Gulf Countries

Oman ranks 11th in the overall leadership index during the year 2023/2024

Oman achieved the 11th position in the Entrepreneurship Index among 49 participating countries in the Global Entrepreneurship Monitor report for the year 2023/2024, advancing 27 places from its ranking in 2022/2023.

The Small and Medium Enterprises Development Authority announced a significant improvement in all sub-indicators of the report, particularly in vital aspects such as funding for startups, the development of government policies supporting innovation and technology, as well as enhancing the physical infrastructure, which is a crucial foundation for the growth of startups and SMEs.

This improvement reflects the commendable efforts in designing and launching educational and training programs tailored to meet the needs of the labor market and enhance entrepreneurial skills among Omani youth.

Oman’s overall score increased from 4.2 in the 2022-2023 report to 5.4 in the 2023/2024 report, reflecting the efforts to enhance the business environment, incentives, and facilitations provided to entrepreneurs, and the updating of legislation supporting the sector.

The report also highlighted government efforts to support entrepreneurship by investing in research, development, and modern technologies, which contribute to opening new horizons for innovation and attracting foreign investments.

Data showed an improvement in investor confidence, attributed to several factors, including legal and regulatory measures adopted to facilitate business establishment and operation, as well as the development of high-value-added projects that enhance Oman’s position on the global entrepreneurship map.

Commenting on this achievement,  Halima bint Rashid Al Zarruqi, Chairperson of the Small and Medium Enterprises Development Authority, said: “Today, we celebrate an unprecedented achievement for the Sultanate of Oman in the field of entrepreneurship, as the continuous joint efforts of the Authority with its partners in the entrepreneurship ecosystem, both in the public and private sectors, have resulted in a significant leap in the Global Entrepreneurship Index, reaching the 11th position globally.”

She added that this remarkable progress is a significant step towards achieving the goals of Oman Vision 2040, emphasizing their commitment to fostering an entrepreneurial culture and supporting the entrepreneurial aspirations of Omani youth, thus enhancing Oman’s position as a leading hub on the global entrepreneurship map.

The Chairperson expressed her appreciation for the efforts and contributions of all partners in the entrepreneurship ecosystem in Oman, including the public and private sectors, entrepreneurs, and startups, as well as the efforts of Nizwa University for its close cooperation and involvement in preparing the report.

Oman hosted a high-level delegation from the Global Entrepreneurship Monitor experts last year to review government efforts to support the SME ecosystem and startups, as well as the initiatives implemented to support and empower small and medium enterprises, such as funding programs, business incubators, and regulatory frameworks, and the development of technology-based startups and innovation.

The country aims to increase its contribution to GDP, raise the total value of non-oil exports, improve entrepreneurship indicators, and achieve the goals of Oman Vision 2040. There were also familiarization tours in several business incubators and centers.

The Global Entrepreneurship Monitor is the most important reference for information on entrepreneurship, its indicators, and measurement worldwide.

Established in 1995 as a research project, the Global Entrepreneurship Index is a composite index that measures countries’ ranks in terms of the competitiveness of the entrepreneurship-supportive environment, including various key factors such as finance, government policies and programs for entrepreneurs, research and development and knowledge transfer, entrepreneurship skill education at various education stages, labor market dynamics, supportive infrastructure, and society’s culture and awareness of entrepreneurship

. The Global Monitor has been a trusted source for over 20 years, helping decision-makers and contributing to improving entrepreneurial outcomes globally by providing comprehensive indicators and valuable information on entrepreneurship.

The Small and Medium Enterprises Development Authority continues to provide supportive services and initiatives in collaboration with partners in the entrepreneurship ecosystem in Oman, providing supported business opportunities for the growth of the small and medium enterprises sector and startups, enhancing their competitiveness, promoting an entrepreneurial culture, and scaling up enterprises by supporting ambitious entrepreneurs and ensuring the success factors for their expansion regionally and globally.

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