The word ‘Innovation’ stands as a cluster of the idea, leader, team, and plan which paves the way to success. It opens the gate towards change, which ultimately leads to success. This strategy has been adopted by the UAE, wherein the nation adopts innovation culture that has made the region as one of the world’s leading business platform. Various innovative strategies have been adopted and implemented in different business sectors that open multiple doors to foreign business investors to come to a step forward and set up business roots in UAE. The year 2019 has been chosen to drive the start-up dreams of budding entrepreneurs for which the Middle-East Government and citizens have come together to magnify the tech growth and leverage its reach. The UAE Innovation month will be starting tomorrow, 1st Feb 2019, which will accelerate the growth opportunities to the next level. If you hold the dream of establishing a business in UAE, then this article will give you an overall idea about the initiatives taken by the nation which in-turn will be essential for your business.
The UAE Innovation Strategy
Accepting the fact that innovation turns out to be the cornerstone for economic development, the Emirates had introduced the Innovation Strategy back in 2014. The primary strategy behind the initiative was to infuse innovation in every business sector to nurture growth opportunities in every possible direction that would ultimately position UAE amongst the most innovative countries. The key idea in 2019 is to generate more creative products and services that would eventually improve the quality of life. The National Innovation Strategy is structured around the following pillars:
1.An Innovation-Enabling Environment
To boost in the path of innovation, creating an environment uplifted by innovative ideas is extremely important. The UAE Innovation strategy has been designed in such a way that it would also attract international investments with ideas. The key components of the enabling environment include:
- Innovation Regulatory Framework: This would consist of the supporting laws and regulatory framework that would promote the innovation framework. The core aim is to protect the intellectual property rights that provide the best measures to save the human-mind creations.
- Technology Infrastructure: The NIS aims at providing the best technical assistance to remove any obstruction that comes in the way of communication. Competitive and cost-effective technology is used to make the optimal use of resources that would boost innovators and incubators to go forward.
- Enabling Services: A fast-track education system holds the future of an economy. NIS aims at providing the best education system to promote research and development across universities while giving them access to come forward and convert business ideas into significant projects.
- Investment and Initiatives: The NIS seeks to come up with innovative funding options that would meet the needs of both individuals and business entities. This will also strengthen the financial scenario in the Emirates economy.
This pillar focuses on hiring the best talent across all countries to promote individual as well as team developments. This opens a broad platform to start-ups and established businesses to grab the right person for the right job because contribution made by an individual do a count. The NIS aims at grabbing talented individuals, nurture their skills at an early age, and help them to harness their potential. It aims at:
- Develop national talents and culture
- Identify and sponsor individuals at an early stage
- Promote a widespread culture of innovation and entrepreneurship
- Develop easy access to global skills
- Introduced the innovative curriculum in schools and universities
- Launch creative competitions at school and university level
3.Innovation Priority Sectors
The third pillar brings the significant sectors where NIS is trying to infuse innovation. The utmost priority has been given to the following sectors:
a)Renewable and Clean Energy
Understanding the increasing demand for the energy, the UAE has been involved in numerous projects such as Masdar, Mohammed bin Rashid Al-Maktoum Solar Park, the Emirates Nuclear Energy Corporation etc. The core aim is to develop energy industries in the Emirates that would strengthen the energy network as well as contribute towards decentralisation of energy throughout the nation.
Emirates is defined as one of the world’s famous tourist-spot. Currently, it carries out operational activities around 65 seaports and 75 airports at a global level. The NIS aims at developing strategies to boost and implement the idea of uncrewed cars and trains.
The space agency in UAE was launched in the year 2014. Since then, a count of 20 billion AED was invested in space technologies. The nation is trying to launch the Arabic-Islamic unmanned Probe to Mars by 2021. The NIS aims to boost the space institutions like EISAT, Yahsat etc. by enhancing the research and technology, ultimately turning UAE as one of the leading countries in the field of space research.
The NIS aims at building smart cities, and expand the areas of artificial intelligence, semiconductors, nanotechnologies, 3D printing etc. to boost future technology across multiple industries.
The National Strategy aims at providing top-quality education across schools and universities, by introducing Smart Learning that will help the young generation to learn their interested fields with a creative approach.
Another sector where NIS is seeking to provide the best innovation count is the health sector. It aims at developing more pharmaceutical, and biotechnological industries that would boost the sector and make the Emirates as the leading platform for healthcare industries.
To solve out the most prominent global concern of water scarcity, the NIS seeks an opportunity to implement innovative strategies in the water sector by enhancing production, purification, and desalination. This will overcome the regional as well as the global water challenge.
The Vision 2021
Another project that will turn bring a transformational change in the economy of Emirates is Vision 2021. Launched by H.H. Sheikh Mohammed bin Rashid Al Maktoum at the Cabinet Meeting in 2010, the Vision 2021 is nearing its way. Taking charge to improvise certain sectors, the Vision 2021 aims at:
- Building a world-class healthcare
- First-rate education system
- Sustainable environment and infrastructure
- Cohesive society and preserved identity
- Public safety and fair judiciary
The strategies stated above depicts the picture of a smart-city that is built on the grounds of visionary leadership. The Innovation Month 2019 opens new doors to newbies as well as experienced business professionals and investors. Knowing the whereabouts of the Innovation month can give you the idea of expanding your company. If you are planning to incorporate a firm, and it falls in the business domains as mentioned above, then UAE serves to be the best business ground. Do contact us today to take a step forward, and do stay connected for the next blog on the innovation month.