UAE improves in Global Innovation Index rankings

The UAE improved its position in an international innovation ranking that was announced at the UN headquaters in Geneva on Monday. The country ranked first among Arab countries and 41st worldwide in the Global Innovation Index, up from second in the Arab world and 47th globally last year, reported Wam, the state news agency. The […]

The UAE improved its position in an international innovation ranking that was announced at the UN headquaters in Geneva on Monday.

The country ranked first among Arab countries and 41st worldwide in the Global Innovation Index, up from second in the Arab world and 47th globally last year, reported Wam, the state news agency.

The improvement was attributed to achievements such as strengthening institutions and market sophistication, as well as development in information technology, communications and infrastructure.

Innovation is a major pillar of the country’s economic development and at the heart of good government policies aimed at placing the UAE among the top 10 countries on the index, said Sultan Al Mansouri, Minister of Economy.

He said the progress in the ranking adds to the record of development under the leadership of Sheikh Khalifa, the President, Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, and Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces.

The index measured the performance of 128 countries in terms of innovation, and is based on 82 sub-indices.

The UAE ranked first globally in the cost of redundancy dismissal, ease of paying taxes, tertiary inbound mobility and the state of cluster development. In terms of market sophistication, the rankings for the UAE in investment went up to 55 from 105 last year.

Mr Al Mansouri said that while many countries are cutting spending on research and develompent, while the UAE is still putting major effort towards innovation. He estimated the percentage contribution of knowledge and innovation to the gross domestic product at about 3 per cent, which he said was one of the highest rates worldwide.

Reem Al Hashimy, Minister of State for International Cooperation and head of the Federal Competitiveness and Statistic Authority, hailed the UAE’s results. She said her authority is working “tirelessly” on developing a statistical system based on the latest practices.

“We are very pleased with the advanced results achieved by the UAE this year,” she said.

newsdesk@thenational.ae

Source: uae news

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