Since past several years, UAE has been on the surge for new discoveries and innovations on scientific, educational and business affairs. It is due to adoption of knowledge-based economy where more facilities are provided to professionals and talented persons in various fields. They are also allowing positive changes to make things easier for businesses. This new strategy is accepted on international level also. A recent report puts UAE on top of Arab world for adopting innovation.
According to details, a recent annual report by GII (Global Innovation Index) places UAE on 1st position in the Arab world and 38 on global level for adopting innovative strategies. UAE was already on top spot in Arab world and it managed to retain its position this year also. It is mainly due to UAE’s growth of 10 percent last year. It was one of the highest growths on global level. Areas where improvement was seen to achieve this position include intensity of local competition, government online services, foreign direct investment, gross expenditure on research etc.
GII releases its ranking every year to show performance of big economies and the measures they take for innovation. For this purpose, this international organization examines around 80 indicators related to business sophistication, market sophistication, human capital & research, creative outputs, knowledge & technology outputs, institutions and others. Innovation-related performance of 126 countries with highest GDPs was measured to establish this report.
According to UAE’s Minister of Economy, Sultan Saeed Al Mansouri, UAE was able to sustain its top position in the field of innovation that is a clear evidence of the success of their continuous investment in talent. This also shows the effects of public-private partnership in the country.
The government said it is committed to take strategic measures to ensure improvement of its ranking on local and international level in GII. UAE wants to be included in the top 10 of GII list by 2021. The government is taking several steps in this regard including encouraging research collaboration between universities, private sector and government, unlocking intellectual property attractiveness and others.
This latest report indicates that UAE is constantly improving its position for achieving innovation in all types of activities. Such innovative steps increase opportunities for new businesses to flourish. It is beneficial for both companies and individuals to seek opportunities. For more details about new business opportunities in UAE, you can contact Riz & Mona Consultancy.