Oman has earned an impressive eighth-place ranking in the Global Entrepreneurship Index 2024, achieving a score of 5.7, up from 5.4 last year. The Sultanate ranks highly across 13 key indicators, which highlight various aspects of national entrepreneurship.
Key Indicators Contributing To Oman’s Success
Oman’s strong position is due to its exceptional performance across 9 entrepreneurial axes, including:
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- Entrepreneur Financing: Enhanced access to funding sources for entrepreneurs.
- Government Policies: Tangible government support, prioritizing startups and small businesses.
- Educational Integration: Inclusion of entrepreneurship education in schools, universities, and vocational training.
- Infrastructure & Market Dynamics: Access to professional infrastructure and a dynamic internal market.
- Cultural & Social Support: Strong community support for entrepreneurial ventures.
ASMED’s Role In Boosting Oman’s Entrepreneurial Landscape
Oman’s Authority for Small and Medium Enterprises Development (ASMED) has been instrumental in advancing this achievement. By implementing supportive policies, facilitating startup funding, and working with public and private sector partners, ASMED has contributed significantly to the country’s entrepreneurial growth. Initiatives like improved financing for SMEs and easy access to resources have fostered a thriving startup ecosystem.
Global Recognition Of Oman’s Efforts
The Global Entrepreneurship Monitor’s annual report, renowned for evaluating global economies and their entrepreneurship ecosystems, praised Oman for its efficiency in government policies, financing programs, and business incubators. Experts acknowledged that Oman’s initiatives have raised the competitiveness of its SMEs, enhancing their global standing.
