Good Reads this National Day
In the final segment of our special series, we take a look at what drives a young, smart country, and how creative disruption is good for progress. This Innovation Nation is taking the future seriously
As the UAE celebrates its 46th National Day, it is a great opportunity to reflect upon the remarkable transformation that our country has seen, thanks to the values and foresight of its visionary leaders. In 2010, the United Arab Emirates set out to become one of the best countries in the world and outlined its vision for the next 11 years. The UAE Vision 2021 states that: “Innovation, research, science and technology will form the pillars of a knowledge-based, highly productive and competitive economy, driven by entrepreneurs in a business-friendly environment where public and private sectors form effective partnerships.”
With the global economy witnessing significant economic changes, the UAE identified a “competitive knowledge economy” as one of the six national priorities that will help achieve its ambitions. Through transitioning to a knowledgebased economy, promoting innovation, and research and development, strengthening the regulatory framework for key sectors, and encouraging high value-adding sectors. The UAE sought to improve the country’s business environment and increase its attractiveness to foreign investment.
As part of the UAE Vision 2021, 12 National key performance indicators were also identified to benchmark the country’s progress. Among these were innovation, competitiveness, and ease of doing business. These are factors that would set the UAE apart and position it as a regional and global economic hub, a transition from the country’s previous dependence on oil.
Over the years, the UAE has taken significant strides towards its vision, achieved through close collaboration between the public and private sectors, as well as a combination of interrelated factors contributing to this advancement, at the centre of which sit innovation and technology.
At the recent Future Mobility Summit which took place in Dubai earlier in November, His Excellency Sultan bin Saeed Al Mansouri, UAE Minister of Economy, emphasised the role that innovation has to play in creating sustainable sectors, stating that: “The reality and the economic future of the UAE which is aimed at innovation and the employment of technology, began its first signs with the adoption two years ago of the policy of The President, HH Sheikh Khalifa bin Zayed Al Nahyan, which included 100 national initiatives in the sectors of education, health, energy, transport, space and water, at an estimated investment of Dh300 billion.”
From the Science, Technology & Innovation Policy to the National Innovation Agenda, innovation and technology have become the cornerstones of the new UAE economy. As such, the extent of integration of these factors has been outstanding, spanning a broad range of industries and sectors, of which the National Strategy for Innovation identified renewable energy, transport, education, health, technology, water and space. More importantly, the results have been tremendous. In 2017, World Economic Forum’s Global Competitiveness Report ranked the UAE first in the world in terms of Government Procurement of Advanced Technology Products.
Owing to a long-term vision, Dubai today ranks as one of the most innovative and progressive cities in the world. This was reflected in the latest ‘Ease of Doing Business’ index by the World Bank, in which the UAE ranked significantly higher than in past years. The IMD Global Competitiveness Index similarly ranked the UAE among the world’s top 10 most competitive economies for the first time, and the country assumed the 13th position in Business Sophistication in the World Economic Forum’s Global Competitiveness Report.
Let us consider how both the government and the private sector have adopted smart technology to facilitate transactions and make the country a happier, more efficient place. For example, Smart Dubai was established to empower, deliver and promote an efficient, seamless, safe and impactful city experience for residents and visitors.
E-services have played a significant role in providing businesses with easy and quick solutions tailored to their individual needs. The UAE has come a long way in achieving its vision of a competitive knowledge economy. I firmly believe that as a nation, the UAE can reach new heights as we have the needed values from which to build, supporting the achievement of becoming a leading, sustainable world economy. I look forward to the upcoming years as we see the Dubai 10X strategy unfold and our government entities continue their pursuit of excellence. Dubai continues to embrace disruptive innovation to create new operating and business models that replace traditional services and provide multiple times the value for end users and customers.
Dr Ayoub Kazim is Managing Director of axs