30 September, 2020
UAE, Saudi Improve Rank in Global Innovation Index
UAE and Saudi Arabia both improved their respective ranking spots by 2 places in the Global Innovation Index for 2020.
The UAE’s accelerator program Ghadan 21, which supports over 50 initiatives in the innovation space, invested over $13.6Billion in these innovative ideas. This program helped boost the knowledge economy in Abu Dhabi and UAE, and was a major contributor in the high rankings obtained by UAE for both the ICT pillar as well as the overall Innovation Index.
UAE was ranked 3rd in the North Africa and Western Asia Region, behind Israel and Cyprus. All other GCC nations apart from UAE and Saudi Arabia have seen their ranking drop on the Global Innovation Index. The index covered 131 countries in the ranking process.
The index involves a methodology of measuring innovation performance for the countries. This is done by calculating two key indicators called the Innovation Input Index and the Innovation Output Index. The Innovation Output Index is computed by measuring sub-indicators such as creative outputs and knowledge & technology outputs. The Innovation Input Index is computed through five performance pillars, viz. Infrastructure, Market Development, Human Capital & Research, Institutions and Business Development. The final average of these 2 indices provides the innovation index score for each country.
While UAE scored relatively better on the Innovation Input Index, its counterpart Saudi Arabia scored better on the Innovation Output Index, driven by strong Saudi brands and higher investment capital.
Overall, UAE secured the 34th rank and Saudi secured 66th rank in the innovation index rankings.
Source : Zawya