Dubai has improved its ranking to claim the 15th position on the second edition of the Dubai Innovation Index, which was released by the Dubai Chamber of Commerce and Industry on the side-lines of the UAE Innovation Week.

The survey, launched by the Chamber in cooperation with PricewaterhouseCoopers (PWC), analysed 28 top global innovation cities. This year, the emirate moved up one position and outperformed business hubs such as Madrid, Milan, Shanghai, and Moscow.

New York secured the top position in the index, while London fell to fourth place after placing first last year. European cities ranked higher in general due to an increase in investments on skills and talent, while GCC cities scored high marks in the political, economic and social indicators category.

The Dubai Innovation Index, one of the leading pillars of the chamber’s innovation strategy, highlighted the Dubai government’s ongoing efforts in spearheading innovation initiatives in the emirate, the private sector’s significant contribution, and increased public-private sector collaboration.

The index showed that Dubai’s private sector companies have started embracing innovation and taking innovation initiatives forward as companies become more proactive about implementing new ideas. Businesses have also recognised the importance of finding and retaining the best talent required to drive innovation, while they work to align skills to meet the requirements of the labour market.

Hamad Buamim, president and CEO, Dubai Chamber, stated that the Innovation Index results clearly indicate the Dubai government’s efforts in laying down a strong foundation to drive innovation on a city-wide level are taking effect, thanks to its pro-active approach that involves the private sector and civil society.

Yet, there remain some areas where Dubai can improve, namely the investing in research and development, developing employees’ skillsets, and raising information technology awareness. In addition, there is still a need for businesses to adopt long-term innovation strategies that support the sustainable development of the emirate’s economy rather than their own institutional objectives.

Buamim said: "The Index has succeeded in identifying areas where we need to improve upon in order to boost our competiveness. By embracing innovative strategies and practices, the private sector can contribute greatly to Dubai’s vision to become one of the world’s most innovative cities by 2021.”

Anil Khurana, partner, PWC, said: “The second edition of the Dubai Innovation Index comes at an interesting time for Dubai, the region, and the world. Though the region and the world are going through significant economic uncertainty, and several sectors are badly hit, the role of innovation in Dubai and the world has kept its pace.”

Khurana added: “Aside from the government, several leading companies are now investing significantly not only in greater R&D activities, but also in emerging technologies such as blockchain, Internet of Things, virtual reality, 3-D printing, drones, and dozens of others that are often known by the moniker of Industry 4.0.”

Dubai Chamber’s innovation strategy aims to stimulate innovation in the private sector. Its three main pillars focus on supporting 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 Dh100 million ($27.23 million) on innovation-focused projects and initiatives over the next three years. – TradeArabia News Service