By Staff writer
Sheikh Mohammed launches 10X initiative which aims to make Dubai the future capital of the world over next 10 years
Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum on Tuesday announced a new initiative which aims to improve innovation among government departments over the next 10 years.
Under the 10X initiative, Sheikh Mohammed said he would personally follow up on progress of government entities tasked with devising three innovative "out of the box" ideas each year, with the ultimate aim of making Dubai the "future capital of the world".
Revealed in a series of Tweets, Dubai's ruler said the initiative will be implemented over the next 10 years, adding that Dubai officials must "seek excellence and creative ideas".
“Today, we don’t only plan for the next few years for Dubai, but also for the next decades. We have energy strategy for 2050, and we slashed expenditures to AED600 billion through proactive planning. We want Dubai Government entities to come up with three out-of-the-box and innovative ideas annually. I will personally follow up execution," he said.
He said Dubai's economy had been cushioned from the impact of low oil prices because of its ability to think ahead.
The initiative comes two months after Dubai was ranked 15th globally in the second edition of the Dubai Innovation Index, released by the Dubai Chamber of Commerce and Industry on the sidelines of the UAE Innovation Week.
Last year, the emirate moved up one position and outperformed business hubs such as Madrid, Milan, Shanghai, and Moscow.
New York secured the top position in the index, while London fell to fourth place after placing first last year.
The Dubai Innovation Index highlights the Dubai government’s ongoing efforts in spearheading innovation initiatives in the emirate, the private sector’s significant contribution, and increased public-private sector collaboration.
The survey showed that Dubai has room for improvement in areas including investing in research and development, developing employees’ skillsets, and raising information technology awareness.
In addition, there is still a need for businesses to adopt long-term innovation strategies that support the sustainable development of the emirate’s economy rather than their own institutional objectives.