Madrid: The Sultanate of Oman has achieved an impressive eighth place in the Global Entrepreneurship Index 2024, ranking among 56 countries with a score of 5.7, an increase from 5.4 in 2023.
As highlighted in the Global Entrepreneurship Monitor report, Oman excelled in 13 key indicators that encompass nine dimensions of national entrepreneurship outlined in the study.
The indicators are as follows: availability of financing for entrepreneurs, accessibility of funding sources, effective government policies and prioritization of support, the trajectory of government policies and taxation, government initiatives, the integration of entrepreneurship in primary and secondary education, the promotion of entrepreneurship in vocational training, colleges, and universities, the transfer of research and development, access to professional and commercial infrastructure, dynamics of the internal market, burdens within the internal market, overall physical infrastructure and service accessibility, as well as cultural and social norms that foster community support.
This notable ranking is attributed to the dedicated efforts of the Authority for Small and Medium Enterprises Development (ASMED) in collaboration with public and private sector partners, through a series of strategic initiatives.
These initiatives focus on enhancing legislation and policies that bolster SMEs and start-ups, including the development of laws that simplify the establishment of these entities, offering procedural and incentive-based support for investments in SMEs, and improving financing options for start-ups through programs initiated by ASMED in partnership with the Development Bank and specialized funds, along with facilitating access to financing from banks and various financial institutions.
Halima Rashid Al Zar’i, Chairperson of ASMED, stated that this advancement signifies the Authority's commitment to improving the entrepreneurship framework and reinforcing the Sultanate of Oman’s status as a nurturing and encouraging environment for new ventures.
She emphasized that this milestone is the result of collaborative efforts between the public and private sectors. Additionally, it highlights the effectiveness of policies designed to foster a business climate that supports the development of SMEs and start-ups, particularly those focused on innovation and cutting-edge technologies.
It is important to mention that the annual report from the Global Entrepreneurship Monitor is a key specialized study in this domain, assessing the performance of global economies, examining the factors influencing the entrepreneurship ecosystem, and recommending policies to promote its expansion.
Experts from the observatory praised the Sultanate of Oman during their recent assessments, noting the effectiveness of government initiatives, funding programs, business incubators, and supportive legislation, all of which play a vital role in increasing the contribution of SMEs to the national economy and enhancing their competitiveness on a global scale.
