Dubai – MENA Herald: Announcing the results of the Dubai Innovation Index done in cooperation with PwC, the Dubai Chamber of Commerce and Industry revealed that Dubai occupies a higher rank than some of the world’s leading innovation-driven cities like Shanghai, Beijing, Madrid, Istanbul, Moscow, Milan, Sao Paulo and Mumbai.

According to the survey, Dubai ranked 16th out of the 28 peer global cities which are currently considered the most prominent players in the field of innovation and creativity registering an innovation rate of 39.14% while Dubai progressed to 11th place in the world for its efficiency in innovation outputs.

The Innovation Index, which is one of the leading pillars of the recently-launched Dubai Chamber Innovation Strategy, has come as part of the UAE ‘Year of Innovation’ and the ongoing UAE Innovation Week led by the Government, which is investing in the future.

This is also part of the awareness-raising initiatives and exceptional efforts to increase the percentage contribution of the private sector in the total innovation efforts of the city of Dubai, in addition to the need for greater investment possibilities which is the basis for a more innovative future.

The Dubai Innovation Index which measures innovation within the 61 indicators shows Dubai’s superiority in the field of output and performance, particularly in the launch of new products and services and outputs of technology. However intellectual property and opportunities for collaboration with institutions and economies for scientific work have emerged as areas for improvement. .

The index showed medical care, media, marketing, IT, retail industrial sectors as the most innovative while professional services, agriculture, fisheries, construction and energy sectors turned out to be the least innovative in Dubai.

H.E. Hamad Buamim, President and CEO, Dubai Chamber, stated that the Innovation Index results clearly indicate the Dubai government’s efforts in spearheading the innovation trend in the emirate by laying down a strong foundation to support the process of innovation while building up a strong future for the concept, while showing the private sector’s focus on short-term goals instead of focusing on long-term strategies to promote innovation.

He further stated that these results place Dubai in the leading position to prepare for the next phase of development while laying the foundation for a higher ranking in the sphere of innovation in the future.

Commenting on the launch of the Index Anil Khurana Strategy & Innovation Partner at PwC Middle East said “PwC is proud to be part of the development of the Dubai Private Sector Innovation Index with Dubai Chamber. This is a unique and comprehensive index that evaluates and compares macroeconomic data to private sector views of a city. The macroeconomic index compares Dubai against the leading innovative cities in the world and highlights that Dubai has made significant progress and investments in recent years towards the post-oil knowledge economy. Dubai however, needs to further enhance its R&D and STEM (Science, Technology, Engineering and Mathematics) emphasis and investments to be even more competitive”.

“This indicator is still new and shows us the way to compare our current position with the steps needed to prepare for the development of the innovation environment in Dubai and to stimulate the innovation culture in the business environment which will play an effective role in the coming period,” said H.E. Buamim.

He further stated that the Chamber will focus more on raising the percentage of private sector contribution to innovation adding that the Chamber’s two main objectives behind its innovation strategy is to support and promote innovation in the private sector and to consolidate the Chamber’s reputation as one of the most innovative chambers of commerce in the world.

Added Anil”Private sector businessmen views highlight that there is a great challenge to find and retain talent that facilitates innovation. The private sector also views creating and fostering an innovative culture in their organisations as a crucial step towards innovation.”

The results of the index, which surveyed about 1,000 companies, showed that 63% of the participating companies are companies that do not exceed the number of its staff of 100 employees, while 75% of the participation in the survey companies do not exceed the size of AED 100 million, 14% of respondents range in size between 100 million and one billion dirhams.

The results of this Dubai Innovation Index survey which covered 1,000 companies revealed that more than 63% of the participating companies do not have more than 100 employees, while 75% of the participating companies do not exceed the size of AED 100 million, and 14% of respondents range in size between 100 million and one billion dirhams.

Companies from real estate and construction sector topped the survey list with 12% followed by travel and hospitality 11% and energy and professional services companies are equally divided by 10%, while the participation rate of food and beverage and hospitality and leisure and entertainment sector companies amounted to 9%.

The Dubai Chamber innovation strategy is to stimulate innovation in the private sector which is based on three main pillars including enablers of innovation, measuring innovation and honouring innovators as the growth and development of innovation requires the contribution of all segments of society.

The Chamber plans to invest AED 100 million during the next three years in innovative projects and initiatives such as the Dubai Innovation Index and the Dubai Chamber Innovation Lab as well as smart applications that enhance customer experience while strengthening Dubai’s position as one of the best global business destinations. This investment is part of Dubai Chamber’s strategy to invest AED 500 million over the next three years to serve the business community and to enhance its global competitiveness.