Hollywood actor Idris Elba told a group of investors in Abu Dhabi on Wednesday that the United Arab Emirates may emerge as the next cinematic hotspot, following Hollywood's rise in the United States in the early 20th century.
Idris said: “If you look at America in the early 20th century, the creative industry helped form its economy, culture and values. It helped to really tell the world what America was and Hollywood was born. The UAE can really benefit from reframing the way the world views this region by using the creative economy while creating opportunities.”
During his speech at the two-day Investopia conference, the actor encouraged investors to invest in the creative economy of the film industry.
He further said, “There are incredible opportunities in the film industry, yes you could lose your money very quickly, but you can also triple or quadruple the money very quickly.”
“If you look at what Mattel did with the Barbie movie — toys have faced a steady decline, but with the movie, they created $1.5 billion of revenue generation, and it continues. So it is more attractive for investors to do this with the industry.”
Over 3,000 attendees from 58 different countries, 500 C-suite executives, and financial institutions managing over $500 billion in assets were present at the conference over its first two editions.
The Hollywood celebrity went on to discuss the advantages of making investments in the creative sector.
According to Idris “The entire ecosystem is huge, when you have an emerging economy where the stories need to be told, don’t think of the creative industry as just actors and singers. Think about all the layers that come with it. From the show business side which involves the legal and insurance opportunities to the fashion and equipment, it is a big ecosystem.”
Investopia is a platform that links possibilities to the worldwide investment community. It is intended for those who want to invest and profit from the UAE's future-oriented economy.
