The United Arab Emirates (UAE) is playing a pivotal role in the burgeoning global creator economy, now valued at an astounding $250 billion. This economic sector, thriving on digital content production and creative industries, is projected to double in value to approximately $500 billion by 2027, as per Goldman Sachs. The UAE’s focused efforts in this domain reflect a strategic shift towards a knowledge-based, innovative, and creative economy.
UAE’s Strategic Initiatives
- National Strategy for Cultural and Creative Industries: The UAE has integrated digital content production into its economic development plans. The goal is to increase the creative industries’ contribution to 5% of the total GDP by 2031.
- Global Recognition: Dubai has emerged as a leader, securing the top global ranking in attracting foreign direct investment in cultural and creative industries in 2022.
- 1 Billion Followers Summit: Organized by the New Media Academy, this event in Dubai symbolizes the UAE’s commitment to being a hub for content creators and influencers globally. It aligns with the regional impact anticipated in the “Entertainment and Media Outlook in the Middle East and North Africa 2020-2024” report by Strategy&, which forecasts digital content to constitute 46% of the expected US$22 billion media spending in the region by 2024.
The Role of New Media Academy
Alia Al Hammadi, CEO of New Media Academy, emphasizes the UAE’s vision of fostering the creator economy. This vision includes:
- Developing Human Resources: Focusing on enhancing the self-capabilities of individuals through specialized programs and initiatives.
- Institutional Support and Alignment: Harmonizing the efforts of various entities to nurture and support the creator economy.
- Cultivating Talent and Innovation: The UAE positions itself as a land of opportunity for those aiming to excel in creative fields, leveraging the power of ideas and technology.
Conclusion
The UAE’s strategic approach towards the creator economy not only marks a significant economic shift but also underscores the nation’s aspiration to be a global leader in the field of digital content creation and innovation. This commitment is transforming the UAE into a magnet for creative talents and a pioneer in establishing a modern economic sector within its economic framework.
