Oman ranks 8th globally in 2024 Global Entrepreneurship Index
Sultanate emerges as a prime destination for startups and business innovation
MUSCAT, Oman (MNTV) – Oman has secured the eighth spot globally in the 2024 Global Entrepreneurship Index, marking a significant achievement in its efforts to foster a dynamic business ecosystem.
With a score of 5.7—an increase from 5.4 in 2023—Oman continues to strengthen its entrepreneurial landscape, according to the Global Entrepreneurship Monitor (GEM) report.
The country excelled in 13 key indicators across nine national entrepreneurship categories, including access to financing, government policies, entrepreneurship education, research and development transfer, market dynamics, and infrastructure.
The Authority for Small and Medium Enterprises Development (ASMED), in collaboration with public and private sector partners, has been instrumental in driving this progress.
Key initiatives include policy enhancements for small and medium enterprises and startups, streamlined business registration processes, and investment incentives.
ASMED has also expanded financing options through partnerships with the Development Bank and specialized funds while facilitating bank and financial institution support for emerging businesses.
Halima Rashid Al Zar’i, Chairperson of ASMED, emphasized that this milestone reflects the success of integrated public-private efforts in creating a supportive business environment.
“The progress Oman has made is the result of collaborative policies that empower SMEs and startups, reinforcing our commitment to entrepreneurship,” she said.
The GEM report, a globally recognized study, assesses economies based on factors influencing entrepreneurship and recommends policies to promote growth.
Experts from the observatory commended Oman’s government-backed financing programs, business incubators, and legislative reforms for enhancing SME contributions to the national economy and boosting global competitiveness.
Oman’s rise in the Global Entrepreneurship Index highlights its dedication to nurturing innovation and economic development, positioning the country as a leading hub for startups and business expansion.
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