According to analysis by Dubai Chamber of Commerce and Industry, over the past years Dubai has become more innovative.
Majid Saif Al Ghurair, Chamber chairman in the Innovative Live summit with delegates said that the emirate had move up to 15th position in its Innovative Index (which measures key indicators in 22 innovative cities around the world).
“This can partly be attributed to the significant increase in funding and investment in innovation,focused initiatives, and in closer collaboration between the public and the private sector. We see that the local business community has realised the importance of innovation and is now actively working to improve research and development capacities and adopt new technology. However, our study also found that there is still a need for businesses to adopt long-term innovation strategies as opposed to just seeing such effort as a short-term plan to boost profitability” he said at the opening of the summit at Jumeirah Beach Hotel on Monday.
He also mentioned that it was critical for firms to focus on innovation as it would boost up their core competitive advantages and enhance value creation. Then he added that a stronger craving for innovation, businesses should invest into resources and skills to create a corporate culture which inspires innovation.
He ended his speech by giving a breakdown of the technological progress as well as innovative strategies that were deployed.