Saudi Arabia Ranked Third in the Global Entrepreneurship Monitor Index
Index Measures 12 Entrepreneurial Environment Conditions That Make Up Context In Which Entrepreneurial Activity Takes Place
Riyadh: Saudi Arabia showed significant progress in its entrepreneurial environment, with its National Entrepreneurship Context Index within the Global Entrepreneurship Monitor score increasing from 5.0 in 2019 to 6.3 in 2022 and 2023.
This reflects the country’s successful efforts to diversify its economy and foster a supportive climate for entrepreneurship. A notable highlight is increased female entrepreneurship, with eight women starting new businesses for every ten men in 2023.
The country also has the highest proportion of adults considering starting a business accessible in the Kingdom. These people recognize good business opportunities and believe they possess the necessary skills and experience to start a business. Despite the high acknowledgement of opportunities and capabilities, the report concludes that a considerable fear of failure remains.
Additionally, a significant percentage of Saudi entrepreneurs are expected to leverage digital technologies and focus on minimizing environmental impacts and maximizing social impacts, indicating a readiness for future challenges.
This results from significant strides in school entrepreneurship education, emphasizing skills like creative thinking, problem-solving, opportunity recognition, and risk assessment. The country ranked among the top five out of 49 in this respect.