Sharjah Innovation Park intensifies its innovation drive

SHARJAH, 14th February, 2023 (WAM) – As the UAE continues to make impressive strides in the global innovation index, the Sharjah Research, Technology and Innovation Park (SRTIP) is intensifying its drive to be one of the most dynamic incubation hubs in the region.

The UAE was ranked 31 globally and 1st regionally in the Global Innovation Index (GII) 2022, published by the World Intellectual Property Organisation (WIPO), a specialised agency of the United Nations. The report presented the latest global innovation ranking of 132 economies, relying on 81 different indicators.

The UAE’s overall rank improved by two positions from last year and continues to lead the Arab region for the seventh consecutive year. The UAE’s progress cements its status amongst the world’s most innovative countries.

Hussain Al Mahmoudi, CEO of SRTIP, said, “It’s extremely gratifying to see that the UAE’s ambitious efforts toward becoming an innovation-led economy are paying returns. Innovation is a key component of the pillar ‘United in Knowledge’ of UAE’s Vision 2021. At SRTIP, we are on track to be one of the most vibrant hubs for innovation-driven companies. Already, we have companies that are pushing the frontiers in smart transportation, agriculture, 3D printing and other fields of emerging technologies. We are open to welcoming more entrepreneurs to our unique ecosystem as we continue our quest for solutions to modern-day problems and challenges.”

SRTIP, backed by the government, private sector companies and research capabilities of the American University of Sharjah (AUS), has been witnessing dramatic developments in recent months. Earlier this month, it put the Megalux, the Hungarian solar racing car, on public display, as part of collaboration with Hungary’s John von Neumann University (JvNU) to jointly develop the solar car.

Last October, SRTIP put on display the Lightyear 0, the world’s first long-range production-ready solar electric vehicle. The Lightyear 0 is the only solar electric car to actually start production. Being able to charge by the sun either parked or on the go, allows Lightyear 0 to run for months before ever needing a plug charge.

USky Transport is in advanced stages of constructing the hanging test tracks for the UAE’s first high-speed electric skypod network at SRTIP. The track will allow suspended pods hanging on a super-strong string rail to travel at a speed of between 150kph and 500kph once a full-length line is opened.

Al Mahmoudi added, “SRTIP is in sync with the Emirate of Sharjah’s journey towards establishing a knowledge economy and becoming the research and development (R&D) and innovation hub of the region. The world is entering the fourth industrial revolution, and we believe we have to be ready for this change by establishing Sharjah as a world-class research and testing centre through an ecosystem that fosters and rewards innovation.”

Referring to key highlights of the GII 2022, Al Mahmoudi singled out two key findings – the upcoming Digital Age innovation wave built on supercomputing, artificial intelligence and automation will make significant productivity impacts across all sectors leading to scientific breakthroughs in basic sciences; and the Deep Science innovation wave built on breakthroughs in biotechnologies, nanotechnologies, new materials and other sciences that is revolutionizing innovations in four fields of key importance to society: health, food, environment, and mobility.

STRIP is also in consonance with GII findings on venture capital (VC) deals. According to the report, despite the COVID-19 crisis, the world is witnessing a historic boom in VC activity, with the number of deals increasing by almost 50 per cent in 2021.

Al Mahmoudi said, “We at SRTIP believe that VC is the right model for financing innovations. The UAE attracted more than US$1.47 billion in venture capital in 2021 in the MENA region. Easy access to diverse funding channels and favourable legislative tools in the UAE have been instrumental in building one of the most globally attractive landscapes for start-ups and entrepreneurs, including at the SRTI Park.

“SRTI Park had emerged as a leader in startup investments, with companies investing more than us$100 million in research, for developing solutions in transportation, agriculture, renewable energy, 3D printing, Augmented Reality (AR) and Virtual Reality (VR). More than 2,000 companies are now operating from SRTI Park. “