The Global Innovation Index (GII), which ranks the world’s economies and the innovation capabilities and results, has ranked the UAE as first in the Middle East region in 2014 and 36th in the world. The GII issued its 7th report co-published by Cornell University, INSEAD, and WIPO. A key measurement to innovation is “IP and creative outputs.” The UAE ranked first in the region by transforming itself from an “oil-based economy to an innovative, knowledge-based economy” with revenues from knowledge-based industries and services overtaking oil revenues. The UAE’s “budding innovation ecosystem” is expected to lead the region in tech-based start-ups and the country is becoming an ideal spot for venture capitalists “as it cements its pole position for business and innovation in the Middle East”. Not only is the UAE’s GDP based on tourism, retail and hydrocarbon production, the UAE is aiming to initiate a space program to visit Mars. Attributing to the UAE’s innovation index are the telecommunications infrastructure and services, the government’s investment in education and technical skills training, R&D efforts, and fostering young inventors and entrepreneurships (thenational.ae, 21 July 2014; globalinnovationindex.org, August 2014)
