Global Digital Creative Economy to Hit AED 27 Trillion by 2030 | Dubai Media City

Dubai, UAE, 26 September 2024: The global digital creative economy represents an AED 27 trillion opportunity to achieve diversified growth led by young and emerging talent amid the steady proliferation of disruptive technologies like artificial intelligence (AI), Web3, and virtual reality, the findings of a new white paper by Dubai Design District (d3) and Dubai Media City reveal.  

Developed in partnership with global digital consultancy Monstarlab, the Digital Creative Economy 2024 white paper by d3 and Dubai Media City compiles feedback from engagements with more than 20 leaders and a survey of 400 UAE- and internationally-based design and media professionals to provide a holistic overview of growth opportunities in the global digital creative economy.

The white paper’s launch comes as Dubai reaffirms its position as the global capital of the creative economy, ranking first on the Foreign Direct Investment (FDI) Index for project inflows and job opportunities in the cultural and creative industries in 2023, according to the fDi Markets report by the Financial Times.  

The global digital creative economy is expected to note compounding growth of 11% each year to reach a valuation of AED 27 trillion by 2030, according to an innovative market sizing model built by Monstarlab that reflects the average combined sizes of the global design and media markets as well as verticals defined by global and UAE standards, including books, audio-visual media, culture and heritage, visual arts, fashion, and product design.  

The white paper’s findings come at a pivotal time for creative industries as the advent of generative AI breaks new ground in production processes to transform existing business models. Developed by d3 and Dubai Media City, two of TECOM Group’s 10 sector-specific business districts across Dubai, the paper explores how the accelerated trajectory of emerging technologies is influencing skills and services ranging from fashion design and architecture through to visual arts, advertising, and events.  

“There has been a seismic shift in how content is produced, distributed, and monetised over the past decade, and the rapid pace of this convergence demands tomorrow’s talent is armed with the necessary skills and training to unlock its full potential,” said Majed Al Suwaidi, Senior Vice President of Dubai Media City, at TECOM Group.  

“AI, Web3, and virtual reality are swiftly pushing the horizon of what’s possible for the future of media, but this tech-driven landscape demands a deep, holistic understanding of the implications of these new tools. Strategic support, be it through Dubai Economic Agenda ‘D33’ or Dubai Media’s vision to champion homegrown content creation, is crucial to nurturing such innovation-led creativity, and Dubai Media City is committed to enhancing the local media sector’s value chain by contributing to these programmes. It’s an exciting era for content creators as technology redefines every facet of our lives, and our white paper provides a blueprint for a new breed of creative innovators to chart their future success.”

“The creative industries are an undeniable springboard for economic growth,” said Khadija Al Bastaki, Senior Vice President of Dubai Design District (d3), at TECOM Group. “Strategic support in our city, too, is geared towards helping to unlock the potential of the creative sector. This is apparent in the Dubai Creative Economy Strategy, which aims to raise the GDP contribution of creative industries to 5% by next year.

“Strategic initiatives, targeted development and pro-business policies, and a diverse, multicultural population are cultivating an outstanding global creative community, which has been instrumental to Dubai’s status as a UNESCO City of Design and driving FDI in the creative sector. To build upon Dubai’s flourishing contribution to the global design sector, we must continue to look forward and prepare for the next priorities courageously, collaboratively, and innovatively. This white paper demonstrates our deep commitment at d3 to championing this vital conversation and ensuring an even stronger future that is informed, favourable and progressive for all our creative stakeholders.”  

As global creative talent taps into the transformative potential of generative AI to automate, optimise, or innovate its work, the white paper explores how the trend is helping the ‘creator economy’ reshape content generation and enabling customer-centricity in commercial applications. More than 42% of design and 46% of media professionals surveyed for the white paper expect advanced emerging technologies and the adoption of AI solutions to impact their field of expertise in the coming years.  

The study also explores the UAE’s role as a contributor to the global creative industry, particularly as the fastest mover within the GCC to grow and digitise its creative economy. The majority of design (83%) and media (77%) of professionals surveyed for the white paper agree Dubai and the UAE provide well-developed infrastructure to enable creative excellence.

Benchmarking Dubai against global design capitals like Milan and London as well as media centres such as Manchester and Los Angeles, d3’s and Dubai Media City’s white paper finds Dubai has established itself as a global player through key levers nurturing the digital creative economy, including talent, government support, innovation, and infrastructure.  

Events like Dubai Fashion Week, co-founded in February 2023 by d3 and the Arab Fashion Council, have firmly established the city’s position on the global creativity landscape. Strategic visions like Dubai Economic Agenda ‘D33’, Dubai Creative Economy Strategy, and Dubai’s Universal Blueprint for AI (DUB.AI) – as well as the establishment of the Virtual Assets Regulatory Authority, the first of its kind in the GCC – are accelerating the integration of AI across all facets of Dubai’s diversified economy.  

Furthermore, initiatives like ‘We the UAE 2031’ and the UAE Cabinet’s decision to implement a CEO for AI across ministries and federal entities are fostering an environment conducive to developing and strengthening the local value chain for future-focused creativity.  

Click here to download your copy of the Digital Creative Economy 2024 white paper presented by Dubai Design District (d3) and Dubai Media City.  

The white paper’s launch follows the announcement of an expansion plan for d3, which enhances the creative economy by elevating local, regional, and international designers, creating synergies between global ecosystems to inspire, connect, and grow creatives at all stages of their journey with a dedicated industry ecosystem that features flexible offices, coworking spaces, in5 Design – the dedicated industry vertical of TECOM Group’s start-up incubator in5 – and a packed calendar that turns d3 from an address for businesses to a living, breathing ecosystem.  

In August 2024, TECOM Group commenced the development of six Grade-A office buildings within Phase 2 of d3 as the destination remains a sought-after address for customers across the design, fashion, and creative sectors, including Chopard, Zaha Hadid Architects, Chalhoub Group, and Burberry.

Its sister destination Dubai Media City is the cradle of the UAE and the region’s creative economy and provides a platform for high-quality media and content production as the regional address of industry giants like CNN, Thomson Reuters and OSN. Alongside Dubai Production City, which is home to in5 Media – TECOM Group’s dedicated vertical for the media industry under the in5 umbrella – and Dubai Studio City, the destination creates an integrated media ecosystem that is home to more than 3,500 customers and over 38,000 creative professionals.

Dubai Design District (d3) and Dubai Media City are among TECOM Group’s portfolio of 10 business districts, including Dubai Internet City, Dubai Production City, Dubai Studio City, Dubai Knowledge Park, Dubai International Academic City, Dubai Industrial City, and Dubai Science Park.