UAE emerges as global hub for innovation and entrepreneurship

Klaus Schwab, founder and chairman of the World Economic Forum, recently attempted to describe the extent of digital transformation and technological innovation that has occurred globally in recent years.

Speaking earlier this year at the 2023 World Government Summit (WGS) in Dubai, Schwab noted that many of the technologies available today would have been “science fiction” a few years ago.

It was fitting that the World Economic Forum Chairman offered this analogy as he addressed his audience in the UAE: Few countries have shown such a commitment to innovation and entrepreneurship in recent years than the UAE.

Broadly speaking, as a region, the Middle East has been striving to diversify away from traditional energy industries and towards building high-tech, high-growth economies. And, thanks to this unwavering agenda, the GCC today has an impressive startup culture and attracts entrepreneurs from all over the world.

The region’s trajectory is in many ways similar to that of WGS. After speaking at previous summits a few years ago, I attended this year’s summit again and found that what was once an ambitious forum with high potential and still in its infancy has become a global, high-impact agenda-setting event attracting people from governments , a global leader in the corporate and not-for-profit sectors.

WGS 2023, brought together under the theme Shaping the Government of the Future, reflected on many global issues and reinforced our belief at Saïd Business School, Oxford University, that collaboration is crucial to addressing each of these challenges.

Yet no topic is as time-critical as the climate crisis. Our shared awareness of the need to shift to more sustainable ways of working and living reflects the region – Dubai, UAE and MENA as a whole – committing to effective climate action.

Whether on climate action or in other areas including aviation, space and new technologies, Middle Eastern countries have been and will continue to work together to keep abreast of the latest developments – reflected in the massive investment in these key sectors.

It is this ambition and leadership that Saïd Business School is best placed to support. Oxford has always embraced a holistic worldview across disciplines to embrace big ideas with big impact.

Countries such as the UAE and Saudi Arabia have proven themselves to be a viable innovation and entrepreneurship ecosystem and an attractive strategic partner. After all, it is this awareness that has led Oxford University’s business school to be named Saïd Business School. Recently celebrating its 25th anniversary, the institution has proven the value of this partnership.

But what makes such strategic partnerships so valuable is the transfer of knowledge. As a region, the Middle East has demonstrated a strong commitment to leadership and talent development – ​​with companies seeking not only to attract international talent but also to develop local capabilities. There is no denying that the MENA region has an undeniable hunger for talent.

As a globally renowned provider of business and management education, Oxford Saïd is uniquely positioned to achieve this. As seen in the business school’s executive education arm, the business school has demonstrated a commitment to fostering a “big picture, different thinking” ethos – as evidenced by the MENA region.

Our partnership with the Emirates Finance Academy to design and deliver a comprehensive program that will shape the region’s future technology leaders in finance is a great example of this.

Or our partnership with the Dubai International Financial Center (DIFC) Launchpad, a global venture capital building program that fosters the growth and scale-up of innovative start-ups in the region. This important relationship will create a talent bridge linking ‘DIFC Launchpad’ members with Oxford Saïd’s world-class expertise.

As schools continue to break down academic silos and pool knowledge for high-impact thinking – as seen in Oxford Seid’s plan to establish a global leadership hub to create new forms of learning and engagement – ​​we welcome Opportunity to further collaborate with similarly talented actors worldwide.

At the World Government Summit in Dubai, Klaus Schwab classified international cooperation as essential in what he called a fragmented world. He is right. We find ourselves in an age of division. But we’re also at a great point of opportunity.

Through global partnerships, we find and create solutions to the world’s greatest challenges and foster a global culture of high-impact innovation and entrepreneurship under the banner of resilient and accountable leadership.

Soumitra Dutta is Dean of Saïd Business School, University of Oxford