Abu Dhabi: Dubai ranked 16th out of 28 global cities considered the most prominent players in the field of innovation and creativity, with the city registering an innovation rate of 39 per cent. Dubai also moved up to 11th place globally for its efficiency in innovation outputs.
The ranking was assessed for the Dubai Innovation Index, which was introduced last year by the Dubai Chamber of Commerce and Industry as part of its strategy to stimulate innovation and global practices in the private sector.
The index was developed in cooperation with PricewaterhouseCoopers (PwC), the audit and consultancy firm, and was based on best international standards. It is the first index of its kind to measure innovation, the Dubai Chamber said in a statement on Tuesday.
The index was part of a report on Dubai’s benchmark for innovation. The report compares innovative cities on a global scale, shows the perspective of the private sector, analyses economic sectors, and outlines the comparison and recommendations.
According to the report, Dubai scores above its average for government, an indication that the government is leading the march for innovation in the emirate while developing the right environment for innovation.
The report cites intellectual property, and opportunities for collaboration with institutions and economies for scientific work as areas for improvement as is cooperation between the public and private sectors.
Dubai’s benchmark for innovation is in line with the outcome for the Global Innovation Index 2016. In its statement, the Dubai Chamber announced the second edition of the Dubai Innovation Index, whose results will be announced during the Innovation Week in November next year.
The Dubai Innovation Index recommendations focused on the need to enhance the business policies and regulations governing the business environment in Dubai and the UAE in terms of the ease of doing business.
“With 90% of Dubai’s private sector made up of SMEs [Small and Medium Enterprises], 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,” said Hamad Bu Amim, president and chief executive officer of the Dubai Chamber.
He also said the index will help the Chamber lay the foundation for a long-term strategy for the development of the private sector.
