Social media influencers to be given Dh150m fund and headquarters

▶ Thousands of content creators in Dubai offered a glimpse of the future of this rising digital sector

Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, has announced a Dh150 million ($40.8 million) fund to support content creators and influencers.

In addition, a permanent headquarters for influencers will be created, he said. “Today we issued directives to allocate a fund valued at Dh150 million to support content creators and transform the digital media sector,” Sheikh Mohammed said on Thursday, state news agency Wam reported.

“We also instructed the establishment of a permanent influencers’ headquarters that provides year-round support.

These steps align with our ongoing investment in creative talents who will write new inspiring stories that will add to the UAE’s influential media presence on the global stage.

“Impactful media reflects the past and provides an inspiration for the future.”

This week, Dubai hosted the 1 Billion Followers Summit, a gathering of some of the world’s top social media influencers and content creators.

The new headquarters, a collaboration between the UAE Government Media Office and the New Media Academy, aims to bring together top influencers and content creators.

The fund aims to support creative and impactful content, help content creators hone their skills and introduce the UAE story, its achievements and cultural contributions to global markets. It will also be used to attract investment in new media.

“The fund is dedicated to supporting content creators [and] presents exceptional opportunities for them to fulfil their potential, grow their business and showcase the accomplishments and ambitions of the Emirati people to the world,” said Mohammed Al Gergawi, Minister of Cabinet Affairs.

“These efforts will solidify the UAE’s position as a global capital for digital content.”

One of the main indicators of the generation gap is the rise of social media – particularly that of the influencer. Few of those who came of age before the proliferation of smartphones could have predicted that creatives, reviewers and performers in their late teens or early 20s can be a credible commercial vehicle, commanding fees worth thousands of dollars in some cases.

The world of traditional advertising and mass media has changed profoundly during a process that began about two decades ago with the advent of Facebook and YouTube. Now, the ubiquity of high-level technology has been harnessed to social media platforms with unimaginable reach. All that’s needed is a smartphone, an internet connection and drive.

The 1 Billion Followers Summit that took place in Dubai this week offered a platform for many of the most influential figures in this youthful and dynamic part of the global economy. The influencer has truly arrived; they are also demanding recognition. As Alia Al Hammadi, chief executive of the New Media Academy, which organised the event, told some of the 3,000 attendees: “It’s not just a bunch of youths standing in front of the camera for the sake of fun. It’s a multimillion-dollar industry, and it’s expected to keep growing.”

That growth cannot be dismissed by those who find social media content frivolous or unappealing. According to Statista research, an estimated $616 billion was projected to be spent on digital advertising worldwide in 2022. This figure is projected to surpass $1 trillion by 2027. The second generation of social media platforms, such as TikTok, are the go-to medium for millions around the world and the sector’s appeal is undeniable – Ms Al Hammadi told the Dubai summit that there are about 50 million people working as content creators globally.

This part of the Middle East is already embracing the content economy. The GCC’s high rate of internet connectivity and social media use mean careers in content creation are more viable than ever. These positions offer young people an opportunity to succeed and are an important part of Gulf states’ diversification away from energy-based economies.

Dubai has become a regional centre for the content economy, as is evidenced by government support and efforts to encourage more young people to equip themselves with tech skills. The UAE’s One Million Arab Coders initiative, launched in 2017, is a good example of this approach. Such initiatives take place in the wider context of the UAE’s embrace of artificial intelligence.

As with any boom there is always the possibility that if it is not well managed, it will prove to be unsustainable. Issues like protecting digital assets and enforcing intellectual property rights are continuing challenges. This is why events like the 1 Billion Followers Summit are important. By bringing as many people as possible into the mix, they increase the chances of building a digital sector that is not just home to superstar influencers, but is a place that offers millions of young people steady, fulfilling careers for years to come.