Oman Surges to 11th Place in Global Entrepreneurship Index
Muscat, The Gulf Observer: The Sultanate of Oman has achieved a notable advancement, securing the 11th position in the Global Entrepreneurship Index out of 49 countries, as revealed by the Global Entrepreneurship Monitor (GEM) Report for the year 2023/2024. This marks a significant climb of 27 ranks from its position in the previous year’s report.
The remarkable progress was announced by the Authority of Small and Medium Enterprises Development (ASMED), highlighting improvements across all secondary indicators. Particularly noteworthy were advancements in indicators related to funding startups, the development of government policies supporting innovation and technology, and enhancements to the material infrastructure.
The report underscores Oman’s commitment to fostering an entrepreneurial ecosystem, showcasing the government’s efforts in supporting innovation and technology. Significant strides have been made in creating policies conducive to entrepreneurship and ensuring robust funding mechanisms for startups. The Sultanate’s dedication to enhancing material infrastructure further contributes to its favorable entrepreneurial environment.
Furthermore, the report commended the government’s proactive stance in supporting entrepreneurship by investing in research, development, and modern technologies. These strategic investments not only foster innovation but also attract foreign direct investment (FDI), positioning Oman as an attractive destination for global entrepreneurs.
In 2023, Oman hosted a high-level delegation from the Global Entrepreneurship Monitor, providing an opportunity to showcase the nation’s commitment to supporting small and medium enterprises (SMEs) and startups. The delegation gained insights into the efforts of ASMED and its various initiatives aimed at nurturing entrepreneurship.
The Global Entrepreneurship Monitor (GEM), established in 1995 as a research project, stands as a preeminent source of information on entrepreneurship worldwide. Oman’s notable ascent in the GEM ranking reflects its dedication to fostering a dynamic and innovative entrepreneurial landscape.
