Global digital creative economy to reach Dhs27tn by 2030, finds study

The global digital creative economy is projected to reach Dhs27tn by 2030, driven by emerging technologies like artificial intelligence (AI) and virtual reality.

This insight comes from an exclusive study conducted by Dubai Design District (d3) and Dubai Media City, in partnership with global digital consultancy Monstarlab.

The Digital Creative Economy 2024  white paper compiled feedback from more than 400 design and media experts and interviews with 20 industry leaders.

It highlighted the growing appetite for AI solutions among local creators, showcasing Dubai’s ambition to position itself as the global capital of the creative economy. According to the fDi Markets report by the Financial Times, Dubai ranked first in 2023 for foreign direct investment (FDI) in cultural and creative industries.

With an annual growth rate of 11 per cent, the digital creative economy’s valuation reflects the combined sizes of global design and media markets, encompassing sectors such as books, audio-visual media, culture, visual arts, fashion, and product design.

Embracing digital transformation

The white paper arrives at a crucial juncture as generative AI reshapes production processes and business models. “There has been a seismic shift in how content is produced, distributed, and monetised,” said Majed Al Suwaidi, SVP of Dubai Media City at TECOM Group. “The rapid pace of convergence demands that tomorrow’s talent be equipped with the skills needed to unlock this potential.”

Al Suwaidi emphasised the importance of a holistic understanding of new technologies, noting that strategic support from initiatives like the Dubai Economic Agenda ‘D33’ is vital for nurturing innovation. “It’s an exciting era for content creators as technology redefines every facet of our lives,” he added.

Khadija Al Bastaki, SVP of Dubai Design District (d3), reinforces this sentiment: “The creative industries are an undeniable springboard for economic growth.” She highlighted the Dubai Creative Economy Strategy, aiming to raise the GDP contribution of creative industries to 5 per cent by next year. “Our multicultural environment and pro-business policies are cultivating a thriving global creative community,” she stated.

 The role of emerging technologies

The study reveals that more than 42 per cent of design professionals and 46 per cent of media professionals anticipate significant impacts from advanced technologies and AI adoption in their fields.

The UAE is fast establishing itself as a key player in the global creative industry, with a robust infrastructure that supports creative excellence – 83 per cent of design professionals and 77 per cent of media professionals surveyed agree on this.

Comparing Dubai to global design capitals like Milan and London, the white paper outlines key levers fostering the digital creative economy, including talent, government support, innovation, and infrastructure.

Events like Dubai Fashion Week, co-founded in 2023 by d3 and the Arab Fashion Council, further solidify the city’s creative standing.

Strategic initiatives such as Dubai’s Universal Blueprint for AI (DUB.AI) and the establishment of the Virtual Assets Regulatory Authority are accelerating AI integration across Dubai’s diversified economy. Additionally, the UAE Cabinet’s decision to implement a CEO for AI across ministries highlights the commitment to fostering a vibrant creative ecosystem.

The launch of the white paper coincides with d3’s expansion plan to enhance the creative economy. The initiative aims to elevate local and international designers, creating synergies that inspire and connect creatives.