Dubai, UAE: Dubai has enhanced its ranking to claim the 15 th position on the 2nd version of the Dubai Innovation Index, which was released by the Dubai Chamber of Commerce and Industry on the side-lines of the UAE Innovation Week.

The survey, introduced by the Chamber together with PricewaterhouseCoopers (PWC), analysed 28 leading global innovation cities. This year, the emirate moved up one setting and outperformed business centers such as Madrid, Milan, Shanghai, and also Moscow.

New york city position the leading position in the index, while London fell to fourth place after placing first in 2015. European cities placed higher as a whole because of a boost in financial investments on skills and also talent, while GCC cities racked up high marks in the political, economic and also social indicators category.

The Dubai Innovation Index, among the leading columns of the Chamber's innovation strategy, highlighted the Dubai government's recurring efforts in spearheading innovation campaigns in the emirate, the economic sector's considerable contribution, as well as boosted public- private sector partnership.

The Index showed that Dubai's economic sector firms have actually begun accepting innovation as well as taking innovation efforts onward as business come to be a lot more positive regarding carrying out originalities. Business have actually likewise identified the relevance of finding and also retaining the best ability needed to drive innovation, while they work to align abilities to satisfy the needs of the labour market.

H.E. Hamad Buamim, President as well as Chief Executive Officer, Dubai Chamber, stated that the Innovation Index results clearly indicate the Dubai federal government's initiatives in setting a solid structure to drive innovation on a city-wide level are taking effect, thanks to its pro-active strategy that entails the economic sector as well as civil culture.

Yet, there remain some areas where Dubai could enhance, namely the investing in research and development, creating employees' skillsets, and increasing infotech awareness. On top of that, there is still a need for organisations to adopt long-lasting innovation strategies that support the sustainable growth of the emirate's economic situation rather than their own institutional objectives.

H.E. Buamim said: "" The Index has prospered in identifying locations where we need to improve upon in order to boost our competiveness. By welcoming cutting-edge strategies and methods, the private sector can add substantially to Dubai's vision to end up being among the world's most innovative cities by 2021."

Anil Khurana, Partner, PWC said: "The second version of the Dubai Innovation Index comes at an interesting time for Dubai, the region, and the world. Though the area and the world are undergoing substantial economic unpredictability, and a number of sectors are terribly struck, the role of innovation in Dubai and the world has actually kept its place." Khurana added: "Besides the federal government, several leading business are now investing substantially not only in greater R&D activities, yet likewise in emerging modern technologies such as blockchain,Internet of Things, virtual reality, 3-D printing, drones, and also dozens of others that are often known by the moniker of Sector 4.0."

Dubai Chamber's innovation strategy aims to stimulate innovation in the economic sector. Its three primary pillars concentrate on supporting enablers of innovation, measuring innovation as well as honouring innovators as the growth and also growth of innovation needs the contribution of all ssegments of society. The Chamber plans to invest AED 100 million on innovation-focused projects and campaigns over the next 3 years.