Doha: In collaboration with the Global Entrepreneurship Monitor (GEM), Qatar Development Bank (QDB) has launched the GEM – Qatar National Report 2023/2024.
This annual study, produced in collaboration with the Global Consortium of Global Entrepreneurship Monitor, led by Babson College in the USA and London Business School, provides valuable insights and comparative data with other countries in the region and around the world.
The report reflects significant growth in entrepreneurial activity in Qatar, with an increase in Total Early-Stage Entrepreneurial Activity (TEA) and a rise in the Established Business Ownership rate (EBO), particularly in the consumer services sector.
The report highlights numerous achievements within Qatar’s entrepreneurial ecosystem, where the country ranked 3rd in MENA region and 5th globally in National Entrepreneurship Context Index (NECI).
Qatar also ranked 3rd regionally in terms of importance of social and environmental values, with the report noting that Qatari entrepreneurs consider these values particularly important in decision-making processes.
Additionally, the report predicts substantial growth in the field of entrepreneurship in employment and international market exports, signalling a promising future for entrepreneurship in Qatar.
The Total Early-Stage Entrepreneurial Activity (TEA) increased to 14.3 percent, compared to 10.7 percent in the previous year, reflecting a growing interest in entrepreneurship within Qatari society.
Notably, 82.2 percent of the adults participating in the study in Qatar view entrepreneurship as desirable career choice, the highest percentage recorded in the past five years.
Commenting on the key findings of the report, QDB CEO Abdulrahman Hesham Al Sowaidi said: “The GEM report is an essential resource for understanding the dynamics of entrepreneurship in Qatar, including its achievements and challenges. The data and analyses provided in this report assist in formulating policies and strategies that support the local entrepreneurial ecosystem.
This year, we have seen Qatar achieve a score of 5.9 in the National Entrepreneurship Context Index, surpassing the global average of 4.7, placing it 5th globally and 3rd in the Middle East and North Africa.
This progress motivates us to further develop our initiatives and programmes in line with the outcomes of the Third Qatar National Development Strategy and improving Qatar’s entrepreneurial environment ranking regionally and globally.”
