DUBAI: The United Arab Emirates, currently attempting to strengthen and diversify its oil-dominated economy through new innovative approaches, has been ranked 34th on the Global Innovation Index — a benchmark established by leading International business school INSEAD to encourage innovation in the economic competitiveness. Switzerland topped this year's GII ranking, with Sweden (second) and Singapore (third) following behind. Leading telecom firm Alcatel-Lucent, Booz & Company, the Confederation of Indian Industry (CII), joined the business school as knowledge partners along with the World Intellectual Property Organization (WIPO), a specialized agency of the United Nations. The GII includes 16 economies from the Middle East and North Africa, of which two—Qatar (26th) and the United Arab Emirates (34th) —are ranked among the top 40. While other GCC economies are ranked in the top 60; Bahrain (46th), Kuwait (52nd), Saudi Arabia (54th) and Oman rising 8 places (57th). Three countries from the region are within the bottom fifteen including the Syrian Arab Republic (115th), Yemen (123rd) and Algeria (125th). “Innovation is critical to driving growth in both developed and emerging economies, especially during a time when the global economy is still in a state of recovery,” said Soumitra Dutta, Roland Berger Professor of Business and Technology at INSEAD and editor of the study, in a press statement. “The GII has evolved into a valuable benchmarking tool to encourage private-public dialogue including policy-makers, business leaders and other stakeholders.” BM
