Dubai, UAE: As part of its efforts to enhance cooperation on innovation-focused initiatives, the Dubai Chamber of Commerce and Industry recently hosted representatives from the Abu Dhabi Fund for Development (ADFD) at its head office.
The meeting focused on best practices in business innovation that have been adopted by Dubai Chamber, while it also highlighted the importance of the Dubai Innovation Index (DII), which is an annual survey launched by the Chamber in cooperation with PricewaterhouseCoopers (PWC).
During the meeting, the Chamber’s Strategy and Corporate Development team provided insight on how the index measures innovation output in Dubai’s private sector and benchmarks such results against 28 global cities. Presentations covered the significant progress that has been achieved since the first edition of the index in 2015, in addition to suggestions and recommendations related to the Chamber’s innovation strategy.
Khalil Haddad, Director of Strategy and Corporate Development, Dubai Chamber, said the objective behind the strategy is to foster a culture of innovation within Dubai’s private sector, adding that such efforts fall in line with the organisation’s mission to support and protect the interests of the local business community.
“The innovation strategy and the Dubai Innovation Index strengthen Dubai Chamber’s reputation as one of the leading chambers of commerce in the world, as it focuses specifically on investments and initiatives that are designed to stimulate innovation, raise standards within the business community, and facilitate sustainable growth,” he said.
The second edition of Dubai Innovation Index revealed that Dubai had improved its ranking to claim the 15th position among 28 global innovation cities, outperforming major business hubs such as Madrid, Milan, Shanghai, and Moscow.
Haddad explained that the government’s ongoing efforts in spearheading innovation initiatives in the emirate and increased public-private sector collaboration were among the main factors that have accelerated progress among businesses in Dubai.
“The Index has also identified areas where Dubai’s private sector needs to improve in order to boost its competiveness. By embracing innovative strategies and practices, businesses can contribute greatly to the emirate’s vision to become one of the world’s most innovative cities by 2021,” he added.
Representatives from ADFD thanked Dubai Chamber for hosting the meeting and sharing their experiences and knowledge. They also expressed interest in cooperating with the Chamber in the future on innovation-focused initiatives and projects in the future.
Dubai Chamber’s innovation strategy, which aims to stimulate innovation in the emirate’s private sector, includes three main pillars, namely: supporting enablers of innovation, measuring innovation, and honouring innovators. The Chamber is planning to invest AED 100 million on innovation-focused projects and initiatives over the next three years.