• Dubai’s ranking rose to 15th out of 28 global cities in the innovation sector. • HE Buamim: The Index helps pinpoint areas needing improvement and provides suggestions for increased competitiveness.
Source: Dubai Chamber. Buamim.
The Dubai Innovation Index, recently published by the Dubai Chamber of Commerce and Industry during UAE Innovation Week, places Dubai in 15th position.
A study of 28 leading global innovation cities was conducted for the Index by the Chamber in partnership with PricewaterhouseCoopers (PwC). The emirate moved up one spot this year, surpassing business centers such as Madrid, Milan, Shanghai, and Moscow.
New York ranked first in the Index, while London, which topped last year’s list, fell to fourth place. GCC cities performed well in the political, economic, and social indicators category.
The Dubai government’s dedication to promoting innovation in the emirate, the private sector’s significant contributions, and greater public-private sector cooperation are all highlighted by the Dubai Innovation Index, one of the cornerstones of the chamber’s innovation strategy.
According to the Index, Dubai’s private sector companies are becoming more proactive in adopting innovation and putting new ideas into practice. Businesses are also working to align skills with labor market demands while recognizing the value of attracting and keeping top talent to drive innovation.
According to HE Hamad Buamim, President and CEO of Dubai Chamber, the Innovation Index findings demonstrate that the Dubai government’s efforts to build a solid basis for citywide innovation are working because of its proactive approach, which includes the private sector and civil society.
However, Dubai still has room for improvement in areas such as investment in research and development (R&D), employee skill development, and IT awareness. Furthermore, businesses need to adopt long-term innovation strategies that support the emirate’s economy’s sustainable growth rather than their own institutional goals.
“The Index has helped us identify specific areas where we need to improve in order to enhance our competitiveness. The private sector can make a significant contribution to Dubai’s ambition to become one of the world’s most innovative cities by 2021 by adopting innovative strategies and practices," said HE Buamim.
“The second edition of the Dubai Innovation Index comes at an interesting time for Dubai, the region and the world. While the region and the world are going through significant economic uncertainty and several sectors are badly hit, the role of innovation in Dubai and the world has kept its pace,” said Anil Khurana, Partner, PwC.
“Apart from the government, several leading companies are now significantly investing not only in greater R&D activities but also in emerging technologies such as Blockchain, Internet of Things (IoT), virtual reality (VR), 3D printing, drones and dozens of others that often go by the moniker of Industry 4.0.”
Dubai Chamber’s innovation strategy intends to foster innovation in the private sector. Its three main pillars are to support innovation enablers, measure innovation, and recognize innovators, as innovation’s growth and development require contributions from all parts of society. Over the next three years, the Chamber intends to spend AED100 million on innovation-focused initiatives and projects.
Interested?