The UAE – the Arab world’s second-largest economy – jumped two places in the Global Innovation Index 2020 to rank 34th out of a total of 131 countries.
The index, released on Wednesday by the World Intellectual Property Organisation, placed the UAE at the top spot among Arab nations for the fifth consecutive year.
The index ranks the countries based on their capacity to innovate and is calculated based on detailed measures of innovation inputs and outputs – consisting of 80 indicators.
Our efforts to promote innovation further will continue in the long-term and today ...
“Innovation will play a fundamental role in accelerating the wheel of growth and overcoming various economic challenges.”The UAE has “an advanced innovation-incubating environment, achieved by pioneering legislation and institutional development”, Minister of Economy Abdullah bin Touq Al Marri, said.
In the UAE, a key pillar of the National Innovation Strategy is promoting skills and establishing a national culture of ideas and entrepreneurship, the report said,
“Spreading information about public and private instruments to finance innovation projects can also help to strengthen the innovation finance landscape,” it added.
The UAE was placed at the 22nd position on the innovation input sub-index, ahead of countries such as Iceland, Luxembourg, China, Spain and Russia.
Meanwhile, it was ranked 55th in the innovation output sub-index, three places higher than the last year.
Under the theme of ‘who will finance innovation’, this year’s report measured the performance of 131 economies that represent 99 per cent of global gross domestic product.
Building on initiatives like the Abu Dhabi Economic Vision 2030, the UAE’s National Innovation Strategy was launched in 2014 with the aim of making the nation one of the world’s most innovative within seven years.
In the five years from 2014 to 2018, the country’s information and communications sector grew by 27.2 per cent and at an average annual rate of 5.4 per cent, according to a report by the Ministry of Economy.
Beyond funding innovation, the UAE is building a pathway to raise future capital with stock exchange listings, the GII report said. The number of listed companies in the UAE continues to grow, rising from 130 in 2017 to 137 in 2018, it added.
Authorities in the UAE are also looking at ways to allow SMEs to use an initial public offering to raise funds - a “very welcome strategy as unicorns emerge from the local innovation ecosystem and rise into global players”, the report said.
In the Arab world, the UAE was followed by Saudi Arabia that was placed 66th, increasing its rank by two positions. Other regional economies that feature in top 100 include Qatar (70th), Kuwait (78th), Bahrain (79th), Jordan (81st), Oman (84th) and Lebanon (87th).
Innovation will play a fundamental role in accelerating the wheel of growth ...
The report noted that the coronavirus pandemic has triggered an “unprecedented global economic shutdown”.
However, it has also highlighted the importance of innovation to corporate and national economic growth strategies, the report said. “Fundamentally, the pandemic has not changed the fact that the potential for breakthrough technologies and innovation continues to abound.”
“Our efforts to promote innovation further will continue in the long-term and today … in light of the changes posed by the impact of the Covid-19 pandemic, the importance of these efforts has increased,” Mr Al Marri said.
The biog
Age: 59
From: Giza Governorate, Egypt
Family: A daughter, two sons and wife
Favourite tree: Ghaf
Runner up favourite tree: Frankincense
Favourite place on Sir Bani Yas Island: “I love all of Sir Bani Yas. Every spot of Sir Bani Yas, I love it.”
The specs: McLaren 600LT
Price, base: Dh914,000
Engine: 3.8-litre twin-turbo V8
Transmission: Seven-speed automatic
Power: 600hp @ 7,500rpm
Torque: 620Nm @ 5,500rpm
Fuel economy 12.2.L / 100km
The specs: 2018 Maxus T60
Price, base / as tested: Dh48,000
Engine: 2.4-litre four-cylinder
Power: 136hp @ 1,600rpm
Torque: 360Nm @ 1,600 rpm
Transmission: Five-speed manual
Fuel consumption, combined: 9.1L / 100km
Killing of Qassem Suleimani
MATCH INFO
Burnley 1 (Brady 89')
Manchester City 4 (Jesus 24', 50', Rodri 68', Mahrez 87')
UAE currency: the story behind the money in your pockets
Dirham Stretcher tips for having a baby in the UAE
Selma Abdelhamid, the group's moderator, offers her guide to guide the cost of having a young family:
• Buy second hand stuff
They grow so fast. Don't get a second hand car seat though, unless you 100 per cent know it's not expired and hasn't been in an accident.
• Get a health card and vaccinate your child for free at government health centres
Ms Ma says she discovered this after spending thousands on vaccinations at private clinics.
• Join mum and baby coffee mornings provided by clinics, babysitting companies or nurseries.
Before joining baby classes ask for a free trial session. This way you will know if it's for you or not. You'll be surprised how great some classes are and how bad others are.
• Once baby is ready for solids, cook at home
Take the food with you in reusable pouches or jars. You'll save a fortune and you'll know exactly what you're feeding your child.
Adele: The Stories Behind The Songs
Caroline Sullivan
Carlton Books
The specs
Engine: 2.0-litre 4-cylinder turbo
Power: 240hp at 5,500rpm
Torque: 390Nm at 3,000rpm
Transmission: eight-speed auto
Price: from Dh122,745
On sale: now
The biog
DOB: March 13, 1987
Place of birth: Jeddah, Saudi Arabia but lived in Virginia in the US and raised in Lebanon
School: ACS in Lebanon
University: BSA in Graphic Design at the American University of Beirut
MSA in Design Entrepreneurship at the School of Visual Arts in New York City
Nationality: Lebanese
Status: Single
Favourite thing to do: I really enjoy cycling, I was a participant in Cycling for Gaza for the second time this year
Company Profile:
Name: The Protein Bakeshop
Date of start: 2013
Founders: Rashi Chowdhary and Saad Umerani
Based: Dubai
Size, number of employees: 12
Funding/investors: $400,000 (2018)
Bio:
Favourite Quote: Prophet Mohammad's quotes There is reward for kindness to every living thing and A good man treats women with honour
Favourite Hobby: Serving poor people
Favourite Book: The Alchemist by Paulo Coelho
Favourite food: Fish and vegetables
Favourite place to visit: London
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Ki-Jana Hoever
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Herbie Kane
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Luis Longstaff
Signed from Newcastle but no relation to United’s brothers Sean and Matty, Luis is a winger. An England Under-16 international, he helped Liverpool win the FA Youth Cup last season.
Yasser Larouci
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Adam Lewis
Steven Gerrard is a fan of his fellow Scouser, who has been on Liverpool’s books since he was in the Under-6s, Lewis was a midfielder, but has been converted into a left-back.
