The UAE jumps 6 places in the Global Innovation Index ranking
The UAE showed a significant improvement in its innovation standing on the 2016 Global Innovation Index. The UAE came first among Arab countries and 41st worldwide in terms of overall performance on the index, up from second in the Arab World and 47th globally just last year. The improvement has been attributed to key achievements like the strengthening of institutions as well as a significant development in sectors such as technology, communications and infrastructure. The index measured the performance of 128 countries in terms of innovation, and is based on 82 sub-indices.
Within these sub-indices, the UAE ranked first in the cost of redundancy dismissal, the ease of paying taxes, tertiary inbound mobility and the state of cluster development.
Sultan Al Mansouri, Minister of Economy explained while many countries worldwide are currently cutting spending on research and development, the UAE is still putting major effort towards establishing itself as a hub of 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, said, ““In order to achieve the strategic objectives of enhancing the country’s performance in global competitiveness sector and providing the latest data, the Federal Competitiveness and Statistics Authority is working tirelessly on developing a statistical system in the country based on the latest practices and international standards.”
For more information: www.globalinnovationindex.org