Dubai led the Arab world and stood 20th globally last year in the Dubai Innovation Index that was released on Wednesday.
The index report, which was developed by the Dubai Chamber in collaboration with PwC, analysed 39 cities. The emirate ranked ahead of global cities that include Beijing, Shanghai and Sao Paulo, as it scored high in the categories of infrastructure, government and society.
Launched in 2014, Dubai Innovation Index has influenced a raft of new measures, including strategic policies and procedures introduced in areas such as public-private partnerships, robotics, blockchain, artificial intelligence, the Internet of Things and 3D printing. The assessment categories include agile government, infrastructure, funding, business environment and society.
Dubai’s performance reflects its ability to deliver “innovation-driven development” to transform the emirate into a global innovation hub, said Hamad Buamim, president and chief executive of Dubai Chamber.
“By providing a supportive environment, a robust regulatory and legislative framework and highly developed infrastructure and comprehensively addressing various vital enabling drivers, Dubai is on track to achieve its aspirations,” Mr Buamim said.
Singapore and Hong Kong maintained their first and second places on the index. Stockholm jumped three places to replace London in third position, with the UK capital dropping five places to eighth this year.
Toronto made the biggest jump of all the 39 cities on the index, rising seven places to reach 10th place from its 17th position in 2019.
Under the agile government category, Dubai scored high for its e-government services. Dubai Paperless Strategy, which aims to achieve a paperless government by the end of this year, was highlighted in the report.
As part of the transformation, 41 government entities have already halved their paper use and are moving towards 100 per cent digitalisation.
Also supporting Dubai’s performance on the index is the Dubai Blockchain Strategy, which has enabled the city’s adoption of blockchain records in 24 applications in various industries.
Under the infrastructure category, Dubai was recognised for its academic institutions, boosting innovation by sharing their resources with start-ups and entrepreneurs.
With regards to funding, Dubai performed well in the area of venture capital, due to government-led incentives and support of global VCs looking to enter the market and those already invested.
Incentivisation approaches include tax incentives for venture capital funds, public-sector matching of investments and government support for early and mid-stage start-ups through additional services.
“By embracing new ideas to raise excellence and rapidly implementing dynamic creative solutions, Dubai is raising the performance of sectors across its economy,” Mr Buamim said.
The index shows digitalisation underpins the transformation of the most innovative cities and governments in top innovative cities do more to promote innovation.
It also shows that Covid-induced collaboration has accelerated innovation by offering innovators better opportunities to share knowledge, market access and funding.
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If you go
The flights
There are various ways of getting to the southern Serengeti in Tanzania from the UAE. The exact route and airstrip depends on your overall trip itinerary and which camp you’re staying at.
Flydubai flies direct from Dubai to Kilimanjaro International Airport from Dh1,350 return, including taxes; this can be followed by a short flight from Kilimanjaro to the Serengeti with Coastal Aviation from about US$700 (Dh2,500) return, including taxes. Kenya Airways, Emirates and Etihad offer flights via Nairobi or Dar es Salaam.
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- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
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In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
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How to keep control of your emotions
If your investment decisions are being dictated by emotions such as fear, greed, hope, frustration and boredom, it is time for a rethink, Chris Beauchamp, chief market analyst at online trading platform IG, says.
Greed
Greedy investors trade beyond their means, open more positions than usual or hold on to positions too long to chase an even greater gain. “All too often, they incur a heavy loss and may even wipe out the profit already made.
Tip: Ignore the short-term hype, noise and froth and invest for the long-term plan, based on sound fundamentals.
Fear
The risk of making a loss can cloud decision-making. “This can cause you to close out a position too early, or miss out on a profit by being too afraid to open a trade,” he says.
Tip: Start with a plan, and stick to it. For added security, consider placing stops to reduce any losses and limits to lock in profits.
Hope
While all traders need hope to start trading, excessive optimism can backfire. Too many traders hold on to a losing trade because they believe that it will reverse its trend and become profitable.
Tip: Set realistic goals. Be happy with what you have earned, rather than frustrated by what you could have earned.
Frustration
Traders can get annoyed when the markets have behaved in unexpected ways and generates losses or fails to deliver anticipated gains.
Tip: Accept in advance that asset price movements are completely unpredictable and you will suffer losses at some point. These can be managed, say, by attaching stops and limits to your trades.
Boredom
Too many investors buy and sell because they want something to do. They are trading as entertainment, rather than in the hope of making money. As well as making bad decisions, the extra dealing charges eat into returns.
Tip: Open an online demo account and get your thrills without risking real money.
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A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
Our legal columnist
Name: Yousef Al Bahar
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Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
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KILLING OF QASSEM SULEIMANI
Key figures in the life of the fort
Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.
Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.
Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.
Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.
Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.
Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.
Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.
Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.
Sources: Jayanti Maitra, www.adach.ae
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