DUBAI, Nov 24, 2021 (WAM) – Dubai leads the Arab world in the latest edition of the Dubai Innovation Index, maintaining its 20th global position in 2020, the Dubai Chamber announced today at of the publication of the index at the 12th World Chambers Congress in Dubai.
The Index report, entitled The Road to Recovery Through Resilience and Innovation, analyzed a total of 39 cities. Seven new cities have been added to the latest edition of the Index, which was developed by the Dubai Chamber in collaboration with PwC.
Hamad Buamim, President and CEO of the Dubai Chamber, said that Dubai’s performance in the latest edition of the Index reflects its ability to deliver innovation-driven development in line with His Highness’s vision. Sheikh Mohammed bin Rashid Al Maktoum, vice president and prime minister of the United Arab Emirates and ruler of Dubai, to transform the emirate into a global hub of innovation. “By providing an enabling environment, a strong regulatory and legislative framework, and a highly developed infrastructure, and comprehensively addressing various key drivers, Dubai is on track to achieve its aspirations under the guidance and guidance of His Highness. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council. By embracing new ideas to increase excellence and rapidly implementing dynamic creative solutions, Dubai is improving the performance of sectors of its economy, ”he added.
Under the index’s first pillar, Agile Government, Dubai ranked 19th, achieving high marks for its eGovernment services. Specific initiatives highlighted include Dubai’s paperless strategy, which aims to achieve a paperless government by the end of 2021. As part of the transformation, 41 government entities have already halved their consumption of paper and are moving towards 100% digitization. The Dubai Blockchain Strategy also supports Dubai’s performance on the index, which has facilitated the city’s adoption of blockchain records in 24 applications across various industries.
In the Infrastructure category, Dubai was recognized for its academic institutions, including universities, which drive innovation by sharing their resources with startups and entrepreneurs. The city’s attractiveness for foreign investment in its education sectors was also mentioned, with examples such as the Bayes Business School at the University of London and the University of Birmingham establishing campuses in the emirate. . The index also recognized Dubai’s Future District, with its research center, incubators, accelerators and innovation space for future economic pioneers.
On the financing side, Dubai has performed well in the area of venture capital (VC), thanks to government incentives and support from global VCs seeking to enter the market and those already invested in the market. Incentive approaches used include: ensuring a variety of offerings that accompany venture capital funding opportunities, with its offerings ranging from government-backed guarantee programs like the Mohammed bin Rashid Innovation Fund to capital deals -risk, angel investments, peer-to-peer lending and crowdfunding. The Dubai Next platform, launched by the Dubai government in 2021, is expected to further improve financial access for the city’s innovators.
In the Society category, Dubai ranked 16th as the city embraces immigration, with expats drawn by its wealth of opportunities and tolerant cultural and religious environment. Long-term visa programs, which reward them for their contribution to the city, attract more expats to the emirate.
The Index highlights how innovation is part of Dubai’s DNA, with its leadership strongly recognizing the central role it plays in the country’s sustainable development. It also highlights the impact of the National Innovation Strategy launched in 2014 by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai, who played a major role in the prioritization of innovation in all sectors and as an essential pillar of the economy.
Singapore and Hong Kong maintained their first and second places respectively in the index, with Stockholm gaining three places to replace London in third, with the British capital dropping five places to place eighth this year. Toronto makes the biggest jump of the 39 cities in the index, gaining seven spots to reach 10th place from 17th place in 2019.
Examining the state of innovation in cities around the world at a time of unprecedented upheaval and change, the latest edition of the Dubai Innovation Index indicates that at the start of a new era, the global exchange of knowledge and learning is more important than ever.
The main lessons from this year’s Index are that digitization underpins the transformation and success of the most innovative cities; the governments of the most innovative cities are doing more to promote innovation than just setting policies, overseeing regulations and providing incentives; and the collaboration that resulted from the pandemic accelerated innovation by providing innovators with better opportunities for knowledge sharing, market access and funding.
Another important finding is that while Europe and North America have remained the main regions for innovative cities, metropolises in other regions – notably Asia-Pacific – have filled the gap.
The report also highlights that 2014 saw the launch of Dubai’s first Innovation Index, which was the first city-level innovation assessment that influenced a range of new metrics, including strategies, policies and proceedings introduced in areas that include public-private partnerships, robotics, blockchain, artificial intelligence, Internet of Things and 3D printing, all of which have placed Dubai firmly on the innovation map.
The Dubai Innovation Index rating categories include agile government, infrastructure, finance, business environment and society, with Dubai scoring high on a number of key metrics.