First and third place, respectively, go to the United Arab Emirates and Saudi Arabia in the Global Entrepreneurship Monitor report for 2023–2024.
International organizations like the World Bank, International Monetary Fund, and several UN agencies highly regard the report, which evaluates the entrepreneurial ecosystems of nations worldwide. Saudi Arabia demonstrated notable advancements in its entrepreneurial climate, as evidenced by the country’s National Entrepreneurship Context Index score rising from 5.0 in 2019 to 6.3 in 2022 and 2023.
According to the report, this demonstrated the nation’s effective efforts to diversify its economy and promote an environment that is conducive to entrepreneurship. One noteworthy development was the rise in female entrepreneurship, with eight women founding new companies in 2023 compared to ten men.
Additionally, the nation has the most percentage of persons who believe they have the knowledge and expertise needed to launch a business, believe establishing a business is easy, and can identify potential business possibilities.
However, the report indicated that there is still a significant fear of failure despite a high level of acceptance of chances and talents.
Furthermore, a sizable portion of Saudi business owners are anticipated to make use of digital technology and concentrate on limiting negative effects on the environment and increasing positive effects on society, suggesting a preparedness for upcoming difficulties.
With the highest-ever National Entrepreneurship Context Index score of 7.7 in the report’s history, the United Arab Emirates broke previous records.
The UAE surpassed many sophisticated economies to be ranked as the greatest place in the world to launch and run new business operations, according to the research. It came in third place in the world for physical infrastructure as well.
There have been notable advancements in the teaching of entrepreneurship in schools, with a focus on competencies like as risk assessment, opportunity recognition, problem solving, and creative thinking. In this regard, the nation came in among the top five out of 49.
