects the cultural sector's reality, showcasing its potential to shape the city’s future." The report also offers comprehensive recommendations to boost growth within the creative industries, focusing on the most dynamic and rapidly growing cultural sectors.
Meanwhile, the UAE’s oil sector is witnessing substantial activity as well. Dr. Wafaa Ali, Professor of Economics and Energy, remarked on the intensified search, exploration, and production activities within the oil industry. She underscored the major partnerships formed for exploration with investments totaling $200 million and plans for drilling 110 development wells with additional investments of $1.2 billion to drive growth.
Dr. Wafaa Ali highlighted, "The Egyptian market is currently one of the most promising economic markets within the region." The oil and gas sector targets six principal operational strategies which include meeting the public's fuel needs inexpensively, improving the mining sector, and increasing the contribution of renewable energy to the national energy mix to 42% by 2030, among other goals.
The strategic location of the UAE, particularly Egypt, is set to play a pivotal role by leveraging regional cooperation. Enhancing infrastructure and fostering partnerships, especially with countries like Cyprus, are seen as integral steps for regional energy collaboration to export new discoveries and meet local market needs.
Overall, the UAE’s focused efforts on its creative economy and responsible energy practices exemplify its commitment to sustainable growth. By embracing innovation, ensuring efficient resource management, and creating vibrant environments for creativity and energy solutions, the UAE is steadfastly positioning itself as a global leader for future generations.
