Despite the setback received from other GCC nations witnessing slump in their rankings, the UAE as well as Saudi Arabia have surged up two places on Global Innovation Index, wherein the UAE has achieved the 34th rank amongst 131 nations, Saudi Arabia is in 66th position, as surveyed in the Global Innovation Index 2020 report.
The UAE is also ranked just third behind Israel as well as Cyprus, within the Northern Africa as well as Western Asia territory. The UAE’s Ghadan 21-Accelerator Programme, that is investing $13.6 billion for strengthening the nations knowledge-backed economy that aids in excess of 50 or more initiatives backing establishment of the start-ups, as well as surging innovation as well as R & D efforts, were as well pointed out in the Index report.
This index derives the innovation performance backed on basis of innovation inputs as well as innovation outputs, with the active support from specifying the average of two sub-indicators: Innovation input index formed out of five core pillars: –
- Human Capital as well as Research.
- Market Expansion.
- Business Expansion.
Innovation Outputs: –
- Divided basically as Knowledge output.
- Technology Outputs.
- Creative Outputs.
The report further stated that, “Kingdom of Saudi Arabia has attained in the 77th position by surging up eight ranks in the Innovation Output Subindex.
Amongst the other notable scores of Saudi Arabia within varied pillars of index, the nation stood at 51st position amongst the sub-pillar intangible assets with aid of amalgamation of performance enhancements and model fluctuations. Via the indicator trademarks by the origin, it gained seven ranks to finish at the 111th position.
Led by the telecoms STC, amongst the top 46 brands highlighted within the utmost 5000, Saudi Arabia is positioned 18th amongst novel GII indicator Global brands value.
The file further stated that “Other comparative strengths include the Ease on protecting minority investors, wherein it is placed in third rank globally, Global R&D businesses (22nd), ICT access (31st), ICT use (29th), as well as the characteristic on its universities (31st).”
“According to the consulting firm MAGNiTT, only US$50 Million over venture capital was once established during the 2018 by Saudi firms, or 2019 was on an altogether similar pace,” the report further stated.
While the Saudi administration has spent tens of billions about dollars searching for promoting the venture capital progress within the kingdom, committing $45 billion beyond the Saudi Public Investment Fund according to create financial variety of the kingdom, the document stated the stage over venture capital stays modest.
“The 2018 value represented 0.006 percent concerning Gross domestic product, a level one sixtieth over to that amount over Israel or akin according to up to expectation concerning the other global locations tracked regarding it dimension through the Organisation because of Economic Cooperation as well as Development.”
All Gulf states have been amongst the 42 countries within the index whose innovation stage spring beneath such as would be expected.
The record stated that “All its economies hold a great oil-related GDP, which sets the dozen higher for them.” In 2020, Qatar was ranked at number 70 among the index, Kuwait 78, Bahrain 79 and Oman 84, under from 65, 60, 78 and 80 into 2019.