The Cultural Economics of the United Arab Emirates: When Dark Money Buys Shiny Art

• Published in: Proceedings of the ... International Conference on Business Excellence Vol. 17; no. 1; pp. 630 - 637
• Main Author: Preda, Alexandru-Florin
• Format: Journal Article
• Language: English
• Published: Sciendo 01.07.2023
• Subjects: cultural and creative industries; innovation; macroeconomics; Middle East; resilience; sustainability; tourism; United Arab Emirates
• ISSN: 2558-9652; 2558-9652
• DOI: 10.2478/picbe-2023-0059

The United Arab Emirates (UAE) has undergone a significant transformation in recent years, shifting from a traditional oil-based economy to a more diversified, knowledge-based one that incorporates cultural and creative industries. In addition to diversification, the country has also been at the forefront of technological progress, making it a leader in the Middle East in terms of innovation and entrepreneurship. This paper aims to examine the cultural economic phenomena related to this country, exploring the challenges and opportunities that it faces as it navigates the transition to an emerging economy. Nevertheless, it will draw on case studies from the region, providing insights into the impact of cultural and creative industries on the wider economy and highlighting the key lessons that can be learned from the UAE experience. Overall, this article will contribute to the academic literature on the matter of cultural economics in the Middle Eastern, Arab world, providing an incremental contribution to the field of international cultural economics and to the broader discussion of what contributes to a successful transition to the status of an emerging economy. The findings of this research are intended to inform decisions from policy makers, investors, and scholars in the fields of cultural economics and international economics, as well as to anyone interested in the future of the cultural and creative industries in the United Arab Emirates, as well as the wider Middle East region.