Oman jumps 27 places to rank 11th in entrepreneurship index
Oman has jumped 27 places to 11th globally in the entrepreneurship index compiled by the Global Entrepreneurship Monitor 2023/2024 Global Report. This marks a remarkable improvement from its 38th position in the 2022/23 report.
The overall score for Oman increased from 4.2 in the previous report to 5.4 in 2023/2024, indicating positive developments in the entrepreneurship ecosystem.
The improvement is attributed to efforts aimed at enhancing the business environment, providing incentive packages and facilities for entrepreneurs, and modernising legislation supporting the sector.
All sub-indicators of the report showed significant improvement, particularly in crucial areas such as financing emerging projects, developing government policies that support innovation and technology, and strengthening physical infrastructure essential for the growth of emerging companies and small and medium enterprises.
Expressing her satisfaction with the achievement, Halima bint Rashid al Zaria, Chairperson of Authority for Small and Medium Enterprises Development, attributed it to the collaborative efforts of ASMED with partners in the public and private sectors.
She emphasised the significance of the jump in the global entrepreneurship index, stating that it reflects the commitment to fostering a culture of entrepreneurship and supporting the ambitions of Omani youth.
Halima described the progress as a significant step towards realising the goals of Oman Vision 2040, positioning the sultanate as a leading centre on the global entrepreneurship map.
She extended her appreciation to all contributors to the entrepreneurship system in Oman, including the public and private sectors, entrepreneurs, emerging companies and the University of Nizwa for its active involvement in preparing the report.
The achievement underscores the commitment to encouraging entrepreneurial endeavours and strengthening Oman's global standing in entrepreneurship.
As part of the Global Entrepreneurship Monitor (GEM) National Expert Survey, entrepreneurship experts in participating economies were asked to provide scores for 13 GEM Entrepreneurial Framework Conditions (EFCS) which - depending on the attention policymakers give to each - can enhance or hinder new business creation.
For the third consecutive year, the United Arab Emirates topped the index with a 7.7 score, the highest ever recorded. The UAE scored highest across the entire sample of 49 economies in all but one of the EFCS (slightly behind Saudi Arabia for Ease of Entry: Burdens and Regulations).
Rounding out the top five in the index were India, Saudi Arabia, Lithuania and Qatar. Not one North American or European economy is in this illustrious group.
Global Entrepreneurship Monitor is a consortium of national country teams, primarily associated with top academic institutions, that carries out survey-based research on entrepreneurship around the world.