The territory is slowly and steadily emerging as the “active innovation hub” as the firms across the territory are in pursuit of latest technologies like the AI as well as the Machine Learning.
As per the Boston Consulting Group’s (BCG’s) Survey, the Middle East territory has been touted as “A dynamic innovation hub” with the firms in pursuit of latest technologies like Artificial Intelligence (AI) as well as Machine Learning (ML), that are beyond their conventional area of expertise.
The survey further notified that the Middle Eastern Markets are “Latest, re-energised as well as brimming in with lot of motivated players” within the innovation game.
The Consultancy’s 2020 global innovation survey that was released this month, stated further that in general 58 percent of Middle East territories are “Committed Innovators”, that have as comparatively to 45 percent globally. The vast majority of native firm’s 63 percent consider that innovation to be amongst top three priorities, as comparatively to the global aggregate of 66 percent. As well as the report also stated that in general 57 percentage of native firms are planning for investing in the innovation activities within the forthcoming years.
The territory is “dedicated home to few of the most committed innovators globally” and is slowly evolving as the “melting pot for all of the leading multinational giants as well as the pioneered global academic institutions.” The Middle Eastern governments as well as the private institutions have established global partnerships serving as the innovative agenda.”
During the survey, in general 2,500 global innovation executives who were interviewed within the survey, 63 percent were amongst the top senior most officials within the firm, 37 percent were the Senior Vice-President or Vice-President levels. The overall performance of the firms was assessed by the consultancy, according to four criteria’s: – Industry Disruption, Value Creation, Peer Views and as well as global mindshare.
Saudi Aramco, the Oil giant is the territories top innovator that is leading multiple innovative efforts for reimagination of the internal combustion engine for the future. The firm’s most innovative initiatives include the work in the arena of mobile carbon capture, the technology headed by the firm’s top scientists capturing 25 percent of the Carbon Dioxide emitted from the Vehicle’s exhaust. Their primary objective is to raise that capability by 50 percent.
For pursuing innovation at their workplaces, the Executives from Middle East stated that they have always followed to establish in best practices globally. In fact, majority of them have scored in their own firms’ innovation maturity rating at 71 percent, that is nearly as higher than that of Chinese respondents at 72 percent, seven points and 10 points higher than Germany as well as US, and also 12 points higher than that of Japan and UK.
The Saudi Aramco is followed by Dubai’s Emirates Airlines as well as Saudi Arabia’s Petrochemicals firm SABIC. The report further added that the territory’s largest young population is surging ahead adoption of latest work models as well as advanced technologies like Machine Learning and Artificial Intelligence (AI).
It further stated that “Another benefit is that about the Middle Eastern firms are excellent in respect to marrying global innovations with aid of native knowledge or expertise for carving out newer markets as well as their substantial values and also supporting in luring out global interest to the territory.”
BCG stated that innovators across Middle East have received significant resources that can be leveraged and are hugely aided by national transformational programmes like that of UAE Vision 2021 as well as Saudi Arabia Vision 2030, whose primary focus is regarding the adoption of latest technologies as well as innovations while hugely cutting its dependency on hydrocarbons.
BCG further stated that the $3 billion acquisition of Careem by Uber the previous year and regard the purchase of local e-commerce site Souq by tech giant Amazon for $580 Million during the 2017 are the examples of the territory making huge progression on the innovation front.