The United Arab Emirates (UAE) and the Kingdom of Saudi Arabia (KSA) have achieved remarkable placements in the Global Entrepreneurship Monitor report for 2023-2024, with the UAE securing the top spot and KSA following closely in third place. The prestigious report evaluates the vibrancy of entrepreneurial ecosystems across the globe and is esteemed by international entities including the World Bank, International Monetary Fund, and diverse UN agencies.
In particular, Saudi Arabia has demonstrated outstanding enhancement in its entrepreneurial domain, with the National Entrepreneurship Context Index score soaring from 5.0 in 2019 to 6.3 in subsequent years 2022 and 2023. The substantial improvement mirrors the nation’s dedicated initiatives to broaden its economy and cultivate an encouraging environment for entrepreneurs. A significant achievement noted in the report was the rise in female entrepreneurs, with the ratio reaching eight women initiating new ventures to every ten men in 2023.
The report also underscored that a vast majority of Saudi adults are acquainted with an entrepreneur and perceive the inception of a business as a feasible endeavor. They acknowledge profitable business opportunities and possess confidence in their capabilities to launch a business. Nevertheless, there is a notable fear of failure that persists within the entrepreneurial community.
Furthermore, the report anticipates that a substantial segment of Saudi entrepreneurs will integrate digital technologies into their businesses, with a keen focus on reducing environmental impacts while enhancing social contributions. This suggests a preparedness to tackle future entrepreneurial challenges.
Conversely, the UAE has set a record-breaking achievement with a National Entrepreneurship Context Index score of 7.7, an unprecedented high in the history of the report. The nation was hailed as the prime environment globally for initiating and managing new business endeavors, outperforming many developed economies and securing a third-place global ranking for its physical infrastructure.
Another area where the UAE excelled is in the arena of entrepreneurship education within academic institutions. The education system places a strong emphasis on nurturing skills such as creative thinking, problem-solving, recognizing opportunities, and evaluating risks. Such focus has earned the UAE a spot among the top five of the 49 countries assessed in this category.