After growing almost 10 percent for the second consecutive year, total R&D investment among the world's top innovation spenders continues to grow robustly, according to the 2012 Global Innovation 1000 study released by global management consulting firm Booz & Company.
The study examined the 1,000 public companies that spent the most on research and development in 2011 and found that innovation spending reached an all-time high of $603 billion during the year, up from $550 billion in 2010. This is an increase of 9.6 percent over 2010 and is the second consecutive year of growth. This rebound comes after spending dropped 3.5 percent between 2008 and 2009 during the height of the recession.
"Saudi Arabia's Saudi Basic Industries Corp. (SABIC) is the only company headquartered in the GCC to make it into the Global Innovation 1000 list since 2008," said Chadi Moujaes, Partner with Booz & Company. "This year, SABIC ranked 416th out of the 1,000-strong list of innovative companies and is one of the world's top spenders in R&D, outperforming many of its competitors. Moreover, the company's ranking this year is an improvement over last year's 471 position. Total R&D spend by SABIC in 2011 was $219 million, a 26 percent increase from $174 million in 2010."
Overall, chemical and energy companies in the Global Innovation 1000 list maintained their R&D spend during the course of the year. Likewise, SABIC's R&D intensity remained at 0.43 percent for a second consecutive year.
Booz & Company also surveyed nearly 700 innovation leaders from companies worldwide to determine which companies those leaders see as the most innovative companies in the world. Apple, Google, and 3M topped the list for the third consecutive year.
The Saudi Gazette