The global digital creative economy is set to reach AED 27T by 2030, propelled by emerging technologies such as artificial intelligence (AI) and virtual reality. This projection comes from a study by Dubai Design District (d3) and Dubai Media City, in partnership with global consultancy Monstarlab.
The Digital Creative Economy 2024 white paper incorporated insights from over 400 design and media experts and interviews with 20 industry leaders. It revealed a growing demand for AI solutions among local creators, highlighting Dubai’s goal to become the global hub for the creative economy. The Financial Times’ fDi Markets report ranked Dubai first in 2023 for foreign direct investment (FDI) in cultural and creative sectors.
With an annual growth rate of 11 per cent, the valuation reflects the combined scales of global design and media markets, including books, audiovisual media, culture, visual arts, fashion, and product design.
At this pivotal moment, generative AI is reshaping production and business models. Majed Al Suwaidi, Senior Vice President of Dubai Media City, noted the need for future talent to acquire skills to harness this shift. He stressed the importance of understanding new technologies, with initiatives like the Dubai Economic Agenda ‘D33’ playing a key role in fostering innovation.
Khadija Al Bastaki, Senior Vice President of d3, underscored the creative industries’ potential for economic growth, aiming to boost their GDP contribution to 5 per cent by next year. The UAE is becoming a vital player in the global creative industry, supported by robust infrastructure and events like Dubai Fashion Week.
Strategic initiatives such as Dubai’s Universal Blueprint for AI and the Virtual Assets Regulatory Authority are accelerating AI integration, while the appointment of a CEO for AI demonstrates a commitment to enhancing the creative ecosystem.
