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Dubai Design District (d3) and Dubai Media City (DMC) have launched a new report titled ‘The Digital Creative Economy 2024’, which indicates that the global digital creative economy will continue to grow to reach a value of AED 27 trillion. This growth highlights the promising opportunities in this sector and its role in diversifying sources of growth based on young and emerging skills, in light of the expanding adoption of the latest technological innovations such as artificial intelligence, the third generation of the web (Web 3) and virtual reality..
The Digital Creative Economy Report 2024, which was prepared by Dubai Design District and Dubai Media City in partnership with Monster Lab, includes data and observations collected through engagement with more than 20 industry leaders and a survey of 400 design and media professionals in the UAE and around the world, to provide a comprehensive overview of the opportunities available to enhance the growth of the digital creative economy globally..
The release of this report coincides with the consolidation of Dubai’s position as a global capital of the creative economy, as the emirate ranked first in the Foreign Direct Investment Index in terms of project capital flows and new job opportunities within the cultural and creative industries sector in 2023, according to the Foreign Direct Investment Markets Report issued by the Financial Times.».
The global digital creative economy is forecast to grow at a compound annual growth rate of 11% to reach AED 27 trillion by 2030, according to an innovative model developed by Monster Lab to forecast the market size. The model reflects the average total expected market size of the global design and media sectors, as well as other sectors that are defined according to UAE and international standards, including books, audiovisual media, culture and heritage, visual arts, fashion, and product design..
The findings of the report come at a pivotal time for the creative industries, as the emergence of generative AI technologies is transforming production processes and disrupting existing business models. The report, commissioned by Dubai Design District (d3) and Dubai Media City (DMC), two of TECOM Group’s 10 dedicated business communities in Dubai, highlights the impact of the rapid growth of emerging technologies on skills and services, from fashion design and architecture to visual arts, advertising and events..
On this occasion, Majed Al Suwaidi, Senior Vice President, TECOM Group – Dubai Media City, pointed out that the world has witnessed significant radical transformations in the methods of content production, distribution and monetization over the past decade, stressing that these rapid transformations inevitably require equipping tomorrow’s talents with the necessary skills and training programs to enable them to benefit from their potential. He said: “Artificial intelligence, Web 3.0 and virtual reality technologies contribute to envisioning new and promising horizons for the future media sector, but such a technology-based sector naturally requires a deep and comprehensive understanding of the potential impact of such emerging technologies».
Majid Al Suwaidi praised the government strategies, most notably the Dubai Economic Agenda. D33 The vision of Dubai Media City, which plays a pivotal role in advancing the leading creative sector based on innovation, as well as its impact in supporting and enhancing local capabilities in the field of content creation. He said: “We are keen in Dubai Media City to continue playing our prominent role in enhancing the value chain of the local media sector, which contributes to achieving the objectives of national initiatives and strategies».
“Content creators today face an exciting era of endless opportunities, as technological innovations continue to impact every aspect of our daily lives. This exclusive report is a model for the new generation of creators and innovators to build on to shape a promising future,” he added.».
Khadija Al Bastaki, Senior Vice President of TECOM Group – Dubai Design District, stressed the pivotal role that creative sectors around the world play in driving economic growth. She pointed out that the strategic support provided by Dubai aims to enable the creative sector to reach new horizons and maximize its potential. This is clearly reflected in the Dubai Creative Economy Strategy, which aims to increase the contribution of creative sectors to the emirate’s GDP to 5% by next year..
“Dubai’s strategic national initiatives, thoughtful and business-friendly development policies, and diverse and multicultural population have all contributed to the development of an exceptional creative community. All of these factors have played a significant role in Dubai’s inclusion in the UNESCO Network of Creative Cities of Design and in attracting foreign direct investment to the creative sector. In order for Dubai to continue to contribute significantly to the growth of the global design sector, we must continue to plan ahead and prepare to meet the future needs of the sector through collaboration and innovation. This report reflects d3’s unwavering commitment to continuing to achieve our ambitious goals and vision, to ensure a promising future where stakeholders, including creatives and innovators, have all the tools and skills they need to support their growth and progress,” said Khadija Al Bastaki.».
The prominent role of emerging technology
This report highlights the role of this global trend in enabling the creative economy to advance the content industry and focus business operations on customers, in light of the interest of global creative talents in benefiting from the significant potential of generative AI technologies, to implement their work automatically or enhance their efficiency and innovation. More than 42% of design experts and 46% of media experts, who participated in the opinion poll on the sidelines of preparing this report, expect emerging and advanced technologies and AI solutions to have a significant impact on their fields of work in the coming years..
In addition to the above, this report addresses the role played by the UAE through its active contribution to the growth of the global creative sector, especially as one of the leading countries in the region in the growth of its creative economy and enhancing its digital capabilities. Most design professionals (83%) and media professionals (77%), and participants in the opinion poll, agree that Dubai and the UAE contribute to providing modern infrastructure that supports excellence in the creative sector.
The report, prepared by Dubai Design District and Dubai Media City, compares Dubai to the world’s leading design capitals, such as Milan and London, and leading media destinations, such as Manchester and Los Angeles, and points to the significant global impact that Dubai continues to play day after day through the advantages it provides to stimulate the growth of the digital creative economy, including innovation, talent development, government support and supporting infrastructure..
Pioneering events such as Dubai Fashion Week, launched by Dubai Design District in February 2023 in collaboration with the Arab Fashion Council, have significantly contributed to establishing Dubai’s creative position on the global stage. Pioneering national strategies such as the Dubai Economic Agenda play a D33 The Dubai Creative Economy Strategy, the Dubai Annual Plan to Accelerate the Adoption of AI Uses and Applications, and the Dubai Virtual Assets Regulatory Authority, the first of its kind in the Gulf region, play a prominent role in accelerating the pace of integrating AI technology into all aspects of Dubai’s diverse economy..
Pioneering national initiatives, such as the “We the Emirates 2031” vision and the UAE Cabinet’s decision to appoint a CEO of Artificial Intelligence at the level of all ministries and federal entities, also contribute to providing a supportive business environment for developing and strengthening the local value chain, which contributes to developing future creative talents..
The Digital Creative Economy Report 2024, prepared by Dubai Design District and Dubai Media City, can be viewed here..
The publication of this report comes after d3 announced its ambitious expansion plans, which contribute to supporting the growth of the creative economy by enhancing the skills of local, regional and international designers. This will enable the identification of many synergies between global creative ecosystems, to motivate creatives to innovate, enhance collaboration and support their growth throughout their careers. To this end, d3 provides an integrated system of specialized and innovative solutions and services, including flexible office spaces, co-working spaces and a business incubator in5 TECOM Group’s design hub, as well as an annual calendar of leading events throughout the year that contribute to enhancing the position of Dubai Design District as a vibrant global creative destination..
In August 2024, TECOM Group began construction of Grade A office buildings as part of the second phase of Dubai Design District, the leading destination for clients in the design, fashion and creative sectors, including Chopard, Zaha Hadid Architects, Chalhoub Group and Burberry.».
Dubai Media City, part of TECOM Group, is a key destination that plays a pivotal role in advancing the creative economy in the UAE and the region in general, by providing an innovative platform for high-quality media content and content production capabilities, and is home to some of the sector’s most prominent companies, such as CNN, Thomson Reuters and OSN. Along with Dubai Production City, which includes the business incubator, Dubai Media City forms in5 For Media, Dubai Studio City, the media sector of TECOM Group, which includes more than 3,500 elite global and regional companies’ clients, employing more than 38,000 creative professionals..
Dubai Design District and Dubai Media City are two of the dedicated business communities of TECOM Group, which includes Dubai Internet City, Dubai Production City, Dubai Studio City, Dubai Knowledge Park, Dubai International Academic City, Dubai Industrial City and Dubai Science Park..
