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Dubai launches new strategy to double companies and jobs in the creative sector

Dubai launches new strategy to double companies and jobs in the creative sector

The Dubai Creative Economy strategy aims to double the creative industries’ GDP contribution to 5 per cent of Dubai’s economy by 2025

Dubai seeks to more than double the number of creative companies based in Dubai from 8,300 to 15,000 within the next five years, according to a new strategy launched by Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.

The Dubai Creative Economy strategy also aims to double the creative industries’ GDP contribution to 5 per cent of Dubai’s economy by 2025, up from 2.6 per cent at the end of 2020.

It is also looking to more than double the number of creators based in the emirate, from 70,000 to 140,000, a statement said.

The concept of a creative economy covers broad and varied fields including publishing, writing, audio-visual and print media such as cinema, music, and video, as well as artistic and cultural industries, cultural heritage museums, historical sites, archives, major cultural events, libraries, and the software and videogaming industry.

It also includes design in all of its many variations, whether related to fashion, gaming, software, or architecture.

To achieve its goals, the strategy includes upgrading the legal and investment environment to enhance the emirate’s attractiveness to creators, investors and entrepreneurs as well as local, and global investments in creative industries.

A number of flexible packages, incentives and advanced creative incubators will be provided to maintain pace with the rapid technological developments.

An integrated zone for creative individuals will also be launched in Dubai to provide the requisite components for developing a creative sector in the emirate.

Additionally, it will include the launch of the ‘creative economy classification and measurement framework’, a dynamic new tool that will allow Dubai to measure the scale and impact of its creative economy beyond GDP contribution. It will enable Dubai to take its “creative pulse”, the statement said.

All of this will “contribute to transforming Dubai into a global capital for the creative economy”, the statement added.

“Today, we launch the Dubai Creative Economy Strategy with the aim of transforming the emirate into a preferred destination for creativity from across the world and a capital of the creative economy by 2025, in order to achieve our vision for a future economy based on knowledge and innovation,” Sheikh Mohammed bin Rashid Al Maktoum said on Twitter.

“We always welcome creative individuals and companies from all over the world, and we seek to provide a suitable environment for them to transform their dreams, aspirations and creativity into an added value and a sustainable economic resource.”

He added: “The UAE is a global economic capital, and creativity is part of our economy and of our quality of life, and a major engine for the future of our country.

The Dubai Creative Economy strategy is being implemented under the patronage of Sheikha Latifa bint Mohammed bin Rashid Al Maktoum, chairperson of the Dubai Culture & Arts Authority, and is being supervised by the authority in cooperation with the Dubai Roads & Transport Authority (RTA), Dubai Municipality, Dubai Economy, and Wasl Asset Management Group.

Dubai began the process of the creative economy with the establishment of hubs such as Dubai Internet City, Dubai Media City, Dubai Production City, Dubai Studio City and Dubai Design District.

Globally, the creative economy is witnessing a boom, with revenues reaching $2.25 trillion – representing 10 per cent of global GDP – in addition to creating 30 million jobs.

Source : Originally seen on gulfbusiness

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