Government ministers recently discussed the UAE strategy for “life after oil” at a retreat in Dubai. Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, directed the launch of a new economic strategy with emphasis on four main areas: the development of human capital, building a knowledge-based economy, improving government policies and engaging the community. These are laudable objectives to ensure a sustainable economy. The development of human capital is key to accelerating the transfer to a knowledge-based economy.
Knowledge-based economies derive value from advancing knowledge. Innovation arises from the new and the incremental. In a knowledge-based, innovation-driven economy, science is the essential resource. Innovation-driven economies have the foundation and impetus to create new jobs and new products and services. Research is at the core of the knowledge-based economy.
