Doha, Qatar: Oman has achieved a significant milestone by ranking 8th globally in the 2023/2024 Global Entrepreneurship Monitor (GEM) report, improving from the 11th position in the previous year.
This advancement results from deliberate efforts by both the government and private sectors to enhance the country's entrepreneurial ecosystem, which is reflected in various key areas such as entrepreneurial financing, government policies, educational support, and infrastructure development.
The Sultanate’s strong performance is attributed to several factors, including improved access to funding for startups, government-backed initiatives supporting small and medium enterprises (SMEs), and the integration of entrepreneurship into the education system.
Additionally, the establishment of specialized funding programs, such as the Oman Future Fund and incentives for businesses in digital and technology sectors, has contributed to creating a robust environment for new ventures.
Halima bint Rashid Al-Zuraibi, Chairperson of the Small and Medium Enterprises Development Authority, commended the continuous efforts to build a nurturing ecosystem for entrepreneurship.
She highlighted that this success is a direct result of His Majesty Sultan Haitham bin Tariq’s unwavering support for SMEs, making entrepreneurship a key pillar of Oman’s national economic strategy.
Dr Abdullah bin Mohammed Al-Shukaily, Executive Director of the Center for Entrepreneurship at the University of Nizwa, added that Oman’s rise in the rankings is aligned with the objectives of Oman Vision 2040, which emphasizes innovation, knowledge-based industries, and a diversified economy.
The GEM report, which surveys 56 countries annually, is regarded as the most comprehensive global study on entrepreneurship.
Oman’s impressive ranking demonstrates the country’s growing reputation as a prime destination for investment and innovation and signals the effectiveness of its policies in fostering a dynamic and supportive environment for startups and businesses.
This achievement highlights the successful collaboration between the public and private sectors, as well as the continuous commitment to improving the nation’s entrepreneurship landscape. With further investments and initiatives, Oman is set to solidify its position as a global leader in the field of entrepreneurship.
