How The National Innovation Strategy Will Make UAE Economically Stronger?
The National Innovation Strategy for UAE in 2014 has gained immense appreciation and praise from around the world. In fact, skeptics who had been unsure about how implementable it would be, have admitted that the strategy is seemingly set to work well along four tracks. All of these tracks, though parallel, are coordinated along each other. Here is an analysis we have done at Global Freight Solutions portraying the viability of the strategy along these tracks.
Initially, the strategy will stimulate and foster an innovative environment that will warm up new infrastructure across the country. In fact, the government expects the NIS to catalyze niche-based innovations. Not to forget the heightened need for developmental and research studies across the industrial sectors involved. Once this first area of implementation bodes well, the second track here will see development of innovation with the aid of a compact system of new and latest measures. The strategy clearly specifies that each governmental entity cuts its expenditure by 1%. The resultant savings will thus be dedicated to innovation-based and research projects. In fact, as per latest news, a slew of educative and training programs will see launch.
Along the third track, private sector investment will be channelized towards setting up of new center of research and innovation. Companies are expected to direct resources to spark the birth/growth of innovation-based service offerings and technologies. This aspect will reap positive results for the economy of UAE too since we expect key players from offshore markets to take active interest in foraying here. The country will also see heightened growth as a center for testing latest innovations.
We will come back with the final leg of results the NIS brings in its fold soon. Watch this space.