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29 June, 2021

Dubai to harness AED 23Billion Culture and Creativity Sector

To draw investment, Dubai is prioritizing the growth of its Dh22.9 billion cultural and creative sector. There are plans to develop integrated infrastructure and introduce financial products as well.

 

A framework has been set up by the emirate to assess the health of the sector and has established a network to understand the needs for its creative community, as per the government of Dubai. This sector made up 2.7 percent of Dubai’s economy in 2019, compared to 2.6 percent in 2018.

 

Dubai outlined a five-year plan in April to increase the contribution of this sector to 5 percent, increase the number of cultural and creative institutions to 15,000, create 140,000 jobs and grant long-term visas to creative people who are keen on establishing Dubai as their business base.

 

The number of profitable business in the cultural and creative industries increased from 8,352 in 2018 to 9,772 in 2019. Job creation also increased by 9.6 percent from the previous year to 75,998 employees in 2019. The vast majority (99 percent) are small to medium sized companies.

 

The first of many integrated creative zones in the emirate, Al Quoz Creative Zone focuses on inspiring creativity among the workforce, attracting creative companies, entrepreneurs and capital working on this field.

 

New infrastructure will be created by the government to cement the creative community and the production of creative goods and services. Dubai also will offer new and innovative financial instruments and credit lines that guide investment to the creative economy and support entrepreneurs with the most captivating ideas.

 

This in turn will also establish the Dubai Creators Network, a group of people and institutions working within the creative economy, in order to identify growth needs.

 

To leverage this sector for business growth, do reach out to us for a free consultation with our experts.

 

Source: thenationalnews

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