Dubai All Set to Become a Knowledge Economy

, Finance

The UAE government had declared 2015 to be the ‘Year of Innovation’ and had announced a new National Innovation Strategy with the aim of making Dubai one of the most innovative countries of the world.

As part of that, the Dubai Economic Council or the DEC recently announced the launch of the Dubai Global Innovation Centre jointly with Royal Philips.

In a press statement, Shaikh Ahmed bin Saeed Al Maktoum, president of Dubai Civil Aviation Authority and chairman and chief executive of Emirates airline and Group was quoted as saying that “Dubai has all the elements to speed up the transformation, especially in the light of the ‘National Innovation Strategy’ launched by the UAE government and a series of initiatives launched by Dubai last year under the guidance of His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.”

Let’s see why and how Dubai proposes to ace the innovation status in the coming years…

Why Dubai? 

Dubai will be at the forefront of international companies thanks to its stable history, cutting-edge knowledge and expertise in various innovation-driven industries.

Dubai is a skills-based economy and is also ‘home’ to the skilled expat crowd. This gives hope for building an economy based on innovation, skills and knowledge.

Innovation is the key to building the economies of the future, and Dubai is poised for taking that leap forward with innovative strategies and policies backed with able administrative and political support.

Different private firms are willing to invest in building the infrastructure to support the knowledge economies. Royal Phillips is an example, and with more such firms coming forward to support the government strategies/policies and the vision of Shaikh Mohammed, the Dubai ruler, Dubai is set to become the knowledge and innovation economy.

How Dubai is going about it?

The government of Dubai has taken several steps to ensure Dubai realizes its potential to become an innovative economy. This new initiative of opening up a Global Innovation Centre will go a long way towards promoting innovation and ensure its expansion/application in the different areas of the economy.

Tied in as part of the UAE innovation week, the innovation strategies will be streamlined to ensure that the different policies and strategies have the desired effect of getting Dubai the status of an economy reliant on knowledge and innovation.

Partnering with Phillips also means that the country/economy is partnering with reputed firms known for their innovation and knowledge dissemination. There are more plans on the anvil for partnering with other private firms and companies.

There are several innovation competitions being planned for supporting start-ups and businesses in the area of digital economy in Dubai and UAE. Ideas and innovation will be encouraged through competitions, funding guarantees, technology collaborations, support for business ideas and ventures, etc.

All these measures are a concerted attempt to ensure Dubai and the UAE realizes it’s potential and becomes a knowledge-based economy.

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