Arab Innovation Summit to Align CEOs with Dubai Strategic Plan 2015

The Arab Innovation Summit (AIS), organized by Moutamarat and INSEAD, will bring together CEOs and global experts to discuss the innovation agenda of the Arab world.

According to the Arab Innovation Index, which was produced by Moutamarat, PricewaterhouseCoopers and Professor Soumitra Dutta, Roland Berger Chaired Professor of Business and Technology, and Dean of External Relations at INSEAD, the lack of qualified personnel (30 per cent of respondents) and financial resources (17 per cent of respondents) are the most significant challenges to successful innovation in the Arab world.

At the inaugural Arab Innovation Summit, CEOs from top corporations will brainstorm ways to maximize the role of technology in fostering innovation in diverse industry sectors.

The Summit is designed to provide deeper insights into the Dubai Strategic Plan 2015, which was recently unveiled by His Highness Sheikh Mohammad Bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai. Innovation was cited as a key "growth enabler" in the Dubai Strategic Plan, and forms a major component of His Highness's vision to boost key sectors including tourism, trade, transportation and finance.

Khalid Al Malik, CEO of Tatweer and Moutamarat said: "Innovation is crucial to ensuring the success and competitiveness of Arab economies. The Arab Innovation Summit will feature CEOs from top corporations sharing their insights into and experiences of creating successful innovation strategies.

"We expect the Summit to create a shared vision of the conditions conducive to promoting sustainable development through innovation, and we can only do this by learning from expert practitioners of innovation."

The Arab Innovation Summit is overseen by an Innovation Advisory Board that features prominent figures from diverse global and regional corporations. The Board is responsible for the development of the Summit's agenda and ensures the creation of a body of unique knowledge to underpin the Summit's program and objectives.

The Summit will comprise a number of parallel workshops and sessions including "Innovation Labs" to examine how the latest technology of key players in the industry could benefit businesses in the region in their drive to innovate.

Furthermore, the AIS will serve as a platform to unveil the first Arab Innovation Report. The Report gauges Arab CEOs' readiness to invest in innovation, identifies opportunities and barriers to corporate innovation, and provides a status report on the overall progress of innovation activity in the Arab world. Covering 18 Arab countries, the Report gives a clearer picture of each country's strengths and weaknesses in innovation policies and practices.

According to the Report, about 50 per cent of respondents identified increased investment in R&D as the key driver for innovation and the main solution to overcoming the challenge. Among the countries surveyed, the UAE showed the greatest potential to innovate and address existing challenges.

"The UAE's ability to overcome challenges stems from the leadership's success in diversifying the economy and finding ways to implement innovative methods, as reflected in His Highness's vision," said Al Malik. "The Arab Innovation Summit and the Arab Innovation Index are designed to provide an impetus for change both in the UAE and throughout the region."

The Arab Innovation Summit will be supported by a pioneering technology platform to manage the event and to provide participants with unrestricted, real-time access to information on the Summit's multi-layered agenda. The AIS will also implement high-tech communication devices to facilitate a multi-lingual participation of the audience.