Mubasher: The UAE saw a significant improvement in its innovation standing on the 2016 Global Innovation Index, ranking first among Arab countries and 41st globally in terms of overall performance on the index, according to a statement.
The index results showed that the country’s outstanding progress in 2016 is mainly driven by its sustainable achievements in innovation inputs, especially the strengthening of institutions and market sophistication.
The UAE ranked first globally in the cost of redundancy dismissal, ease of paying taxes, tertiary inbound mobility and state of cluster development, according to the Global Innovation Index 2016 sub-indices.
“Progress in innovation inputs also included a significant improvement in market sophistication thanks to growth in investment and credit,” the statement said, adding that “Investments have gone up from a rank of 105 to 55 thanks to market capitalization that increased from a rank of 73 to 32 as well as total value of stock traded that has gone up from a rank of 51 to 20 and VC deals that went up from 48 to 34”.
The value of stocks traded increase to 35.9 % of GDP in this year's index, while the domestic credit to the private sector rose to 65.4% of GDP.
Knowledge and technology outputs went up from 134 to 86, the statement highlighted.
"The UAE has all the opportunities and potentials to achieve leaps in the field of innovation by adopting and implementing new technologies and standards such as the Internet of Things, a long-term 3D Printing strategy, and an inclusive knowledge- and innovation-based manufacturing strategy," according to the UAE’s Minister of Economy Sultan bin Saeed Al Mansouri.
