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6 Ways the United Arab Emirates is Succeeding in the Knowledge Economy
As part of the UAE Vision 2021 National Agenda, the United Arab Emirates (UAE) developed concrete plans to ensure their country becomes a front-runner in the emerging knowledge economy.
It has been just five years since the plan was first introduced, but they are already realizing positive results.
According to the World Economic Forum’s Global Competiveness Index1,2, the UAE has made marked strides in many major economy drivers. Global Competitive Index Ranking Institutions Infrastructure Macroeconomic environment Higher education and training Technological readiness Innovation 2011-2012 2014-2015 27 22 8 11 33 30 28 12 7 3 5 6 24 24
Companies and countries across the globe can steer toward similar results with a focus on six key factors.
1 Let Government Lead the Way Through the UAE Vision 2021 National Agenda, the UAE is prioritizing innovation and research. 3 They are also enhancing regulatory framework in key sectors. 3
2 Invest in Education How the UAE Succeeds: By equipping schools and students with smart systems and devices, like iPads. They are promoting preschool enrollment and are striving for secondary school graduation rates to reach international standards.4
3 Invest in Training How the UAE Succeeds: Through deployment of training programs. The Abu Dhabi Chamber of Commerce executed 112 programs for all employees in 2014. 5
4 Attract Top Talent How the UAE Succeeds: By attracting top professors so students have access to the very thought leaders responsible for writing and advancing the journals and ideas driving success in other countries.6
5 Foster National Talent How the UAE Succeeds: Groups in MENA (Middle East and North Africa) are no longer attracting foreign whitecollar workers in droves as they now limit some jobs to nationals.7 By ensuring jobs are filled by nationals, these areas are effectively keeping more money in their economies, which only serves to strengthen them further. 9
6 Adhere to the Four Pillars of the Knowledge Ecomomy 8 How the UAE Succeeds: By creating an environment where government, employees, and ordinary citizens not only have access to information, but have freedom to digest and process it as a means of creating more useful data and technologies.
The UAE is a prime example to follow. They implemented their plan in 2010 and continue to build upon it to reach their goal of thriving in the knowledge economy.
To learn more about positioning your organization and equipping your staff to excel in the knowledge economy, check out http://news.wiley.com/LP=1350. For further information please contact: Lowri Gregg Associate Market Development Manager firstname.lastname@example.org
Sources: 1 United Arab Emirates.” World Economic Forum, n.d. Web. 06 Oct. 2015. <http://reports.weforum.org/global-competitiveness-2011-2012/#section=countryeconomy-profiles“ unitedarabemirates>. 2 “United Arab Emirates.” (n.d.): n. pag. World Economic Forum. Web. 06 Oct. 2015. <http://www3.weforum.org/docs/GCR2014-15/UnitedArabEmirates.pdf>. 3 COMPETITIVE KNOWLEDGE ECONOMY.” Vision 2021. N.p., n.d. Web. 25 Aug. 2015. <http://www.vision2021.ae/en/national-priority-areas/competitive-knowledge“ economy>. 4 21 “First-Rate Education System.” Vision 2021. N.p., n.d. Web. 09 Sept. 2015. <http://www.vision2021.ae/en/national-priority-areas/first-rate-education-system>. 5 Abu Dhabi Chamber Executed the Biggest Training Strategy for Developing Human Resources in Its History, including 112 Training Programs for 2014.” Training Magazine “ Middle East, 30 Mar. 2015. Web. 24 Sept. 2015. <http://www.trainingmagazine.ae/abu-dhabi-chamber-executed-the-biggest-training-strategy-for-developing-humanresources-in-its-history-including-112-training-programs-for-2014/>. 6 Bhayani, A. (2015) Building entrepreneurial universities in a specific culture—barriers and opportunities. Int. J. Nonprofit Volunt. Sect. Mark., doi: 10.1002/nvsm.1533 7 hosh, Palash. “Expats Face Challenges Finding Work In United Arab Emirates, Despite Buoyant Economy And Strong Job Growth.” International Business Times, 28 Jan. G 2014. Web. 11 Sept. 2015. <http://www.ibtimes.com/expats-face-challenges-finding-work-united-arab-emirates-despite-buoyant-economy-strong-job-growth>. 8 “Knowledge Economy Index (KEI) 2012 Rankings.” (n.d.): n. pag. Web. 25 Aug. 2015. <http://siteresources.worldbank.org/INTUNIKAM/Resources/2012.pdf>. 9 Expats’ Remittances Negatively Impact National Economy: Experts - Kuwait Times.” Kuwait Times, 04 July 2015. Web. 11 Sept. 2015. <http://news.kuwaittimes.net/ “ expats-remittances-negatively-impact-national-economy-experts/>. Photo credit © Johnny Greig / istockphoto.com Wiley is a registered trademark of John Wiley & Sons, Inc.