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UAE leads MENA region in innovation- Report

UAE leads MENA region in innovation- Report
Owing to its status as the region’s “capital of business”, the United Arab Emirates is considered a magnet for innovators, The National quoted experts as saying.

Experts made their comment following the regional release of the Global Innovation Index (GII) for 2014, which placed the UAE as 36th in the world, up two places from 2013, and first in the Middle East and North Africa (MENA) region.

“The enablers that have allowed the UAE to grow, such as trade with its proximity to the Creek and then the airport to move the cargo has been innovation through serendipity,” said Osman Sultan, du CEO and an angel investor.

The UAE is becoming the destination for venture funds and angel investing as it cements its pole position for business and innovation in the Middle East, commented Kamal Hassan, i360 CEO.

From a distance, the UAE might not strike the outsider as a centre for innovation with most of its gross domestic product (GDP) being based on hydrocarbons, tourism and retail. However in a short space of time it has become a leader in the region and even has plans for a space programme that will visit Mars, added the newspaper.