Launched by Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum, the Dubai Creative Economy strategy will look to increase the number of creative companies from 8,300 to 15,000 within the next five years, and double the sector’s contribution to the city’s economy to 5 percent by 2025.
The strategy will seek to make the emirate a more attractive destination for creators, investors, and entrepreneurs to prompt international as well as local investment in the city.
The creative economy, which includes everything from publishing, writing, cinema, and music to artistic and cultural industries, cultural heritage, fashion, and gaming, currently represents only 2.6 percent of Dubai’s economy.
NEW CREATIVE ZONES
To achieve this goal, the emirate will invest in a new integrated zone for creative individuals and offer flexible packages and incentives for creators and investors. It will also develop a new framework to better measure the city’s “creative pulse” and determine the impact the sector is having on the local economy.
The emirate has already begun creating hubs for the creative industries, including Dubai Internet City, Dubai Media City, Dubai Production City, Dubai Studio City, and Dubai Design District.
OPPORTUNITIES FOR INVESTORS
These new purpose-built hubs will offer new opportunities for real estate investors as offices and workspaces are constructed to meet the expected demand from the creative industries.
The plan, which will also encompass museums, archives and libraries, will require an enormous amount of new buildings and infrastructure. Further incentives offered by the Dubai government will make investing in these construction projects even more attractive to international investors.
The Dubai Creative Economy is part of the emirate’s long-term plan to diversify its economy, and build an economy based on knowledge and innovation in a sustainable way.
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