Dubai climbs to 14th in innovation index
dubai — Dubai has once again improved its innovation performance, climbing one spot to rank 14th among 30 global cities in the third Dubai Innovation Index, outperforming major business destinations such as Berlin, Madrid, Shanghai and Sao Paulo.
The findings of the latest Index were released by the Dubai Chamber of Commerce and Industry on the sidelines of the chamber’s participation in UAE Innovation Month 2018.
Compiled by the Dubai Chamber in collaboration with PricewaterhouseCoopers, the Dubai Innovation Index measures innovation output on a city and industry level and provides analysis on key challenge areas as well as strengths.
The top-performing cities on the latest index were Hong Kong, which climbed two spots to rank first globally, followed by New York, London, Singapore and Seoul. Dubai, along with San Francisco, were the only two cities that showed consistent improvement in their rankings over the last few years.
The latest Dubai Innovation Index Report highlighted considerable headway made by Dubai’s government in adopting long-term innovation strategies, while it has also launched various initiatives to foster innovation across all segments of society and support a knowledge-based economy.
Hamad Buamim, president and CEO of the Dubai Chamber, said: “The results of the latest Index show that Dubai continues to make great strides in its transition to a knowledge-based economy and global innovation hub. Efforts to foster innovation have been introduced across all segment’s society, with notable achievements made within the city’s public and private sectors.”
The innovation score of Dubai’s private sector increased by three per cent this year after a six per cent rise from 2015 to 2016. A significant improvement in Dubai’s skills and talent score was observed, further emphasising the importance of developing human capital to encourage innovation throughout the economy.
The Dubai Chamber plans to invest Dh100 million in innovative projects and initiatives to enhance the competitiveness of the emirate’s economy.