• Buamim: This index serves as a compass for the companies to be
creative and the public sector to identify the most innovative sectors
and support their growth
• Al Ghurair: Innovation is critical for the sustenance of an economy and enhancement of its competitiveness
• Government has a
pioneering role in launching initiatives
• Dubai ranked 16th among the world’s 28 leading innovation-driven cities
The Dubai Chamber of Commerce and Industry has released 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. The index showed medical care,
media, marketing, IT, retail industrial sectors as the most innovative
while professional services, agriculture, fisheries, construction and
energy sectors turned out to be the least innovative in Dubai.
The
report compares innovative cities at
the global level, the perspectives of the private sector and includes
an analysis of
economic sectors in addition to comparisons and
recommendations. Based on best international standards, the innovation
index is developed inooperation with PricewaterhouseCoopers (PwC) and is
a first of its
kind index in the world to measure innovation in a growing economy.
According
to the report, Dubai ranked 16th out of the 28 peer global cities which
are currently considered the most prominent players in the field of
innovation and creativity. It registered an innovation rate of 39.14% and ranked in 11th place for its efficiency in
innovation outputs.
The report shows that Dubai scores above the average on the Government category, an indication that the government of Dubai is
leading the march of innovation in the emirate while developing the
right environment for innovation, but the report states that the private
sector’s focus is on performance and its preference is for long-term
strategies to promote innovation.
The report also shows Dubai’s
leadership in the field of output and performance, particularly in the
launch of new products and services and outputs of technology. However,
intellectual property and opportunities for collaboration with
institutions and economies for scientific work have emerged as areas for
improvement as did cooperation between public and private sectors.
According
to the index 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 has focused on the need to
enhance the 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 business environment in the UAE, particularly in Dubai, to
improve the UAE ranking in the Global Innovation Index 2016.
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 the Dubai Innovation
Week.
The result also addresses in detail enablers and outputs of
innovation, which showed that the possibilities invested by the private
sector does not meet the emirate’s ambitions and still need to be
developed, compared to the government to invest in innovation and
enablers which lead the march of innovation in Dubai.
The report
points at the need to strengthen awareness-raising initiatives and
exceptional efforts to increase the percentage contribution of the
private sector in the total innovation efforts of the city of Dubai, in
addition to the need for greater investment possibilities which is the
basis for a more innovative future.
HE
Majid Saif Al Ghurair, Chairman, Dubai Chamber, said: “Innovation is
critical for the sustenance and development of an economy in a dynamic
global environment as any business organisation which is slow to adopt
innovation in its activities will find it difficult to match up with the
demands of the future.
"Dubai was the first to launch an
ambitious vision to become the world’s most innovative cities under the
support and guidance of HH Sheikh Mohammed bin Rashid Al Maktoum, UAE
Vice-President and Prime Minister and Ruler of Dubai. Thankfully, under
its wise leadership, Dubai today is one of the leading innovation
destinations in the world.
“As a representative of the private
sector, we are helping stimulate the innovation culture in the emirate’s
business environment by encouraging the private sector to examine its
strengths and weaknesses and to improve upon its shortfalls through a
well-charted out action plan to march ahead in the process of
innovation. To this effect, the Chamber-launched Dubai Innovation Index
has successfully managed to put the private sector on the right track
towards development in its innovative endeavours.”
HE Hamad Buamim, President and CEO, Dubai Chamber, stated
that as an essential part of its innovation strategy which is based on
adopting innovation and excellence in all its activities, the Chamber is
working to support the development of the emirate’s innovation
environment and to stimulate the innovation culture in the business
environment. This is also to strengthen the role of the private sector
to keep pace and contribute to the growth of the emirate.
“The Dubai Innovation Index is
an essential part of the innovation strategy launched by Dubai Chamber
to promote and support the innovation in the private sector while also
consolidating the Chamber’s reputation as one of the most innovative
chambers of commerce in the world,” said HE Buamim.
“The index measures
innovation in 28 cities, and is characterised by measuring innovation in
the private sector and its impact on total innovation of Dubai as it
compares the results of innovation in the emirate with leading global
cities which are currently considered the most prominent players in the
field of innovation and creativity.
“With 90% of Dubai’s private sector made up of SMEs, for whom being
innovative is imperative, this index serves as a compass for these
companies to be creative and innovative while encouraging them to grow
in line with the emirate’s prevailing business environment. Also, this
index helps the government to identify the most innovative sectors as
well as the sectors that need support to build on their innovation
strategy.”
The President and CEO of Dubai Chamber also said that
the Chamber will focus more on raising the percentage of private sector
contribution to innovation in the coming months as the index will help
Dubai Chamber lay the foundation for a long-term strategy for the
development of the private sector and to enhance the emirate’s
competitiveness in the global rankings.
He also noted that the results of the index will be announced annually to gauge and
promote the innovation environment in Dubai.
Anil
Khurana, Strategy & Innovation Partner at PwC Middle East, said that
the private sector businessmen’ views highlight that there is a great
challenge to find and retain talent that facilitates innovation. The
private sector also views creating and fostering an innovative culture
in their organisations as a crucial step towards innovation.
The Chamber has already sent the
questionnaire for the next session of the index to more than 57,000
companies from a variety of sectors in Dubai based on the
recommendations of the first cycle of the Dubai Innovation Index. The results of the second
edition of the index will be revealed during Innovation Week in November next year.
