Oman ranked eighth globally in the Global Entrepreneurship Index 2024 out of 56 countries, after recording a score of 5.7 compared to 5.4 in 2023. According to the Global Entrepreneurship Monitor report, the Sultanate of Oman ranked eighth in 13 main indicators, covering 9 axes of national entrepreneurship included in the report. These indicators came in sequence as follows: financing entrepreneurs, ease of access to funding sources, tangible government policies and priority of support, the path of government policies and taxes, government programs, the level of entrepreneurship in primary and secondary education, the level of entrepreneurship in vocational education, colleges and universities, the level of transfer of research and development, access to professional and commercial infrastructure, internal market dynamics, internal market burdens, general physical infrastructure and access to services, cultural and social norms and community support.
Contributions to Oman’s achievement
Oman has achieved this position as a result of the efforts made by the Authority for Small and Medium Enterprises Development (ASMED) in cooperation with its partners in the public and private sectors, through a package of strategic initiatives.
These initiatives include enhancing legislation and policies that support SMEs and startups by devising laws to facilitate the establishment of these institutions and companies, providing procedural and incentive facilities for investment in SMEs, and improving financing for startups through financing programs launched by ASMED in cooperation with the Development Bank and specialized funds, in addition to facilitating startups’ access to financing from banks and various banking and financial institutions.
Commitment to promoting entrepreneurship
Halima Rashid Al Zar’i, chairperson of ASMED, affirmed that this progress reflects the Authority’s efforts to enhance the entrepreneurship system and consolidate Oman’s position as a supportive and stimulating environment for emerging projects.
She added that this achievement is the culmination of the integrated efforts between the public and private sectors. It also underlined the success of policies that contribute to creating a business environment conducive to the growth of SMEs and startups, especially those based on innovation and modern technologies, she pointed out.
Recognition of Oman’s efforts
The annual report of the Global Entrepreneurship Monitor is one of the most important specialized studies in this field, as it evaluates the performance of global economies, analyzes the factors affecting the entrepreneurship system, and proposes policies to enhance its growth.
The efforts of Oman were lauded by the observatory’s experts during their recent visits, emphasizing the efficiency of government policies, financing programs, business incubators, and supportive legislation, which contribute to raising the contribution of SMEs to the national economy and enhancing their global competitiveness.
