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Dubai ranks top for cultural and creative projects, says FDI data

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Dubai has achieved top global ranking in attracting Foreign Direct Investment (FDI) projects in the cultural and creative industries in 2022.

The emirate attracted a record-breaking 451 projects, which represents an increase of 107.7 per cent, and surpasses the likes of London, Singapore, Paris and Berlin.

That’s according to the Department of Economy and Tourism’s (DET) Dubai FDI Monitor report based on data from the Financial Times’ ‘fDi Markets,’ a leading source on Greenfield FDI projects.

Dubai’s total FDI capital flows in the cultural and creative industries surged to AED 7.35 billion in 2022, ranking the city 1st in the MENA region and 12th globally (up from 14th in 2021).

This FDI generated an estimated 12,368 jobs, positioning Dubai 1st in the MENA region and 6th globally (maintaining the same level as 2021) in job creation in FDI.

Sheikha Latifa bint Mohammed bin Rashid Al Maktoum, Chairperson of Dubai Culture and Arts Authority and Member of the Dubai Council, said the latest ranking reflects the emirate’s unique approach and reflects the strength and maturity of its infrastructure and its legal, legislative, creative and digital environment.

The United States, India, the United Kingdom, France and Switzerland emerged as the leading foreign direct investors in Dubai’s cultural and creative industries in terms of FDI projects.

According to the data, Greenfield (wholly-owned) FDI projects accounted for 76 per cent of the total, followed by New Forms of Investments (NFIs), which accounted for 13 per cent, Mergers and Acquisitions and Reinvestment projects making up 5 per cent each, and Greenfield (joint-ventures) at 1 per cent.

Announcements

Dubai traffic alert: Key roads, including Sheikh Zayed Road, to close on New Year’s Eve

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Dubai will implement gradual road closures on New Year’s Eve, including major routes such as Sheikh Zayed Road, starting from 4 PM on December 31, according to a senior official from the Roads and Transport Authority (RTA).

Residents and visitors planning to visit Downtown Dubai or other popular fireworks destinations are advised to begin their journeys early and rely on public transport, said Hussain Al Bana, Executive Director of Traffic at the RTA. He urged those not attending festivities in these areas to leave early and reminded guests with bookings near the celebrations to arrive before 4 PM.

The road closure schedule includes:

  • Sheikh Mohammed Bin Rashid Boulevard: From 4 PM
  • Financial Centre Street (Lower Deck): From 4 PM
  • Al Mustaqbal Street: From 4 PM
  • Burj Khalifa Street: From 4 PM
  • Al Asayel Road (Oud Metha to Burj Khalifa): From 4 PM
  • Al Sukuk Street: From 8 PM
  • Upper Level of Financial Road: From 8 PM
  • Sheikh Zayed Road: Gradual closure from 11 PM

To accommodate workers and ensure safety, authorities have designated viewing zones featuring large screens and meal services in collaboration with the Permanent Committee for Labour Affairs. Dedicated family-only viewing areas have also been arranged, with additional details forthcoming.

Enhanced Parking Facilities

The RTA has arranged approximately 20,000 additional parking spaces at Dubai Mall, Zabeel, and Emaar Boulevard to cater to visitors. Alternative parking options at Al Wasl and the GDRFA parking lots will also be available, with free shuttle buses provided for convenience.

Metro users can park at Centerpoint, Etisalat e&, and Jebel Ali stations for easier access to celebration venues. Note that the Dubai Water Canal Footbridge and elevators will close at 4 PM.

Citywide Celebrations

As Dubai rings in 2025, a total of 36 locations across the city will host spectacular celebrations. Highlights include fireworks displays at Burj Park, Global Village, Dubai Festival City Mall, Al Seef, Bluewaters, The Beach at JBR, and Hatta.

Authorities encourage the public to use public transport and plan their journeys in advance to enjoy a smooth and memorable New Year’s Eve.

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Announcements

Dubai Metro rolls Out 43-hour nonstop operations for New Year’s Eve

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Dubai Metro and Tram services will operate nonstop for over 43 hours starting December 31, according to a senior official from the Roads and Transport Authority (RTA).

This initiative is designed to alleviate congestion during New Year celebrations, encouraging the public to rely on public transport for a smoother journey. Dubai Metro will run continuously from 5 AM on December 31 until the end of January 1, while Dubai Tram will operate from 6 AM on December 31 until 1 AM on January 2.

Additionally, the RTA will deploy a fleet of 1,400 buses, available free of charge, to further support public transportation. The RTA, highlighted that the extended Metro and Tram services, increased parking facilities, and free bus rides are part of the authority’s efforts to provide convenient travel options and reduce traffic congestion for celebrators.

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Announcements

Traffic Relief: Dubai opens new bridge, slashes travel time from 15 to 3 minutes

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A new 1km bridge opened on Sunday in Dubai, greatly easing traffic flow from Hessa Street to Al Khail Road, the Roads and Transport Authority (RTA) announced.

The two-lane bridge has reduced travel time from Hessa Street to Al Khail Road from 15 minutes to just three minutes, the RTA added. The bridge ensures a “seamless” traffic connection to Dubai’s city centre and Dubai International Airport.

RTA also announced that 54 per cent of the Dh689 million Hessa Street development project, which includes upgrades of four major intersections, has been completed. All intersections are expected to be fully operational by the fourth quarter of 2025.

Mattar Al Tayer, Director-General, Chairman of the Board of Executive Directors of the Roads and Transport Authority (RTA), said the Hessa Street development project, spanning 4.5km from its intersection with Sheikh Zayed Road to its intersection with Al Khail Road, represents a continuation of efforts to develop road infrastructure to keep pace with the emirate of Dubai’s continuous growth.

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