The chief executive of Boeing praised the UAE's focus on investing in human capital along with its development of a knowledge-based economy.
James McNerney was speaking at a summit titled What's Next? Navigating Global Challenges with the Innovation Generation. The event, presented by The Atlantic magazine and sponsored by the aerospace and defence firm, opened yesterday at the Yas Viceroy Hotel and involved speakers from a range of fields talking about innovation.
Interviewed by Mohammed Al Otaiba, Editor-in-Chief of The National, Mr McNerney said the UAE's approach to development was different from other growing economies.
“A lot of countries focus on infrastructure,” he said. “That, in and of itself, is necessary but the focus on people here in their development is the key, and we’re fortunate to be tied into programmes here.
“You see enormous physical development but what I’m most impressed with, to be completely honest with you, is the focus on people.”
According to Mr McNerney, governments also play a central role in spurring innovation, helping to shape business environments, providing basic research and development funding and taking the lead in setting education policies.
“When you fail young it’s different than when you fail later, older. You have a family and support, but the best entrepreneurs failed multiple times and learned from it,” he said.
Fadi Ghandour, the founder of the courier company Aramex, said he is no stranger to failure. In fact he views it as essential to personal development.
“I’ve failed,” he said. “I would lie to you if I told you I didn’t. But it’s those failures that you learn from.
“In fact for me, young individuals who have failed one or two or three times mean more to me than an MIT MBA graduate.”
Citing statistics that show more than half of the region’s population falls in the UN-designated youth bracket of ages 18 to 27, Mr Ghandour talked about the potential for developing the talents of young people.
"I'm a big believer that the future of the region is in entrepreneurship and encouraging that," said Mr Ghandour, who sits on the Aramex board and is managing partner of Wamda Capital.
Governments across the Middle East, and in particular the UAE, have started incorporating innovation into their development plans.
Recently, the UAE launched a national strategy that aims to make the country the most innovative nation in the world within seven years, with a specific focus on renewable energy, transport, education, health, technology, water and space exploration.
The summit brought together more than 500 leaders from international businesses, governments, universities and research institutions.
The event showcased innovative ideas and the individuals behind them, who spoke about next generation aerospace engineering and design, sustainable and diverse energy economies, big data and mobile technologies.
A large number of university students from across the region participated in workshops focused on the business of innovation.
nalwasmi@thenational.ae
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