Kingdom in Context: Innovation
Earlier this year, GE released the results of its 2nd annual Global Innovation Barometer. This study identified the drivers and deterrents of innovation and determined both opportunities and challenges to countries across the globe.
The outcome highlights the Kingdom of Saudi Arabia as one of top scores for its business environment. The Kingdom has quickly improved its standing in the World Bank Doing Business Report by making significant strides to both liberalize its markets and eliminate excess bureaucracy.
Above average rankings in university-business collaboration stem from initiatives like the New Ventures Program at the King Abdullah University of Science and Technology (KAUST) – designed to enable successful entrepreneurship, leadership and innovation.
And let’s not forget about insightful ideation. After all, the reason why the Kingdom received better-than-average rankings for utility patents on the Global Innovation Barometer was the fact the country has found some smart ways of doing things. From finding ways of getting vehicles out of the sand to the vast number of patents by Saudi innovators like Mohamed Al Khamis for companies such as Saudi Aramco, we know innovation across the Kingdom is growing daily.