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Dubai /Â WAM
Dubai has achieved the rank 16 place out of the 28 peer global cities which are currently considered the most prominent players in the field of innovation and creativity, registering an innovation rate of 39.14%. Dubai has also progressed to 11th place in the world for efficiency in innovation outputs, according to Dubai Chamber’s Innovation Index.
The report, released on Tuesday by the Dubai Chamber, revealed the results of the first edition of the Dubai Innovation Index, introduced last year by the chamber as part of its strategy to stimulate innovation and global practices in the private sector, while it also announced the second edition of the index, the results of which will be declared during Innovation Week in November 2017.
The chamber will survey more than 57,000 companies from a variety of sectors in Dubai based on the recommendations of the first cycle of the index, which is developed in cooperation with PricewaterhouseCoopers (PwC).
The report shows that Dubai scores above its average for Government, an indication that the government of Dubai is leading the march of innovation in the emirate while developing the right environment for innovation. The private sector’s focus is on performance and its preference for long-term strategies to promote innovation.
The report shows Dubai’s leadership in the field of output and performance, particularly in the launch of new products and services and outputs of technology. The report shows that intellectual property and opportunities for collaboration with institutions and economies for scientific work have emerged as areas for improvement, as did the subject of co-operation between public and private sectors.
According to the results, Dubai’s benchmark for innovation is in line with the outcome of the Global Innovation Index 2016 which shows the strengths of the emirate in infrastructure and information technology.
The Dubai Innovation Index recommendation focuses on the need to enhance business policies and regulations governing the business environment in Dubai and the UAE in the area of ease of doing business. The chamber has worked over the past year on various initiatives to enhance the business environment and advocate business policies to improve the UAE’s ranking in the Global Innovation Index.
Since the launch of the index a year ago, Dubai has seen numerous initiatives launched, including the Dubai Innovation Fund, the Ministry of Happiness, the Dubai Innovation Labs, the Sheikh Mohammed bin Rashid Al Maktoum Fund to Finance Innovation, Dubai Science Park, the Mohammed bin Rashid Al Maktoum Business Innovation Award, and Dubai Innovation Week.
The index showed that medical care, media, marketing, IT, and retail industrial sectors are the most innovative, while professional services, agriculture, fisheries, construction and energy sectors turned out to be the least innovative.
Majid Saif Al Ghurair, Chairman of the Dubai Chamber, said, “Dubai was the first to launch an ambitious vision to become the world’s most innovative cities under the support and guidance of Vice President and Prime Minister and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum. Thankfully, under its wise leadership, Dubai is one of the leading innovation destinations in the world today.
Hamad Buamim, President and CEO of Dubai Chamber, said that as an essential part of its innovation strategy, the chamber is working to support the development of the emirate’s innovation environment and stimulate an innovation culture in the business environment. He went on to say that the Dubai Innovation Index is the first of its kind in the world to measure innovation in an emerging economy.
Anil Khurana, Strategy and Innovation Partner at PwC Middle East, expressed his delight in co-operating with Dubai Chamber in launching the index.