As a force for change behind most industries and a catalyst for developments across the public and private sectors, innovation is undoubtedly one of the keys to economic development and diversification around the world. The UAE, and Dubai especially, has set its sights on achieving the highest levels of innovation, and incorporating this as a key pillar of our economy, to drive growth and encourage more organisations and entrepreneurs to consider doing business here.
The UAE Vision 2021 bears testimony to these efforts and has played an instrumental role in defining the key themes to achieve socioeconomic development, with a transition to a diversified, knowledge-based economy. It is with this vision in sight that Dubai, where only 5 per cent of the gross domestic product is now oil-based, is implementing a series of strategies and initiatives, adapting innovation within the framework of the city’s economy. Dubai Plan 2021 is one such road map, with emphasis on six priorities, one of which is the economy. In highlighting the importance of a set of diversified value-added economic activities, the plan is also focused on strengthening Dubai’s economic resilience and fortifying the emirate’s position as a global economic hub based on a sustainable model driven by innovation and productivity.
When 2015 was officially announced as the Year of Innovation, all federal government bodies revised internal policies to facilitate a nurturing environment for innovation. That year saw the launch of the UAE Science, Technology and Innovation Policy that heralded the start of a new era of sustainable innovation, based on science and technology, impacting seven priority sectors — education, health, water, renewable and clean energy, space, technology and transportation.
Since then, Dubai’s leadership has introduced numerous initiatives to accelerate progress on that front and across various industries. Dubai launched its Industrial Strategy, aiming to increase the city’s industrial maturity and reinforce Dubai’s position as an international hub for knowledge-based innovation and sustainable industrial activities. Such is the emphasis on innovation across the city, that government authorities are rapidly understanding the importance of implementing innovation into the public sector and its processes to be able to enhance productivity. The foundation of innovation, as stipulated by the initiative, is encouraging government entities to embrace disruptive technology and thinking moving forward.
The recently launched ‘Dubai Pulse’ platform, for instance, is an initiative that will see all relevant data pertaining to the city being hosted on a singular platform, which will offer a real-time view of city data and operations; data that will assist government heads and authorities in making real-time decisions and developing initiatives. Dubai is also set to become the first city to do away with paper-transactions by 2021, a move that is a reflection of the overall sentiment as the city strives to achieve innovation and technological advancement across both public and private sectors.
Dubai has also developed the 10X initiative that aims to catapult the emirate well ahead of global counterparts to become a leader in innovation within the next ten years. Government bodies are playing an instrumental role in realising this vision, and are encouraged to set in motion a series of mechanisms to contribute in shaping the city’s future. Disruptive technology and innovation remains the focal point in the 10X initiative and is regarded as the means to achieve our future-ready city status.
Indeed, recent efforts to diversify the economy have succeeded, and today, 95 per cent of Dubai’s gross domestic product (GDP) is generated by non-oil sectors. Like other key sectors, — such as trade, logistics and finance — business tourism and events play a significant role in contributing not only to the city’s economic development, but in our pursuit of innovation and excellence. While being a high-value component of Dubai’s visitor economy, business tourism also strongly supports the development of a knowledge economy. Meetings, conferences and exhibitions foster innovation by driving social integration, competitiveness and knowledge sharing.
Dubai Business Events — a division of Dubai Tourism and the city’s official convention bureau — has been focused on attracting regional and international business events that support Dubai’s metamorphosis into a future-ready city, and one that aids in global progression. Recent wins, including World Congress of Cardiology & Cardiovascular Health 2018, World Conference on Desalination and Water Re-use 2019 and Congress of the International Association for Child and Adolescent Psychiatry and Allied Professions 2022, are assuredly bringing topics of importance to the forefront, and as the host city, Dubai is creating a platform for industry advancement and paving way for new discoveries.
Meetings, conferences and exhibitions also directly contribute to the creation of jobs for society, resulting in economic development. Likewise, businesses and organisations can continue to reap the benefits of this innovation-driven ecosystem that Dubai is steadily building. The city offers access to key sectors, leading universities, research organisations, and local talent, making it the perfect destination for ideas to be exchanged freely to create lasting outcomes. In turn, it is the hosting of such a diverse mix of business events that brings in know-how and the required expertise to create and support Dubai’s growth as a global knowledge hub.
In the words of His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai: “Those who neglect the new will remain at the back of the line; those who wait for luck to make things happen will be disappointed.”
Innovation is being laid into the city’s backbone and is rapidly seeping in to become one with the nation’s DNA as a whole. And while the world continues to pursue innovation, Dubai is working towards being one of the cities that takes the lead.
Issam Kazim is the CEO of Dubai Corporation for Tourism and Commerce Marketing
