As part of its efforts to strengthen its research and intellectual presence in the Russian Federation, TRENDS Global, part of TRENDS Group, participated through its Moscow office in the Creative Economy Days forum, organized by the Federation Council of the Federal Assembly of the Russian Federation, the Agency for Strategic Initiatives, and the Ministry of Economic Development of the Russian Federation. Held in St. Petersburg, Russia, from October 28-30, 2026, the forum focused on developing creative industries and digital infrastructure, supporting creative content, and establishing creative clusters to stimulate regional and international tourism.
Balancing Creative Sectors
Dr. Mohammed Rashwan, Director of TRENDS’ Moscow Office, delivered a presentation – Creative Industries as a Tool for Economic Development – during a panel discussion titled A New Balance Between Creative Sectors: Local and International Experiences. He outlined a forward-looking vision for transforming creative industries into a driver of regional development. His presentation addressed a central question: How can creative industries strengthen the economy through regional development? He explained that creative events and industries, such as festivals, films, and museums, attract substantial spending. However, the key question is whether this spending remains within the local economy or leaks elsewhere. Success depends on local businesses’ ability to capture that spending.
International Experiences
Rashwan highlighted several international examples in which creative industries have become important economic assets. In Liverpool, hosting the Eurovision Song Contest 2023 generated approximately £54.8 million in net additional spending across the region, after accounting for economic leakage and displaced spending. The Hollywood experience, meanwhile, showed that production spending reaches local businesses before audiences arrive and that a single country can develop multiple creative hubs. Louver Abu Dhabi welcomed more than 1.4 million visitors in 2024, 84 percent of whom came from outside the UAE. In Egypt, opportunities are expanding in production services and filming for foreign productions. Meanwhile, the Grand Egyptian Museum recorded about four million visits between its official opening and the end of August 2026.
Five Proposed Measures
Rashwan proposed five measures to retain economic value within local economies: establish a unified events calendar bringing together organizers, hotels, and transport companies; schedule events during off-peak seasons and offer integrated packages rather than selling tickets alone; promote local procurement and provide training opportunities for residents; prepare transport services, permits, and supporting infrastructure in advance; and independently measure net local economic value against a clearly defined baseline. Rashwan emphasized that creative industries and culture attract people to a destination, but effective planning determines whether that destination retains the resulting economic value. He stressed that events’ economic benefits do not materialize automatically simply because they are held. Instead, they require deliberate planning to ensure the value generated stays within the local economy.
