Oman earns 8th place in Global Entrepreneurship Index 2024, scoring 5.7

Oman has ranked eighth out of 56 countries in the Global Entrepreneurship Index 2024, with a score of 5.7, up from 5.4 in 2023. According to the Global Entrepreneurship Monitor report, the Sultanate of Oman ranked eighth in 13 key indicators covering the nine national entrepreneurship axes included in the report.

These indicators are, in order: providing funding for entrepreneurs, ease of access to funding sources, tangible government policies and priority of support, government policies and tax paths, government programs, entrepreneurship levels in primary and secondary schools, vocational education, entrepreneurship levels in colleges and universities, research and development transfer levels, access to professional and commercial infrastructure opportunities, domestic market vitality, domestic market burden, general tangible infrastructure and access to services, cultural and social norms, and community support.

Oman's ability to achieve this success is attributed to the joint efforts of the Small and Medium Enterprises Development Authority (ASMED) and public and private sector partners through a series of strategic initiatives. These initiatives include strengthening legislation and policies to support SMEs and startups, enacting laws to facilitate the establishment of these institutions and companies, providing procedures and incentives for SME investment, and improving startup financing through financing programs launched by ASMED in cooperation with development banks and specialized funds, in addition to facilitating startups' access to financing from banks and various banking and financial institutions.

Halima Rashid Al Zar’i, Chairperson of ASMED, emphasized that this progress reflects the Authority's efforts to strengthen the entrepreneurship ecosystem and consolidate Oman's position as a supportive and stimulating environment for emerging projects. She added that this achievement is also the result of integrated efforts between the public and private sectors, and highlighted the success of policies that contribute to creating a favorable business environment for the growth of SMEs and startups, especially those based on innovation and modern technologies.

The Global Entrepreneurship Monitor's annual report is one of the most important specialized studies in the field, assessing the performance of global economies, analyzing factors affecting the entrepreneurship ecosystem, and proposing policies to promote its growth. Experts from the Observatory praised Oman's efforts during a recent visit, highlighting the efficiency of government policies, financing programs, business incubators, and supportive legislation, all of which contribute to increasing the contribution of SMEs to the national economy and enhancing their global competitiveness.