Dubai leading innovation

Dubai - Emirate tops Middle East index; pips other leading cities

Dubai ranked top in the latest innovation index among Middle East countries.
The emirate also ranked 16th globally, leaving behind the world's leading innovation-driven cities like Shanghai, Beijing, Madrid, Istanbul, Moscow, Milan, Sao Paulo and Mumbai.
The Dubai Chamber of Commerce and Industry on Monday announced the results of the Dubai Innovation Index, which was done in cooperation with PwC.
The index has come as part of the UAE's "Year of Innovation" and the ongoing UAE Innovation Week led by the government, which is investing in the future.
This is also part of the 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.
Dubai ranked 16th out of the 28 peer global cities that are currently considered the most prominent players in the field of innovation and creativity registering an innovation rate of 39.14 per cent, while Dubai progressed to 11th place in the world for its efficiency in innovation outputs.
The index, which measures innovation within the 61 indicators, shows Dubai's superiority 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.
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.
Hamad Buamim, president and chief executive officer of the Dubai Chamber, stated that these results place Dubai in the leading position to prepare for the next phase of development while laying the foundation for a higher ranking in the sphere of innovation in the future.
Anil Khurana, strategy and innovation partner at PwC Middle East, said: "This is a unique and comprehensive index that evaluates and compares macroeconomic data to private sector views of a city. The macroeconomic index compares Dubai against the leading innovative cities in the world and highlights that Dubai has made significant progress and investments in recent years towards the post-oil knowledge economy." The results of the index survey, which covered 1,000 companies, revealed that more than 63 per cent of the participating companies do not have more than 100 employees, while 75 per cent of the participating companies do not exceed the size of Dh100 million, and 14 per cent of the respondents range in size between Dh100 million and Dh1 billion.
Companies from the real estate and construction sector topped the survey list with 12 per cent followed by travel and hospitality (11 per cent), while energy and professional services companies are equally divided by 10 per cent. The participation rate of food and beverage and hospitality and leisure and entertainment sector companies amounted to nine per cent.- abdulbasit@khaleejtimes.com