UAE and Saudi Arabia Lead Global Entrepreneurship Rankings
In the latest Global Entrepreneurship Monitor report for 2023-2024, the UAE and Saudi Arabia have clinched the top spots, with the UAE taking first place and Saudi Arabia coming in third.
The report, a highly esteemed assessment of entrepreneurial ecosystems worldwide, is endorsed by prestigious international bodies including the World Bank, International Monetary Fund, and various UN organizations.
Saudi Arabia has made impressive strides in its entrepreneurial environment, with its National Entrepreneurship Context Index score jumping from 5.0 in 2019 to 6.3 in both 2022 and 2023. This reflects the country’s successful endeavors to diversify its economy and cultivate a supportive atmosphere for entrepreneurship.
A standout achievement highlighted in the report is the increase in female entrepreneurship, with eight women venturing into new businesses for every 10 men in 2023. Saudi Arabia also boasts the highest proportion of adults who are acquainted with an entrepreneur, perceive ease in business startup, recognize lucrative opportunities, and believe they possess the requisite skills and experience to kickstart a business.
Despite the widespread acknowledgment of opportunities and capabilities, there remains a significant fear of failure among entrepreneurs in the country, the report observed. Moreover, a substantial percentage of Saudi entrepreneurs are gearing up to embrace digital technologies and prioritize minimizing environmental footprints while maximizing social impacts, demonstrating readiness for future challenges.
On the other hand, the UAE has set a new benchmark with a record-high National Entrepreneurship Context Index score of 7.7, the highest in the report’s history. The UAE has been positioned as the global leader in providing a conducive environment for launching and operating new business ventures, outshining numerous advanced economies. Additionally, it clinched the third spot worldwide in terms of physical infrastructure.
The UAE has made remarkable advancements in entrepreneurship education at schools, focusing on fostering skills such as creative thinking, problem-solving, opportunity recognition, and risk assessment. In this aspect, the country ranked among the top five out of 49 nations surveyed in the report.