Dubai – MENA Herald: The Dubai Chamber of Commerce and Industry revealed that the organisation will announce the results of its survey of the Dubai Innovation Index by the end of the year. The Index was launched recently by the Chamber as part of its new strategy to support innovation in the private sector, in line with the strategic objectives of the emirate of Dubai.
The preliminary results of this Dubai Innovation Index survey covering 800 companies thus far revealed that more than 60% of the participating companies in the survey are SMEs. Companies from manufacturing, professional services, marketing and events topped the survey list with 13% each and wholesale and retail trade by 12% followed by travel and hospitality 11% and finance and insurance 10%.
The percentage of companies from the sectors of energy and information technology is 6%, from healthcare, real estate, and construction is 5%, while companies from the transport and logistics sector is 4%.
There is unanimous response on the importance of innovation strategy as 69% of respondents in the survey opined that innovation will become a competitive necessity within 5 years, while 53% companies indicated that they have already started making plans for the adoption of innovation in their activities.
The results also showed that so far 87% of the responding companies plan to collaborate with their customers over the next three years to deliver innovative products and services, while 80% planned to collaborate with external partners to offer innovative products and services, and 53% have confirmed their intention to cooperate with academic institutions to provide innovative products and services.
H.E. Hamad Buamim, President and CEO, Dubai Chamber, informed that the Chamber will announce the results of the survey during the last quarter of this year, adding that the results so far are very encouraging as seen from the broad participation of companies from a cross section of economic sectors in Dubai.
H.E. Buamim further added that the Chamber aims to promote a culture of innovation amongst its members through the Innovation Index which can be used as a benchmark for local and international companies to incorporate innovation within their business activities strategies and produce innovative ideas that meet the Chamber’s priorities in supporting the growth of the private sector.
The President and CEO of Dubai Chamber pointed out that the Chamber before the launch of the Dubai Innovation Index has studied all global indicators in the world while adopting the best for Dubai’s economy.
He added that the index, which is the first-of-its-kind in the world focusing on emerging cities, will compare the level of innovation in Dubai with other leading innovation-driven cities such as Tokyo, Singapore, San Francisco, Beijing, Madrid, London and Sao Paulo, to find ways to strengthen the position of Dubai as one of the most innovative cities in the world.
H.E. Buamim also said that the Dubai Chamber Innovation Strategy highlights the Chamber’s deep understanding of the importance of innovation in developing business in Dubai. The strategy is consistent with the strategic objectives of the emirate of Dubai, supporting Dubai Plan 2021 to make the emirate a global economic centre while contributing to attract foreign direct investment, and promoting competitiveness in the business community.
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, said H.E. Buamim.
He added that the Dubai Innovation Index will help identify the driving factors of innovation to encourage companies to adopt effective approaches to innovation, enabling them to measure the results on the basis of business development in particular and Dubai economy in general.
While most innovation indices in the world measure innovation at a macro level, the Dubai Innovation Index measures innovation in the private sector, and gauges its impact on the overall innovation levels in the city.
The index measures innovation in eight key sectors which are retail and wholesale; industry; real estate; tourism; transport and logistics; medical care; and financial services and education. The index will highlight the rate of innovation in each sector, and how it affects innovation in general in Dubai.