UAE- You either innovate or you perish business experts warn

(MENAFN- Khaleej Times) Leaders that foster an environment which encourages creativity and innovation will have an edge over their competitors experts at the 2016 Dubai Global Convention noted.

Held under the theme 'Empowering Boards to become Instruments of Innovation & Excellence' the event was organised by the Institute of Directors India and featured a number of sessions on topics ranging from innovation to visionary leadership.

"Businesses today are under an unprecedented pressure to perform and the key to performance lies in responsiveness to change and anticipating the future. Innovation and creativity have long been a principal way for businesses to improve their competitive edge. Top leadership has to generate an environment which fosters and encourages such a climate" said Lt-Gen J.S. Ahluwalia president of the Institute of Directors India at the event.

"Innovations have moved seamlessly to become a boardroom priority" he added. "In a world where knowledge is growing exponentially and products and services are fast becoming obsolete the challenge of innovation is irresistible and restless. Managing innovation is rooted more in leadership and organisational capabilities than in technological prowess. A company is innovative when the customer is at the heart of its value creation when its culture promotes teamwork and when people don't worry about who ultimately ends up getting the credit."

Kulwant Singh president of the Indian Business & Professional Council (IBPC) Dubai noted that retaining good business leaders is a major challenge for companies today. "What creates excellent business leaders today? It is excellent strategy and excellent innovation. Innovation is the outcome of a management that is strategic and a leadership that is visionary" he said.

Marwan Jassim Al Sarkal CEO of the Sharjah Investment and Development Authority (Shurooq) also spoke on the importance of teamwork in an organisation. "Knowledge and skills produces a great impact on future possibilities and inspirations. At Shurooq we believe that organisations are facilitators. We have a business goal and a vision and we provide all the facilities required to produce innovators and leaders. A key element of operational excellence and innovation is internal integration."

He added: "At Shurooq we believe in investing in all our members to improve their skills and empower them. This has seen us develop a series of learning models which play a key role in developing their sense of leadership as well as motivating them to reach our shared corporate vision. We don't necessarily believe in individual strength and weaknesses; we believe in capabilities and team members and leaders who compliment one and other. We believe that this approach offers team members and stake holders a mission driven value which unites all of us at Shurooq."

Shaikh Nahyan bin Mubarak Al Nahyan the UAE Minister of Culture Youth and Social Development who was the chief guest at the event spoke on the strong ties between India and the UAE.

"We in the UAE have long observed and applauded the success of Indian business leaders in India the UAE and abroad. I am delighted that our Indian friends who live and work here in the UAE are joined today by their colleagues from around the world. The Indian business community living in the UAE has been instrumental in forging strong links between the two countries which grow ever stronger as time goes by" he said.

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