A Driving Force in the

Knowledge Economy
How the Government and Businesses of the
United Arab Emirates are Creating a Vision
for Success

Knowledge, or intellectual capital, is a resource that

cannot be easily quantified by accountants, and yet,
its influence is being felt more and more in companies
around the globe as they shift their focus to stay relevant
in what is being called the knowledge economy.1 This term
has been thrown around since the 1960s, but has come
into popularity more recently as companies have begun
to harvest data in place of the natural resources that once
drove economic growth.2
Gone are the days when agriculture and industry drove
many economies. Even the mass-production economy
is being outpaced because the way we think about and
engineer products is changing.3 A new car today is less
and less the product of metal fabrication and more a smart
machine that uses computer technology to integrate safety, emissions, entertainment, and performance.4
Therefore, the old saying knowledge is power translated
into todays digital landscape is more apt to be knowledge
is money. Knowledge and technology are taking over
the way we plan, invent, research, and conduct business. Since the development of personal computers, the
Internet, e-mail, and
other technological
improvements, sociThe old saying
ety continually wants
knowledge is power
more advancement,
translated into todays faster.4 What results
is a society that has
digital landscape
shifted to wanting
is more apt to be
something that
knowledge is money. doesnt rust, spoil,
or deteriorate over
time knowledge.16

THE COMMODITIZATION
OF KNOWLEDGE
This is why in places like the United Arab Emirates (UAE)
knowledge is swiftly becoming one of the most sought
after commodities, and it is hard to imagine a more ideal
one. It cannot be used up. It cannot be depleted. When
it is shared, it increases and expands.3 Put another way,
knowledge begets knowledge. When a company makes
an investment in learning and skills, they strengthen the
economy by giving their employees the tools needed to
add value to their organizations whilst also setting up
a framework to have those benefits filter to other sectors.
It is easy to see why the knowledge economy is becoming
more and more imbedded into our culture and business
style and why its flourishing.

A knowledge economy, like the one developing in the

UAE, survives on producing and distributing workers
knowledge and the information gleaned from technological resources. More importantly, a knowledge economy
thrives when those resources come together through
research and development to make jobs more efficient.

A knowledge economy survives on

producing and distributing workers
knowledge and the information
gleaned from technological resources.
More importantly, a knowledge
economy thrives when those
resources come together through
research and development to make
jobs more efficient.
Effects of the Knowledge
Economy on Workers
Its often assumed that because the knowledge economy
prospers around a base of highly-skilled workers that
other sectors with low-skilled workers suffer job losses
and other detrimental consequences. However, this is not
the case. While its true that some jobs were affected by
the rise of this economy, its also true that the knowledge
economy performs at its best when advancements created
by thought leaders filter to all levels of employment. This
creates growth in all sectors and at all levels, including
leadership.5
And growth is a key goal. But who and what does it take
to reach a place where low-skilled workers truly benefit
from the advancements and discoveries made by those
highly-skilled thought leaders at the top of the pyramid?

THE ROLE OF GOVERNMENT

While it sounds like the knowledge economy is driven
solely by private enterprise, the reality is government
plays a large role in its promotion and advancement. According to the paper A plan for growth in the knowledge
economy by The Work Foundation, a part of Lancaster
University that is a leading provider of research-based
analysis, The world economy is changing at an unprecedented rate. The forces of globalization and technological
progress are altering the way that people all over the

planet make a living. Some countries, especially in the emerging

world, are using this wave of change
to drive rapid growth in their economies. Other countries, including
many in the Eurozone, are struggling
to come to terms with these fundamental shifts in the global economic
order.5 Essentially, entire countries are affected by this economy,
illustrating that businesses are not
the only key players and that they
cannot succeed on their own.

The world economy is changing at

an unprecedented rate. The forces
of globalization and technological
progress are altering the way that
people all over the planet make
a living. The Work Foundation,
Lancaster University

So how can government and business come together to ensure they flourish in todays knowledge
economy?
First, it takes time. No individual, business, or country can become a success overnight. There is
a great deal of planning and collaboration that must come into play before any group can start exploring how the knowledge economy can benefit them. In fact, for many countries, this is a discussion and collaboration that has been years in the making.
The paper A plan for growth in the knowledge economy, first released in 2011 after two years of
initial research, says, By 2020, the UK economy will have successfully recovered the output lost
during the 2008/09 recession and will be experiencing sustained economic growth. Unemployment will have returned to pre-recession levels. This prosperity will have been driven by sustained
growth in the UKs knowledge economy.5
Not only did the initial research take two years, but the culmination of all this planning isnt expected to be fully in play until 2020. This is why it is so important for businesses and governments to
start putting down roots now. The longer they wait, the further behind they will grow.

FOUR PILLARS OF THE KNOWLEDGE ECONOMY

The next steps companies and countries need to focus on in order to succeed are what The World
Bank calls the four pillars of the knowledge economy:

Economic Incentive and Institutional Regime

Innovation and Technological Adoption
Education and Training
Information and Communications Technologies Infrastructure

Economic Incentive and Institutional Regime centers around the idea that governments and
leaders must not only be open to entrepreneurship and creating and sharing new knowledge, but
they must actively promote it.6 In this way, governments must lead by example and encourage
businesses to follow suit. Looking at what tariffs, regulations, and laws are in place can sometimes
indicate how open countries are to this particular pillar.6

FOUR PILLARS OF THE KNOWLEDGE ECONOMY

Economic Incentive and Institutional Regime
Governments and leaders must be open to and actively promote
entrepreneurship and the creation and sharing of new knowledge.6

Innovation and Technological Adoption

Universities, consultants, think tanks, entrepreneurs, and other
inventors must have access to knowledge in order to create value.6

Education and Training

Education must be available in order to develop the highly-skilled
workforce needed to lead the economy.6

Information and Communications Technologies

Infrastructure
Infrastructure must allow for direct and efficient communication.6

Innovation and Technological Adoption means that

universities, consultants, think tanks, entrepreneurs, and
other inventors must have access to knowledge in order
to create value.6 This could be measured by indicators like
the number of journal articles published or the number of
patents granted. 6
Education and Training plays up the idea that in order for a
country or company to have the highly-skilled workers who
lead the knowledge economy, there needs to be available
education to develop employees and citizens into these
leaders.6 This can be measured by looking at factors like
school enrollment rates and adult literacy rates. 6
The Information and Communications Technologies
Infrastructure needs to be one that allows for direct and
efficient communication between groups. This includes
looking at how many people have computers, phones,
and Internet connections so that information can be processed and shared.6
Overall, these four pillars create an environment where
government, employees, and ordinary citizens not only
have access to information, but where they have the free-

dom to digest and process it as a means of creating more

useful data and technologies.

The four pillars create an environment

where government, employees, and
ordinary citizens not only have access
to information, but have the freedom
to digest and process it as a means
of creating more useful data and
technologies.

A MODEL FOR SUCCESS:

THE UNITED ARAB EMIRATES
One country that not only understands the four pillars, but
is modeling them successfully is the United Arab Emirates.
As part of the UAE Vision 2021 National Agenda, the UAE
is putting concrete plans into place to assure the country
becomes a front-runner in the knowledge economy.

Economic Incentive and

Institutional Regime

and business start-ups, the UAE will continue to see

results like these that point toward success in a
knowledge economy.

The UAE is succeeding at the first pillar, Economic Incentive and Institutional Regime, by actively supporting
and promoting the UAE Vision 2021. This agenda plans
to focus on the UAE becoming the economic, touristic,
and commercial capital for more than two billion people by
transitioning to a knowledge-based economy, promoting
innovation and research and development, strengthening
the regulatory framework for key sectors, and encouraging
high value-adding sectors. These will improve the countrys business environment and increase its attractiveness
to foreign investment. 8

Innovation and Technological Adoption

Not only is the UAE forward thinking in this matter, but

they are building toward results. Sound economic policies
and development strategies have allowed the UAE to
achieve a prominent status in the world economy. 28 In the
2011-2012 Global Competitiveness Index, the UAE ranked
27th. 34 In the 2014-2015 rankings, they have moved up
to 12th place, and they rank first for the Middle East and
North Africa regions.28, 33, 34 By supporting entrepreneurs

The UAE meets the demands of the second pillar, Innovation and Technological Adoption, by striving to instill an
entrepreneurial culture in schools and universities to foster
generations endowed with leadership, creativity, responsibility, and ambition. This will allow the UAE to be among
the best in the world in ease of doing business, innovation,
entrepreneurship, and R&D indicators.8 They also plan to
establish themselves as an academic hub by attracting top
professors so that students will have access to the very
thought leaders who are responsible for writing and advancing the journals and ideas which are driving success
in other countries.30 However, they are already seeing
improvements. According to the Global Competitiveness
Index, in 2011-2012 they ranked 28th for Innovation. 35
In 2014-2015, theyd moved up to 24th. 36

HOW THE UAE RANKS IN THE GLOBAL ECONOMY

As reported by the World Economic Forum, these rankings were determined by
assessment of more than 140 economies across the globe.34
2011-2012

2014-2015

Global Competitive Index Ranking

27

12

Basic Requirements

10

Institutions

22

Infrastructure

Macroeconomic environment

11

Health and primary education

41

38

Efficiency enhancers

25

14

Higher education and training

33

Goods market efficiency

10

Labor market efficiency

28

Financial market development

33

17

Technological readiness

30

24

Innovation and sophistication factors

27

21

Business sophistication

23

14

Innovation

28

24

Education and Training

The UAE is succeeding at the third pillar, Education and
Training, by emphasizing the development of a first-rate
education system, which will require a complete transformation of the current education system and teaching
methods. 21 The UAE aims to equip all schools and
students with smart systems and devices, like iPads.21
They also promote enrollment in preschools and work
to have graduation rates from secondary schools reach
international standards.21 Their goal is for students to rank
among the best in the world in reading, mathematics and
science exams and to have a strong knowledge of the
Arabic language. 21 Already, according to the Global
Competitive Index, the UAE has improved in Higher
education and training, moving from ranking 33rd in
2011-2012 to ranking 6th in 2014-2015. 35, 36 Moreover,
they strive to have exceptional leadership and
internationally accredited teaching staff. 21
While it is clear by these goals and advancements that
the UAE is dedicated to the education of its students by
paying significant expenditures on education, they do not
stop at training their students.31 The UAE government is
also aware of the need to train and educate employees.
In 2014 alone, the Abu Dhabi Chamber of Commerce and
Industry executed 112 training programs for all Chamber
employees.32 They recognize the competitive edge professional training can grant to employees, and they have
plans to continue training in the future.32

Information and Communications

Technologies Infrastructure
By looking at results, its clear the UAE is adhering to the
fourth pillar, the Information and Communications Technologies Infrastructure, by improving Internet accessibility.
From 2010 to 2012, the number of individuals with access
to the Internet rose nearly 20 percent.19 The number of
mobile-cellular subscriptions also increased in that same
time period.19 Further, the UAE Vision 2021 National
Agenda website supports this pillar by using the Internet to share knowledge. Their site indexes 12 indicators
used to monitor growth and success. This index includes
everything from how much they spend on research and
development as a percentage of the Gross Domestic
Product to the Gross National Income per capita, which
is knowledge they can use to beget other knowledge a
central tenant of the knowledge economy.
By following the four pillars, the UAE has established a plan
for success. They are strengthening their education and
training systems, are open to entrepreneurship, and are
improving access to knowledge and information. And its
already having an effect. New jobs and roles are already

developing. 20 The UAE is on the right track, and theirs is a

prime example to follow because they implemented their
plan in 2010 and are continuing to build upon it to reach
their goal of thriving in the knowledge economy.

Investing For Success in the

Knowledge Economy
While advanced planning with a focus on the four pillars
factors into success, there are steps businesses and
governments can take now to get on track and follow the
example set by the UAE.

Education Investment
Countries can take the first step by actively nurturing
highly-skilled workers. They can ensure their educational
systems present classes consistent with the skills students
will need as they transition to employees. Further, universities need to carry out constant assessment of their
own performance, strive to recruit the very best staff, and
invest heavily in research. 23 Only through a combination
of the right courses with the right professors will a country
organically develop the talent they will need to make them
leaders in this economy.
Banks in the UAE recognize this. One of the biggest
challenges facing the banks today, and Islamic banks
in particular, is a shortage of skilled professionals who
will become the next-generation of banking leaders and
administrators. Today, the demand for banking skills is
outstripping [supply], and there is a pressing need to
supplement the existing education and training programs
to provide the necessary talent to support the growing demand for banking services. 24 But, like any thought leader
of the knowledge economy, they also recognize what it will
take to correct this. It is time for the nations banking industry to take the long-term view when it comes to having
a skilled and knowledgeable talent pool. And that means
corporate financial education in different forms shortterm training based on the needs of the banks, as well as
long-term undergraduate and diploma degrees. 24

The Case for National Hiring

Countries need to take nurturing students one step further
and help assure them jobs will be available to them. The
UAE and the Middle East once attracted foreign white-collar
workers in droves. 25 But those days are gone since some
groups in the UAE and surrounding countries now require
that nationals be hired for positions. There is a definite preference in certain sectors like banking, where there is high
demand for nationals. Moreover, some positions in certain

countries in the region are limited to their nationals.

For example, in Saudi Arabia, [human resources] roles are
now being dedicated to local nationals in an effort to encourage more talent from the country into the private sector. 25
By ensuring jobs are filled by nationals, the UAE and its
surrounding countries are effectively keeping more money in
their economy, which only serves to strengthen it further. 26

Eighty-six percent of companies with strategic leadership

development respond rapidly to change9, and responding
to change is what companies must do now in order to catch
up to competitors who are already adapting to the new marketplace. Every dollar spent on leadership development has
shown a return investment of $2.20 USD9, 37, so companies
can develop competent leaders without hurting their bottom
lines. Moreover, not only will leadership and management
play a huge role in whether or not a company can envision and execute a plan to succeed, but studies show that
investment in leadership development yields results in
financial performance, talent attraction and retention, organizational agility, and employee productivity.9 Perhaps this
is why one study of large businesses in the UAE reported
that 86 percent of organizations deliver job-specific training
programs, 67 percent deliver general management programs, and 95 percent deliver programs that focus on skills
development. All organizations agreed that a main purpose
of their training and development activity is to improve work
performance, and 59 percent mentioned that they particularly target the training and development of UAE nationals.
22
The UAE recognizes that having strong, informed leaders
positions an entire company for success.

Leadership Development and

Employee Investment
While governments and universities are doing their part,
for businesses, the knowledge economy is primarily about
investing in intellectual capital, and theres no better
source than employees. Respectively, when companies
are looking for an effective place to invest time and money, employees are a good place to start.

Studies show investment in leadership

development yields results in financial
performance, talent attraction and
retention, organizational agility, and
employee productivity.

While leaders set the pace and example, success will still
depend largely on how well equipped employees are to
face todays economic challenges. Just as the Abu Dhabi
Chamber of Commerce and Industry recognized when
training its employees, opening up avenues, whether they
are to courses and certifications or to online libraries and
on-the-job training, can put employees on the path to
becoming leaders of the knowledge economy. Successfully training managers and supervisors can result in a 24
percent higher profit margin, and as an added benefit, 31
percent of employees cite training/education as a benefit
that would increase engagement and loyalty.17, 15, 18

Since the knowledge economy is driven by highly-skilled

workers, it makes sense that companies would want to do
all they can to either develop existing employees or attract
skilled workers. Companies can start by ensuring they
have leaders in place who have the ability to guide them
through the changes needed in order to prosper.

Each dollar spent

on leadership
development shows a

$2.20 return

on investment.

86% percent of

companies with
strategic leadership
development

respond rapidly to
change.

TRAINING

Successfully training
managers and
supervisors can result in

24% higher profit

margins.

31%

LOYALTY

86

ENGAGEMENT

$
$$

PROFIT MARGIN

INVEST FOR SUCCESS:

LEADERSHIP DEVELOPMENT AND TRAINING

31% of employees cite

training/education as a

benefit increasing
engagement and
loyalty.
7

UAE TRAINING AND DEVELOPMENT

One study of large businesses in the UAE reported:

86%

67%

95%

Offer job-specific
training programs

Offer general
management
programs

Offer skills
development
programs

59%
Reported targeted training
and development
of nationals22

International Journal of Training and Development

However, with training and development spend rising by 15 percent in 2013 alone, businesses would be wise to consider cost effective avenues.10 They may want to consider
services that excel at nurturing a person through their education years and well into
their careers. Companies that supply these services can provide everything from computer skills training to help developing leadership qualities. Some even include access
to online libraries, online training courses, and programs that pinpoint an employees
working style to see how they can best collaborate with colleagues. Investing in this
type of all-encompassing service can align employees around central goals and expectations while also providing them with the skills training they need in order to achieve
those goals and help the company thrive.

Employee Retention
Yet, investing in an employee means nothing if a company cannot retain them. Thirty-two
percent of companies struggle to retain top talent, and only 34 percent of companies
focus on developing and retaining current employees. 11, 12, 18 Moreover, replacing an experienced worker can cost a company greatly, upwards of 50 percent of that individuals
annual salary.13, 18 But simply investing in employees, as the knowledge economy calls
for, will increase the rate of retention. In a survey about employee retention in the Middle
East and North Africa, nearly 15 percent of respondents stated that training and development opportunities were the most important factor for employee retention. 27 This is why it
is imperative that companies focus on office culture, employee engagement, and training
and advancement opportunities because employees who have opportunities to develop
are twice as likely to say they will spend their careers with their company.14, 18

Driving
Force

Once an organization has empowered its leaders and

employees with the necessary skills, that company will
have taken significant steps towards being a driving force in
the knowledge economy.

Success in the knowledge economy is reliant upon effective

leadership development, targeted talent solutions, and education.
Businesses globally and governments such as that of the UAE
have recognized the importance of being successful in this
growing economy and are already reaping the benefits. Once
an organization has empowered its leaders and employees with
the necessary skills, that company will have taken significant
steps towards being a driving force in the knowledge economy.
Making an investment in learning and skills, strengthens the wider
economy whilst adding measurable value to organizations.

To learn more about positioning your organization and

equipping your staff to excel in the knowledge economy,
get in touch with Wiley:

Lowri Gregg
Associate Market Development Manager
lgregg@wiley.com

About Wiley
Wiley is a global provider of knowledge and knowledge-enabled
services that improve outcomes in areas of research,
professional practice and education. Through the Research
segment, the Company provides digital and print scientific,
technical, medical, and scholarly journals, reference works,
books, database services, and advertising. The Professional
Development segment provides digital and print books, online
assessment and training services, and test prep and certification.
In Education, Wiley provides education solutions including online
program management services for higher education institutions
and course management tools for instructors and students, as well
as print and digital content.

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