Daily Personal Finance Insights – Innovation in the UAE
Innovation is the engine of any economy, personal, business and country.
Abu Dhabi Innovation
Abu Dhabi continues its reform with the primary emphasis placed on diversifying the economy away from the dependency on oil and gas through investment in people, innovation and the development of a Knowledge-Based Economy (KBE). As part of that agenda, the General Secretariat of the Executive Council of Abu Dhabi (GSEC) mandated the project: Innovation Systems highlighted in an Innovation Report.
The Innovation Report reviews the special features of Abu Dhabi and the societal evolution that is under way towards a knowledge-based innovation-led economy. The report has an analysis of factors crucially hindering innovation that require policy action, including: Low economic diversification; the turnover of expatriates; the absence of an environmentally sound and sustainable economy and society; and weaknesses in opportunity-based entrepreneurship.
UAE second quartile for innovation
A detailed study by GE has ranked the UAE in the second quartile in GE’s Innovation Scorecard as part of the annual GE Worldwide Innovation Barometer. The assessment based on 5 pillars of innovation reveals were the UAE excels and where it still has work to do.
In pillar one, the UAE ranked high for low burden of government regulation and tax burdens. It was in the top quartile for accessibility to loans and technology transfer, also for the availability of venture capital. However patents granted ranked very low and the UAE’s weakest pillar was broadband access and quality of research institutions ranking below average.
Hundreds of young UAE scientists prepare to “Think Science”
The Emirates Foundation will showcase the participants of its Think Science Competition for three days, starting April 21st in the Dubai World Trade Center. Four hundred potentially innovative, UAE scientists have collaborated in 170 projects, many of which will be on hand during the three days. The Think Science Foundation is part of the Emirates Foundations' broader goals to improve and develop youth potential across the Emirates.
The selected entrants will be judged by a jury of university teachers and business professionals with winners to be announced on April 23.
Ajman University joins UAE initiative to inspire the new generation of Emirati entrepreneurs
Ajman University of Science and Technology (AUST) has joined the UAE wide initiative led by Akoun and invited students to submit their bright ideas to the Akoun Business Ideas Competition which will award the best business proposals from participating universities with funding to help them on their way to start-up success.
Akoun is an entrepreneurship awareness campaign designed to inspire and empower youth to enter the private sector by setting up their own small to medium sized businesses.