MUSCAT: The Sultanate of Oman has secured the eighth position in the 2024 Global Entrepreneurship Index, climbing three spots from last year. According to the Global Entrepreneurship Monitor (GEM) Report, Oman scored 5.7, an improvement from 5.4 in 2023, placing it among the top entrepreneurial ecosystems globally.
The ranking evaluates 56 countries based on 13 key indicators spanning nine core aspects of national entrepreneurship. Oman performed strongly in areas such as access to financing, government policies, education, market dynamics, research and development transfer, and infrastructure. This achievement reflects Oman’s growing reputation as a hub for start-ups and small businesses.
The Authority for Small and Medium Enterprises Development (Riyada), in collaboration with public and private sector stakeholders, has played a pivotal role in strengthening Oman’s entrepreneurial ecosystem. Several strategic initiatives have driven this progress, including:
Supportive Policies & Regulations: Streamlining laws to facilitate start-up creation and offering procedural and financial incentives for SME investment.
Enhanced Access to Financing: Expanding funding programs in partnership with Development Bank, Oman Future Fund, and private financial institutions to improve capital flow to start-ups.
Innovation & Technology Investments: Boosting support for technology-driven start-ups and increasing research and development funding.
Business Incubators & Accelerators: Establishing entrepreneurship hubs and accelerators across Oman to nurture new businesses.
Education & Training: Integrating entrepreneurship curricula in schools and universities in collaboration with the Ministry of Education and the Ministry of Higher Education, Scientific Research, and Innovation.
Halima bint Rashid Al Zar’iyah, Chairperson of Riyada, emphasised that Oman’s improved ranking underscores the success of its entrepreneurship strategy. She noted that the country's supportive business environment has enabled start-ups and SMEs to thrive, particularly those focused on innovation and modern technologies.
She further highlighted that this achievement results from effective collaboration between the government and private sector, reinforcing Oman's ambition to diversify its economy through entrepreneurship.
Dr Abdullah bin Mohammed al Shikaili, Head of the Global Entrepreneurship Monitor (GEM) Research Team in Oman and Executive Director of the Entrepreneurship Center at the University of Nizwa, described the ranking as a major milestone. He stated that Oman’s pro-business policies and commitment to SME development have enhanced its position as a regional leader in entrepreneurship.
The Global Entrepreneurship Monitor Report, one of the world’s most respected studies on entrepreneurship, praised Oman’s business-friendly policies, financial support programs, and incubator networks. Analysts from the Observatory noted that these initiatives have significantly increased SME contributions to the national economy, boosting Oman's competitiveness on the global stage.
With continued investment in start-ups, technology, and financing, Oman is well-positioned to further strengthen its entrepreneurial landscape in the years ahead. — ONA
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