The Sultanate of Oman has secured the eighth spot globally in the 2024 Global Entrepreneurship Index, improving its score from 5.4 in 2023 to 5.7. This ranking reflects Oman’s growing strength in the global entrepreneurship ecosystem.
The Global Entrepreneurship Monitor report highlighted Oman’s performance across 13 key indicators related to national entrepreneurship. These indicators cover nine areas of entrepreneurship, including government policies, financing opportunities, and access to infrastructure.
Oman performed well in areas such as financing entrepreneurs, ease of access to funding sources, and government support programs. Additionally, the country’s emphasis on entrepreneurship in education, vocational training, and research and development contributed significantly to its high ranking.
The Sultanate owes this success to the Authority for Small and Medium Enterprises Development (ASMED), which has worked closely with public and private sector partners. Together, they have implemented various strategic initiatives to boost entrepreneurship and support emerging businesses.
ASMED has focused on improving legislation and policies for small and medium-sized enterprises (SMEs). These efforts include laws to ease the establishment of businesses, as well as providing investment incentives and procedural facilities. Furthermore, ASMED has partnered with the Development Bank and specialized funds to improve financing options for startups.
Halima Rashid Al Zar’i, Chairperson of ASMED, emphasized that this progress reflects the Authority’s commitment to enhancing the entrepreneurship ecosystem. She highlighted that the cooperation between the public and private sectors, along with effective policies, has created a thriving environment for innovative startups and SMEs.
Experts from the Global Entrepreneurship Monitor praised Oman’s efficient government policies, financing programs, and business incubators. They noted these initiatives have enhanced SMEs’ contributions to the national economy and boosted their global competitiveness.
This ranking underscores Oman’s growing role as a supportive hub for entrepreneurship, encouraging innovation and modern technologies across various sectors.
