Oman ranks 8th in global entrepreneurship index
Muscat: The sultanate has secured eighth place in the 2024/2025 report of Global Entrepreneurship Monitor (GEM) improving from 11th last year. Oman's score increased to 5.7 from 5.4 in 2023, reflecting steady progress in fostering a strong entrepreneurial environment.
Oman's entrepreneurial ranking has climbed rapidly in recent years, from 38 in 2022 to 11 in 2023, highlighting the impact of government policies and private sector partnerships in supporting startups and small and medium enterprises (SMEs).
The National Entrepreneurial Context Index score, which measures quality of the entrepreneurial environment, has steadily improved from 4.1 in 2021 to 5.7 in 2024.
For the first time, all 13 of Oman's framework conditions – which assess factors such as market access, infrastructure and education – are rated as sufficient or better.
Ten of these conditions improved over 2023, with the biggest increase in Ease of Entry: Market Dynamics, which rose from 5.8 to 6.8. However, Physical Infrastructure and Social and Cultural Norms received slightly lower ratings compared to last year.
Oman ranked fourth among 56 economies for Entrepreneurial Education in Schools, fifth for Market Dynamics and sixth for Entrepreneurial Education Post-School. However, it placed 32nd for Physical Infrastructure. Access to entrepreneurial resources for women, while still relatively low at 4.3, has improved from 2.8 last year. Meanwhile, sustainability initiatives among new businesses received a 6.1 rating, though slightly down from 6.6 in 2023.
Authority for Small and Medium Enterprises Development (ASMED) has played a key role in advancing Oman's entrepreneurial ecosystem. In collaboration with public and private sector partners, ASMED has implemented legislative reforms, investment incentives, and expanded financing options through Development Bank and Oman Future Fund, which have invested in emerging businesses.
Oman has also prioritised entrepreneurial education and skills development by including specialised training programmes in schools and universities. Business incubators, accelerators and enhanced digital infrastructure have further strengthened the ecosystem.
According to Halima bint Rashid al Zaria, Chairperson of ASMED, the ranking underscores Oman's commitment to creating a supportive environment for startups and SMEs. 'This achievement is a result of strong collaboration between the public and private sectors and the effectiveness of policies designed to foster innovation,' she said.
She added that entrepreneurship remains a key pillar of Oman's economic diversification strategy.
© Apex Press and Publishing Provided by SyndiGate Media Inc. (Syndigate.info).
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
5 days ago
- Zawya
Oman: Renewed visual identity to empower entrepreneurship
Muscat: In order to empower the entrepreneurship sector, the Authority for Small and Medium Enterprises Development (ASMED) has launched its new visual identity, with the support of Shaikh Suba'a bin Hamdan al Saadi, Secretary-General of the Secretariat-General of National Celebrations. The Authority has emerged as an entity with the goal of supporting and developing the sector, contributing to the achievement of Oman Vision 2040 which aims for a sustainable, knowledge-based and innovation-driven economy. Recognising this pivotal role, a modern corporate visual identity was developed to reflect the Authority's vision, mission and core values, portraying it as a supportive and enabling entity for small and medium enterprises and entrepreneurs in the Sultanate of Oman. Halima al Zari, Chairperson of ASMED, stated, "We are pleased to launch the new visual identity. This is a testament to the Royal directives to make small and medium enterprises the foundation of the Omani economy. We will continue on this path in collaboration with our partners, embarking on a new journey of giving, belonging and innovation to support entrepreneurs for a prosperous economic future in the Sultanate of Oman and to achieve Oman Vision 2040." It is common for organisations to update their visual identity, with 75 per cent of companies redesigning their brand since 2020 in response to rapid changes in the market and public behaviour. The Authority's visual identity change was necessary to keep up with the fast-paced transformations in the business environment, improve communication with all sectors of the public, enhance digital interaction and support expansion and growth. The Authority mentioned that the identity development process involved a collaborative approach, including research and analysis of global and regional experiences, workshops and seminars, defining the strategy through vision, mission, values, and brand personality, as well as creative design elements such as logo design, colour and font selection and visual identity development. 2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (
Gulf Today
06-05-2025
- Gulf Today
Sheikh Mohammed approves UAE Strategy for Islamic Finance and Halal Industry
His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, chaired a Cabinet meeting at Qasr Al Watan in Abu Dhabi. Sheikh Mohammed said, 'I chaired a Cabinet meeting at Qasr Al Watan in Abu Dhabi, during which we approved the UAE Strategy for Islamic Finance and the Halal Industry. 'The goal is to develop the Islamic finance industry, lead global Islamic finance activities, and raise the level of halal product exports worldwide. 'Our goal is to increase the assets of our Islamic banks from Dhs 986 billion to Dhs 2.56 trillion within six years, and to increase Islamic sukuk issuances listed in the UAE to more than Dhs 660 billion by 2031. 'We also decided to establish a committee headed by the Governor of the Central Bank to implement the strategy. The UAE will continue to diversify and expand its national economy across all sectors, God willing.' Sheikh Mohammed said, 'Today, we also reviewed, within the Cabinet, the results of the overall tourism sector in the country for the year 2024... The tourism, travel and hospitality sector in the country contributed to more than 800,000 jobs in 2023, and the contribution of this sector to the national economy reached 11.7%, and it is expected to reach more than 236 billion dirhams in 2024... We have the necessary infrastructure, and our goal is to reach a contribution of 450 billion dirhams over the next six years, God willing.' The Dubai Ruler said, 'Today, in the Cabinet meeting, we approved updating the UAE's National Biosecurity Framework to ensure strengthening national capabilities for prevention and response, increasing research and innovation activities, developing our biological emergency management system, and strengthening the country's biosecurity infrastructure. 'During the meeting, we reviewed the latest developments in the country's small and medium-sized enterprises (SMEs) sector. The UAE ranked first globally for the fourth consecutive year in the Global Entrepreneurship Monitor 2024-2025 report, and 18th globally among the top 100 emerging ecosystems for startups in 2024. SME licenses witnessed a 160% growth. 'Our goal is to continue supporting and expanding this sector and providing the best environment for launching and supporting small and emerging companies, which constitute a key pillar of the national economy.'
Khaleej Times
22-04-2025
- Khaleej Times
UAE: New generation of entrepreneurs transforming concept, purpose, and culture of enterprise
As the rise of young entrepreneurs continues on an upward trend globally, studies such as the Global Entrepreneurship Monitor (GEM) Report 2024 reveal that these younger demographics, including 'millennials' and 'gen Z', are refining success models and prioritising sustainability and social impact through ethical practices and policies; ultimately creating a positive trajectory for economic activities. 'In the UAE, 47 per cent of social entrepreneurs are between 18-34. It's also important to note that approximately 80 per cent of social entrepreneurs operate at moderate to high levels, providing products and services that support Sustainable Development Goals (SDGs) in the country,' Sara Abdelaziz Al Nuaimi, CEO of the Sharjah Entrepreneurship Centre (Sheraa), which serves as a major proponent for purpose-driven innovation and entrepreneurial support within the region, told Khaleej Times in an interview. Excerpts: What makes young entrepreneurs more committed to global challenges and sustainable development goals across different fields? One could say that younger generations have grown up amid an acute awareness of intersecting challenges including the likes of climate change and technological disruption. That said, this demographic has also been empowered by unprecedented access to information and tools to enhance understanding and take action. For them, it seems entrepreneurship stretches beyond the bottom line and transcends to the level of legacy and long-term impact. This can be seen through the prevalence of businesses that reflect values such as inclusivity and environmental stewardship. The new generation of entrepreneurs are already transforming the concept, purpose, and culture of enterprise. In the UAE, 47 per cent of social entrepreneurs are between 18-34, and through our efforts at Sheraa to support founders and startups on every step of their journey, we are proud to see founders achieving their goals while addressing complex challenges; from food security to inclusive and accessible services. How do you assess the readiness of young entrepreneurs to take on these developmental responsibilities and achieve their goals? I believe the youth's readiness lies in their drive and ambition, as well as their audacity, and we believe in their passion for making a positive and tangible impact. According to a Microsoft survey, the Gen Z demographic is taking a unique approach within the concept of hard work, both inside and outside the office, with 48 per cent of individuals managing multiple side projects; a testament to their passion and willingness to take risks to achieve their goals. It is also evident that there is a reluctance to separate purpose from profession, and a Deloitte survey found 86 per cent of Gen Z prioritise purpose for their well-being, with half of them claiming they would even walk away from roles and opportunities misaligned with their ethics. At Sheraa, our approach to working with young entrepreneurs stems from a deep understanding of their distinct mindset and unique characteristics, including adaptability and digital proficiency, a strong preference for purpose-driven work, a focus on innovation and sustainability, a commitment to work-life balance, and a fearless approach to challenges. Our understanding of these traits has helped us design specialised programmes and initiatives to support young entrepreneurs. Our methodology is centered on instilling entrepreneurial culture as a mindset for understanding life and navigating it creatively. Sheraa will continue to invest in this generation to help them fulfill their mission through tailored support programmes that align with values we all believe in. Can you provide an example of a programme designed to suit the unique characteristics of young entrepreneurs? One of our key initiatives is our Sheraa Startup Dojo, an intensive three-month program held annually and designed specifically for young entrepreneurs, particularly university students and recent graduates. This embodies several elements that resonate with young entrepreneurs, offering hands-on experience where participants transform their entrepreneurial ideas into full-fledged business plans, gaining real-world perspective in starting and running businesses. The programme does this through mentorship and guidance from Sheraa's team of innovators, mentors, and experienced entrepreneurs, offering personalized support throughout their journey. Another key initiative is the 'Sharjah Access Challenge,' a global initiative that attracts young entrepreneurs with projects and ideas offering smart and effective solutions in critical sectors such as health, education, food security, and sustainability. In 2024, the challenge focused on two main tracks: agritech solutions and livestock health. Startups participating in the challenge developed innovative solutions to overcome obstacles hindering the growth and sustainability of these sectors while enhancing sustainability in business practices. The challenge attracted 2,207 startups and projects from around the world We have also embedded entrepreneurship into academia establishing incubators for young entrepreneurs at the University of Sharjah (UOS) and the American University of Sharjah (AUS). We are confident that this agency will help amplify the voices of this generation and spread awareness about sustainability and economic and social development. What other support does Sheraa provide to young entrepreneurs? At Sheraa, we work on strengthening a supportive entrepreneurial ecosystem, which includes facilitating partnerships between startups and both public and private sectors and providing platforms that connect entrepreneurs with potential investors and funding opportunities. Access to capital remains one of the biggest global challenges for startups and according to a World Bank study, approximately 65 million businesses, representing 40 per cent of micro, small, and medium-sized enterprises (MSMEs) in developing countries; face an annual funding gap of $5.2 trillion. To address this challenge, our annual flagship event and the largest of its kind in the region — the Sharjah Entrepreneurship Festival (SEF) — plays a major role by offering a platform that connects entrepreneurs with global industry leaders, investors, and experts; opening new avenues to capital. By assembling local and global thought leaders alongside all segments of the entrepreneurial ecosystem, our festival provides entrepreneurs with insights into market trends, networking within global startup ecosystems, and proven and innovative business models from every corner of the globe. What advice would you give to young entrepreneurs? Many entrepreneurial success stories stem from identifying and solving a problem in unique and innovative ways, and although passion is essential, it won't necessarily take you over the finish line. Support and access to knowledge and expertise is essential, and it's advised to truly immerse yourself in the market to gain detailed insight into what you're trying to achieve. Understand your customer's pain points better than they do, and formulate ideas that can conquer challenges in an authentic and sustainable way. It is also crucial to develop a high level of flexibility and adaptability, as this allows entrepreneurs to absorb new developments, learn from them, and evolve accordingly. A large factor regarding our philosophy at Sheraa is connection and networking. Building authentic and strong relationships and partnerships is essential, and according to Al Qafilah magazine, 84 per cent of opportunities are derived from networking and personal connections. Finally, remember that entrepreneurship is a journey of grit and growth, and as I often tell our founders, 'Your ideas may have the ability to change the world, but the journey itself will definitely change you for the better.'
