The findings of Digital Creative Economy 2024 reaffirm Dubai's position as the global capital of the creative economy.
A new white paper by Dubai Design District (d3) and Dubai Media City states that the global digital creative economy is expected to note compounding growth of 11% each year to reach a valuation of AED27 trillion by 2030. This growth will be led by young and emerging talent amid the steady proliferation of disruptive technologies like artificial intelligence (AI), Web3, and virtual reality. d3 and Dubai Media City used an innovative market sizing model built by international digital consultancy Monstarlab, that reflects the average combined sizes of the global design and media markets as well as verticals defined by global and UAE standards, including books, audiovisual media, culture and heritage, visual arts, fashion, and product design.
The Digital Creative Economy 2024 white paper compiles feedback from more than 20 leaders and a survey of 400 UAE- and internationally-based design and media professionals. It explores how the accelerated trajectory of emerging technologies is influencing skills and services ranging from fashion design and architecture through to visual arts, advertising, and events. The report notes that over 42% of design and 46% of media professionals surveyed for the white paper expect advanced emerging technologies and the adoption of AI solutions to impact their field of expertise in the coming years.
The study also explores the UAE’s role as a contributor to the global creative industry, particularly as the fastest mover within the GCC to grow and digitise its creative economy. The majority of design (83%) and media (77%) professionals surveyed for the white paper agree Dubai and the UAE provide well-developed infrastructure to enable creative excellence.
The findings of Digital Creative Economy 2024 reaffirm Dubai’s position as the global capital of the creative economy. The emirate was placed at number one position by ranked first the fDi Markets report by the Financial Times on the Foreign Direct Investment (FDI) Index for project inflows and job opportunities in the cultural and creative industries in 2023.
Speaking at the launch of the report, Majed Al Suwaidi, Senior Vice President of Dubai Media City, at Tecom Group said: “There has been a seismic shift in how content is produced, distributed, and monetised over the past decade, and the rapid pace of this convergence demands tomorrow’s talent is armed with the necessary skills and training to unlock its full potential. AI, Web3, and virtual reality are swiftly pushing the horizon of what’s possible for the future of media, but this tech-driven landscape demands a deep, holistic understanding of the implications of these new tools,” said Al Suwaidi.
Khadija Al Bastaki, Senior Vice President of Dubai Design District (d3), at Tecom Group, added: “Strategic support in our city, too, is geared towards helping to unlock the potential of the creative sector. This is apparent in the Dubai Creative Economy Strategy, which aims to raise the GDP contribution of creative industries to 5 percent by next year,” she noted.
“Strategic initiatives, targeted development and pro-business policies, and a diverse, multicultural population are cultivating an outstanding global creative community, which has been instrumental to Dubai’s status as a Unesco City of Design and driving FDI in the creative sector. To build upon Dubai’s flourishing contribution to the global design sector, we must continue to look forward and prepare for the next priorities courageously, collaboratively, and innovatively. This white paper demonstrates our deep commitment at d3 to championing this vital conversation and ensuring an even stronger future that is informed, favourable, and progressive for all our creative stakeholders.”
