The global digital creative economy presents a Dh27 trillion opportunity for diversified growth, driven by young and emerging talent amidst the steady rise of disruptive technologies such as artificial intelligence (AI), Web3, and virtual reality, according to a recent study. The Digital Creative Economy 2024 white paper, a collaborative effort between d3, Dubai Media City, and global digital consultancy Monstarlab, compiles insights from over 20 industry leaders and a survey of 400 design and media professionals based in the UAE and internationally. As Dubai solidifies its status as the global capital of the creative economy, ranking first on the Foreign Direct Investment (FDI) Index for project inflows and job opportunities in cultural and creative industries in 2023, the white paper's launch is timely.
The global digital creative economy is projected to grow at a compound annual rate of 11% to reach Dh27 trillion by 2030, as estimated by Monstarlab's innovative market sizing model. This model considers the combined sizes of the global design and media markets, along with verticals defined by both global and UAE standards, including books, audio-visual media, culture and heritage, visual arts, fashion, and product design. Majed Al Suwaidi, senior vice president of Dubai Media City at Tecom Group, emphasized the transformative impact of AI, Web3, and virtual reality on media, highlighting the need for strategic support and training to harness these technologies fully.
Khadija Al Bastaki, senior vice president of Dubai Design District (d3), underscored the economic potential of the creative industries and the strategic support aimed at unlocking their potential. The Dubai Creative Economy Strategy targets a 5% GDP contribution from creative industries by next year. The white paper also examines the UAE's role in the global creative industry, particularly its rapid growth and digitization within the GCC. Survey respondents, 83% of designers and 77% of media professionals, agree that Dubai offers well-developed infrastructure for creative excellence.
Benchmarking Dubai against global design capitals and media centers, the white paper identifies key factors contributing to Dubai's global standing in the digital creative economy, including talent, government support, innovation, and infrastructure. Initiatives like Dubai Fashion Week, co-founded by d3 and the Arab Fashion Council, have cemented the city's global creative presence. Strategic visions such as Dubai Economic Agenda 'D33', the Dubai Creative Economy Strategy, and Dubai's Universal Blueprint for AI (DUB.AI), along with the establishment of the Virtual Assets Regulatory Authority, are driving the integration of AI across Dubai's economy.
