UAE tops in the Global Innovation Index ranking

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The new report on Global Innovation Index rankings this year reveals that the UAE leads UAE tops in the Global Innovation Index rankingthe region in terms of economic innovations. The Cornell University, Insead and the World Intellectual Property Organization (WiPO) outlined the business environment that identifies the world’s most innovative economies. The institution assesses country’s institutions, infrastructure and market and business sophistication to gauge its level of innovation input and its knowledge and technology and creative outputs.
The UAE has the strongest inputs although it goes down one place to 38th in global ranking compared last year. The UAE’s performance is remarkable on the input side in terms of finance, resources, elements of support and guidance, right type of ICT infrastructure, and interest from the government. It has the inside potentials but yet don’t see being matched by the output side and it is about creating the right environment. It only need to retain generate talent, attract and combine them with local talent.
The economy is rich in natural resources but other sources of income and to diversify the economies are essential in innovating competitiveness to attract new innovations domestically and even internationally. The UAE has witnessed incredible social economic momentum from being the hub for goods and merchandise in few decades ago to another credible idea. There is a focus on leadership and have an important role to play for the whole ecosystem.
In 2001, there were only 194 patents were filed in the UAE which is only a fraction of the 195,000 filed across the world. Switzerland ranks top place and followed by Sweden. The United Kingdom and Netherlands came in the succeeding ranks, all of which rely on service economies. The top ten countries are small with typically less than 10 million people with no natural resources and had no focus on innovation and find a way to be competitive internationally.