Dubai: Dubai has outperformed some of the world’s leading business destinations in the third Dubai Innovation Index.
Climbing one spot to take the 14th position, Dubai now ranks above Berlin, Madrid, Shanghai and Sao Paulo.
Compiled by Dubai Chamber in collaboration with PricewaterhouseCoopers (PwC) as part of the UAE Innovation Month 2018, 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 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 segments of the society, with notable achievements made within the city’s public and private sectors,” said Hamad Bu Amim, President and CEO of Dubai Chamber.
Among the 30 global destinations, the top-performing cities on the latest index were Hong Kong, which climbed two spots to rank first globally, followed by New York (second), London (third), Singapore (fourth) and Seoul (fifth). Dubai and San Francisco were the only two cities that showed consistent improvement in their rankings over the last few years.
According to a statement release on Saturday, 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 the emirate’s transition to a knowledge-based economy.
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.
The Index’s findings were compiled following in-depth surveys conducted by a large sample of Dubai’s business community, including representatives of leading companies and institutions.
The report noted that innovation enablers in Dubai’s private sector have strengthened over the last year as more company adopt measures to enhance their capabilities and participate in innovation-related activities, while it also highlighted opportunities for both the private and public sectors to further develop the innovation infrastructure and enforce Intellectual Property regulations and laws.
Factbox: The third Dubai Innovation Index proposed a set of recommendations to create a solid innovation ecosystem. The report called for increasing collaboration with educational institutes; focusing on consistent and continuous product development; fostering collaboration with the global ecosystem; and providing more funding opportunities for entrepreneurs and SMEs.
