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Dubai Commerce and Dubai Culture Support New Creative Economy

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E-commerce free zones Dubai CommerCity and Dubai Culture will work together to stimulate the growth of Dubai’s creative sector and enhance the emirate’s appeal as a global hub for the creative economy.

The two entities will establish new businesses in selected creative economic sectors and provide services to support long-term growth in Dubai Commercial City, according to a statement on Sunday.

These services include applying for long-term cultural visas, ten years of residence offered to creative talent.

Selected cultural and creative sectors covered by the operating agreement at Dubai Commercial City include music, fine arts, photography, film and video production, video game development, fashion design, graphic design, product design, interior and landscape design. , building services and advertising. Services, IT and Software Services.

Hala Badri, Executive Director of Dubai Culture said: “Through collaborations like this, we aim to strengthen Dubai’s cultural sector and positively empower its creative economy.”

“Through our collaboration with Dubai Commercial City, we aim to strengthen our efforts to support Dubai’s cultural and creative businesses and talents.”

Last year, Dubai committed to doubling the creative industry’s contribution to the emirate’s gross domestic product to 5%, increasing the number of Dubai-based creative firms to 15,000, providing 140,000 jobs across the creative economy sectors. unveiled a creative economy strategy that aims to By 2026.

Dubai’s creative economy ranks first in the region and second globally in attracting foreign direct investment projects in 2021, according to a government report.

The emirate attracted 233 creative economy projects last year, surpassing New York, Singapore and Berlin, according to the Dubai FDI Monitor Report, published by the Dubai Investment and Development Authority, an agency of the Ministry of Economy and Tourism.

The emirate has improved its global rankings from 5th place in 2020.

Estimates of FDI capital flows in this sector exceeded Dh 4.9 billion ($1.33 billion) in 2021.

As the United Arab Emirates emerges from the coronavirus pandemic and pushes to diversify its economy and reduce its reliance on oil, it is focusing on accelerating its expansion into high value-added sectors.

Last June, Abu Dhabi announced plans to invest Dh22 billion in the cultural and creative industries over the next five years as part of a push to diversify to foster new jobs and attract talent.

Dubai’s Al Quoz Creative District in Pictures

The partnership between Dubai Commercial City and Dubai Culture aims to attract highly creative companies, motivate them to set up branches in the emirate and help them expand their business across the Middle East, the statement said. rice field.

Mohamed Al Zarooni, Executive Chairman of the Dubai Economic Zone Authority, said: “Its integrated system provides incentives, facilities and services to support the expansion and contribution of the local economy.”

Updated: Aug 7, 2022, 2:15 PM