Fostering Investment Through the Experience Economy: The Case of Dubai
Date
2028-07
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Publisher
The British University in Dubai (BUiD)
Abstract
This study aims to explore how the Dubai Government can effectively harness and capitalise on the concept of the experience economy to enhance its competitiveness globally and double its economy within the next decade. Employing an exploratory qualitative case study approach, the research draws on primary data gathered from government sources and open-ended interviews with ultra-high net worth individuals (UHNWIs) residing in Dubai. The findings reveal that Dubai has emerged as a prominent hub of the experience economy by adapting and aligning its business offerings with the four realms of the experience economy. This strategic alignment has led to significant achievements, including heightened investments. Two key success factors stand out: the government's progressive, flexible, and agile approach towards doing business; and the strong relationship forged between the government and these ultra-high-net-worth individuals. Moreover, the economic implications are substantial, as the findings can guide the Dubai Government in attracting further investments into the city. From an academic perspective, this study marks the first exploration of the experience economy within the context of government–business interactions. The lessons drawn from this research have broader applications and can be applied to other cities seeking to attract and retain UHNWIs. Ultimately, this study serves as empirical findings for the Dubai Government to make necessary provisions in order to enhance its appeal to UHNWIs and maintain its status as a global leader.