Local Companies Getting More Innovative: Dubai Chamber
Companies in Dubai are increasing their efforts to foster innovation, reflected by the 4.7% improvement in the innovation score of Dubai’s private sector over the 2017-2018 period, new analysis conducted by Dubai Chamber of Commerce and Industry has revealed.
Released on the occasion of UAE Innovation Month, the analysis showed Dubai private sector’s innovation score rising to 64.4% in 2018, marking a 13% improvement compared to 2015.
Based on the feedback of 1,600 Dubai-based companies, the analysis identified several areas where Dubai’s private sector saw improvement, including accessing new ideas, developing new products and services, technology readiness, and talent and organisational culture.
These findings underline the efforts of Dubai-based companies to keep pace with the rapid innovation-related developments and implement innovative initiatives to enhance their competitiveness.
The analysis found that in 2018, growth and revenue generation saw an improved score of 48.9% compared to 40.8% in 2017, recording a 19.7% growth. With regards to new products and services, it showed that the private sector grew by 15.5% in 2018 compared to 2017, while its technology readiness rose by 15.6% to reach 66.8% in 2018.
The emirate’s private sector’s innovation score saw a 56.5% increase in the category of enablers compared to 51.9% in 2017, while the score for” access to new ideas” grew by 8.5%, rising to 72.9% compared to 67.2% in 2017.
The findings showed that companies in Dubai expect to see increased revenue from growing technology adoption and innovative products and business models, while they also reflected significant advances in innovation enablers across various economic sectors and fields.
“Several positive trends were revealed in the analysis that signal a strengthening commitment on the part of Dubai’s private sector in adopting innovative policies, strategies and solutions that will drive sustainable growth and boost competitiveness,“ said Khalil Haddad, Director - Strategy and Corporate Development, Dubai Chamber.
Haddad noted that Dubai Chamber constantly evaluates innovation output and activity within Dubai’s private sector through various research-focused initiatives that offer valuable insights and transparency on key areas where businesses are excelling and other areas where they need to improve.
The analysis included several recommendations for further improving innovation performance in Dubai, among them being strengthening and integrating public-private partnerships, and developing private sector innovation enablers as a key pillar of Dubai’s innovation-based economy.