United Arab Emirates continues to enhance its position as a regional and global economic destination. A testimony to this is the 2018 edition of Global Innovation Index (GII) whereby UAE retained its number one position in the Arab world and 38th on the global level for adopting innovative strategies.
What Is Global Innovation Index?
Global Innovation Index annually ranks 126 countries in terms of their capacity and success in innovation. 2018 GII was calculated based on measures of innovation inputs and outputs that included 80 indicators such as institutions, human capital and research, infrastructure, market sophistication, business sophistication, knowledge and technology outputs, and creative outputs.
UAE Score on Global Innovation Index
Sultan Saeed Al Mansouri, UAE Minister of Economy attributes this accomplishment to UAE last year score growth rate of 10% which was one of the highest percentage score growth rates amongst all countries in the index. Other factors include,
- Adoption of competitive knowledge based economy where more facilities are provided to professionals and talented persons across various fields.
- Introduction of positive changes to make things easier for businesses such as,
- government online services
- intensity of local competition
- gross expenditure on research and development financed by business
- Improvement in foreign direct investment net outflows
- Strong partnership of government with the private sector
UAE Government has been putting in lots of efforts to increase the culture of innovation and enhance its practices, as it will be the pillar of the national economy in the coming decades. This will also form the basis of strategic economic partnerships in the UAE today. Ruler of Dubai, Mohammed bin Rashid Al Maktoum believes,
“Innovation is what defines our status among nations and the value we add to the world around us.”
Moreover, UAE Vision 2021’s goal is to build a competitive, diversified and knowledge-based economy that is sustained by innovation and directed by competent nationals. This is why the National Innovation Strategy was formulated in an integrated manner through the creation of programs, initiatives and frameworks with the purpose to cultivate an environment favorable for innovation and inspiring innovative practices in government work.
Future Initiatives by UAE
UAE intends to be one of the top 10 innovative leaders in the world by the year 2021. Therefore a strategic roadmap has been laid down to improve short-term and long term results in GII. The strategies include,
- Move to unlock intellectual property attractiveness
- Promotion of a unified network with the intent to encourage fundamental research collaboration between universities, the private sector and government
- To identify, connect and track the impact made by these innovation-based initiatives
- To boost the financing of innovation for all UAE companies via venture capital.
UAE Govt. has always been keen to facilitate new business setups. These innovative measures further increase opportunities for new businesses to flourish. It is beneficial for both companies and individual entrepreneurs to seek opportunities in UAE.