Human capital, science, data and analytics as well as other intangible assets are rapidly becoming major pillars shaping the next generation of the UAE knowledge economy, which represents an engine for economic growth as the nation journeys through the next 10 years.
In 2021, the UAE intensified preparations to write a new chapter in its knowledge economy workbook, forging strategic partnerships to advance some of the most anticipated vital sectors such as longevity. Partnerships of this nature aim to develop national longevity policies and maximise the health and wealth of the nation, while preparing future leaders to advance longevity as a key component of the country’s future development agenda.
The nascent field of longevity is expected to be the largest and most sophisticated of all time. It sits at the intersection of several subsectors from BioTech and pharmaceuticals to FinTech and InsurTech, among many others. The UAE longevity industry is expected to grow at a CAGR of 3 percent to reach $23 billion in 2026.
There is a pressing need for governmental attitudes to shift from an ageing-reactive position – neutralising the economic burden of the growing proportion of the population that is aged 60 and above, to a longevity-proactive position resulting in massive socioeconomic opportunities such as extending the period of the ageing workforce participation and productivity, lowering the healthcare burden of old-age care, and reaping the economic benefits of industrialisation of the longevity sector and its subsectors.
Most recently, Sharjah Research Technology & Innovation Park (SRTIP) and Deep Knowledge Analytics (DKA), a deep tech analytical agency focused on longevity and AI, have announced a partnership aimed at mapping and developing the longevity industry in the UAE. The partnership seeks to foster knowledge of relevant subsectors, identify major drivers of the industry across the country, and ultimately support the advancement of the knowledge economy in Sharjah and across the nation.
Hussain Al Mahmoudi, Chief Executive Officer of Sharjah Research Technology & Innovation Park, said: “The UAE continues to be a regional leader in advancing the knowledge economy agenda. The UAE Vision 2021, which aims to achieve a competitive knowledge-based economy based on innovation, is testament to the country’s leadership position regionally and globally. Throughout history, it has been evident that scientific societies have been able to build better nations.”
The UAE Vision 2021 has supported the nation’s transition to a knowledge economy, encouraging innovation, research and development, bolstering the regulatory framework, and encouraging high-value sectors such as data and analytics.
Dmitry Kaminskiy, General Partner of Deep Knowledge Group, said: “It is difficult to achieve a knowledge economy ‘that works’ in the absence of in-depth data and analytics. Knowledge and technology play a vital role in the development of economies – technology supports in-depth research to provide knowledge, which in turn helps promote a culture of healthy ageing for instance.
“We expect to witness a positive economic impact due to the development of such vital sectors. The simplest form of impact would be the economic growth as a result of extending the productivity duration of the elderly population.”
Alexei Cresniov, Director of Deep Knowledge Analytics, said: “At Deep Knowledge Group, we recognise the importance of strong government buy-in to utilise our tech-enabled data and analytics tools in advancing their knowledge-based economy.
“Owing to the vision and wise leadership of governments such as the UAE, we continue to expand our operations in the GCC region and globally, serving as the backbone of a solid knowledge economy. We look forward to helping more public and private sector entities across the wider MENA region in enhancing their knowledge economies.”
Baha Hamadi, Vice President – Communications, Deep Knowledge Group, said: “Power lies in the hands of the knowledgeable, and the avenues to power have always been open to those who acquire the necessary knowledge.
“A living example of that notion is the UAE, a nation that never ceases to put knowledge at the heart of its development agenda across countless sectors and domains. We are delighted to play a pivotal role in furtherance of a sustainable knowledge economy, supporting the rise of emerging sectors such as longevity in the UAE.”
Deep Knowledge Analytics has issued several analytical reports about the longevity industry. Part of the London-based consortium of commercial and non-profit organisations, Deep Knowledge Analytics issued these reports in coordination with several governmental bodies, including the UK All-Parties Parliamentary Groups on AI and blockchain.
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