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Dubai Ranks First Globally In FDI For Cultural And Creative Industries 2023

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Dubai Ranks First Globally In FDI For Cultural And Creative Industries 2023

Dubai has topped the Foreign Direct Investment (FDI) Index for cultural and creative industries in 2023, according to the ‘fDi Markets’ report by the Financial Times. This ranking reaffirms Dubai’s leadership and enhances its competitiveness as a global capital of the creative economy.

The emirate ranked first globally as the top destination for job creation and capital inflows in the cultural and creative industries (CCI) sector, out of 115 other destinations in the report. This achievement places Dubai ahead of major global cities such as London, New York, and Singapore.

According to data from the Dubai FDI Monitor, released by the Dubai Department of Economy and Tourism (DET), Dubai has attracted 898 projects in the cultural and creative industries sector in 2023, almost double the figure from the previous year. This led to AED 11.8 billion in FDI capital inflow, which was a 60% increase. An estimated 21,563 new job opportunities were created in 2023, 74% up on 2022.

Within the ranking of the top five source countries for FDI capital inflows into CCI in Dubai during 2023, data from the Dubai FDI Monitor and the Dubai Framework for Cultural Statistics showed an increase in capital inflows. The US led with 33.2%, followed by the UK at 12.4%, India with 9.1%, Hungary on 4%, and Denmark’s 3%. The US also topped the list for creating new job opportunities through FDI into Dubai’s CCI with 19.2%, India boasting 16.3%, the UK 15.7%, Singapore with 5%, and France’s 4.2%.

In terms of the number of FDI projects announced in 2023 in the CCI sector, the UK led with 17.8%, followed by India with 16.9%, the US at 16%, France with 4%, and Italy’s 3.8%, highlighting Dubai’s efforts and strategies to focus on these markets as key partners.

Data from the Dubai FDI Monitor and the Dubai Framework for Cultural Statistics indicated that wholly-owned Greenfield FDI projects accounted for 78.7% of Dubai’s total CCI in 2023. New Forms of Investments (NFIs) were 16.1%, reinvestment projects made up 3%, and mergers and acquisitions tallied up to 2.1% of the projects in the registered sectors.

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Ofala festival: Obi of Onitsha marks 25 Years on throne

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 Ofala Festival 2026 celebrated Onitsha’s royal heritage as Obi Nnaemeka Achebe marked 25 years on the throne and addressed Nigeria’s economic challenges.

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Crowds Gather for Rare Sunrise at Egypt’s Abu Simbel Temple

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Abu Simbel

Hundreds of tourists gathered at Egypt’s Abu Simbel temple to witness the twice-yearly sunrise ceremony illuminating Pharaoh Ramses II’s statue

Hundreds of tourists gathered at Egypt’s Abu Simbel temple on Thursday to witness a spectacular sunrise phenomenon in which sunlight illuminated the face of the statue of Pharaoh Ramses II, an event that occurs only twice a year.

Also read: 16 Famous Cultural Festivals That Define India

The ancient astronomical ceremony drew visitors from different parts of the world to the archaeological site in southern Egypt on October 22, one of two dates associated with the phenomenon.

The second occurrence takes place on February 22, when the rising sun illuminates the temple’s interior.

Egyptian tour guide Yasser Fouad described the occasion as extraordinary, saying some visitors had stayed overnight to secure the opportunity to witness the event.

“Today is an extraordinary day, everyone is keen, there are people who stayed over the night, foreigners who actually spent the night in Abu Simbel to see this phenomenon,” Fouad said.

The Great Temple of Ramses II at Abu Simbel dates back to the 13th century BC and is among Egypt’s most prominent archaeological attractions.

Built during the reign of Ramses II, one of ancient Egypt’s most powerful pharaohs, the temple is renowned for its monumental statues and sophisticated architectural design.

The twice-yearly sunrise phenomenon is a major attraction, drawing visitors eager to witness the interaction between sunlight and the temple’s ancient structure.

The dates have traditionally been associated with significant moments in Ramses II’s life.

October 22 is commonly linked to his birthday, while February 22 is associated with his accession to the throne.

However, the precise historical reasons behind the dates remain debated.

Some archaeologists have proposed alternative explanations, including that they may have marked the pharaoh’s coronation and birthday.

Abu Simbel underwent a major international rescue operation in the 1960s, when archaeologists and engineers relocated the temples to protect them from flooding caused by the construction of the Aswan High Dam.

The monumental structures were cut into large blocks and reassembled at a higher location, preserving the site for future generations.

The relocation was one of the most significant archaeological preservation projects of the 20th century.

Despite the move, the temple continues to attract visitors for its ancient Egyptian art, monumental architecture and remarkable alignment with the rising sun.

Also read: 16 Famous Cultural Festivals That Define India

The annual gatherings highlight the enduring appeal of Egypt’s archaeological heritage and the continuing fascination with the astronomical knowledge and engineering achievements of its ancient civilisation.

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16 Famous Cultural Festivals That Define India

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India

Discover 16 famous cultural festivals in India, from Diwali and Holi to Rath Yatra and the Pushkar Camel Fair, celebrating the country’s rich heritage (more…)

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