(MENAFN- The Peninsula) The Peninsula
DOHA: Qatar is ranked third in the Arab world and 50th in the world in Global Innovation Index 2016, released yesterday by Cornell University, INSEAD and World Intellectual Property Organisation.
China joined the 25 most-innovative economies, while Switzerland, Sweden, the UK, the US, Finland and Singapore lead the rankings. Among Arab countries, Qatar follows the UAE (41) and Saudi Arabia (49). 'Many GCC countries are diversifying their economies following dependence on oil, turning focus towards more innovation-driven and diverse sources of growth and overcoming relative shortcomings in areas such as institutions, market and business sophistication,” said the report.