Noteworthy advancement in Sultanate of Oman’s entrepreneurial landscape
A MILESTONE ACHIEVEMENT THROUGH STRATEGIC COLLABORATION BETWEEN THE SME DEVELOPMENT AUTHORITY AND NIZWA UNIVERSITY
The Global Entrepreneurship Report for 2023/2024 witnessed the participation of 49 national teams from different countries. This significant event took place in Casablanca, Morocco, on February 13, 2024.
The Entrepreneurship Observatory, established in 1999 through a collaborative research effort between Babson College and London Business School, stands as a premier global entity dedicated to the detailed measurement and monitoring of entrepreneurial activities worldwide.
The Sultanate of Oman marked its presence in this esteemed organisation through representation by the SME Development Authority, in partnership with Nizwa University.
This collaboration underscores Oman’s commitment to fostering an environment conducive to entrepreneurial success.
A noteworthy advancement in Oman’s entrepreneurial landscape is evident from the Global Observatory’s findings.
Oman’s index in the national framework for entrepreneurship saw an increase from 4.2 in 2022 to 5.4 in 2023, elevating its ranking from 38th to 11th among the 49 participating countries.
This improvement reflects a broader enhancement across various national indicators.
Specifically, entrepreneurial education at primary and secondary levels improved from 3.1 in 2022 to 5 in 2023.
Similarly, the research and development index rose from 3 to 4.7 within the same period, alongside significant advancements in financing, support programmes, and government policy indicators.
Oman has also been recognised for its notable progress in establishing new and advanced enterprises.
Indicators reveal that two out of three individuals perceive promising opportunities for initiating their ventures, while seven out of ten believe they possess the requisite skills and capabilities to embark on their entrepreneurial journey.
Moreover, the data indicates a gender-balanced entrepreneurial spirit, with three men for every two women embarking on new projects.
This trend highlights the government’s effective strategies in promoting entrepreneurship among both men and women.
However, the year also saw a slight decline in advanced-stage projects, with a decrease to a rate of 3.2%, contrasted with a rise in the number of new startups to 10.6%.
The Ministry of Labour’s wage support programme has contributed to a positive shift, promising an increase in job creation by SMES enterprises, with an expectation of at least six jobs per enterprise over the next five years.
Innovation remains a pivotal focus, with three out of five entrepreneurs planning to integrate more digital technology within the next six months.
According to the 2023/2024 data from the Global Entrepreneurship Observatory, Oman achieved first place in entrepreneurial intentions for starting a business within the next six months.
This achievement is attributed to an enhanced cultural and educational awareness, supported by governmental policies emphasising the critical role of the entrepreneurship sector in job creation.
Additionally, Oman secured the sixteenth position in ease of starting a business on a global scale, competing with 49 countries.