The international trade market in creative goods and services reached 547 billion US dollars in 2012, while the revenues of the cultural and creative industries generated 2,250 billion US dollars in 2014. These results highlight the increasing importance of the creative industries and its impact on the international economy. Creative sectors contribute to the growth of productivity in countries and improving competitiveness and diversifying and increasing exports.
Due to the growing importance of the creative industries in international markets, the UAE signed a Memorandum of Understanding with the United Nations Conference on Trade and Development (UNCTAD) for the development of the creative industries in 2016. The Ministry of Economy signed the MoU in its interest to develop an economic environment supportive of creativity and innovation, especially considering the government's efforts to transition the economy to a knowledge-based economy. The Ministry pursues opportunities of collaboration with international organizations with expertise in this area, and UNCTAD has a rich experience in the development and growth of the creative sector.
The MoU includes major areas of collaboration as follows:
* Raising the competitiveness of UAE economy;
* Enhancing the contribution of technology and innovation in economic growth and sustainable development;
* Developing a knowledge-based economy;
* Nurturing economic diversification;
* Developing entrepreneurship;
* Supporting the empowerment of women;
* Enhancing indicators related to foreign investments;
* Improving IP for the service of the creative industries;
* Creation of new employment opportunities in areas that require higher skill levels;
* Attracting direct foreign investment.
Ensuring the growth of the creative industries has become a priority in the UAE.