Latest news with #GlobalEntrepreneurshipIndex
Fintech News ME
3 days ago
- Business
- Fintech News ME
Mastercard, IFZA and Global Tax Assistant Launch AI-Powered SME Registration Pilot in UAE
Mastercard has partnered with IFZA, a UAE free zone, and international consulting firm Global Tax Assistant to introduce a fully digital, AI-driven business registration process in the country. The initiative aims to support the growth of SMEs and facilitate their expansion into Eastern Europe, the Middle East and Africa (EEMEA). SMEs account for over 94% of businesses in the UAE and contribute more than 50% of the nation's GDP. The UAE's National Agenda for Entrepreneurship and SMEs seeks to position the country among the top three nations in the Global Entrepreneurship Index by 2031. According to the partners, this project is one of the first AI-powered business registration pilots in the region, reflecting collaboration between the public and private sectors to support SME development through technology. 'The thriving SME economy forms the beating heart of the UAE's diverse business landscape. At IFZA, we believe SMEs are the prototype of tomorrow's global companies, driving innovation, job creation, exports and new business models,' said Jochen Knecht, Chief Executive of IFZA. 'We work together with our partners to equip the country's small business community with the tools and resources they need to succeed.' The process, from document submission to license issuance, will be managed through AI, with automation applied to form completion, document verification and communication workflows, aiming to reduce setup time and operational costs. Mastercard business card holders will be able to access discounted business setup services as part of the arrangement. 'Our collaboration with IFZA and Global Tax Assistant enhances the value we deliver to our business customers, while supporting the UAE's vision of a thriving digital economy,' said Onur Kursun, Executive Vice-President for Commercial and New Payment Flows, EEMEA, Mastercard. IFZA hosts startups from more than 160 countries and offers infrastructure, facilities and business regulations designed for entrepreneurs. Global Tax Assistant provides accounting, legal, auditing and tax consultancy services to clients in the UAE, Oman, Kuwait and Qatar.
Observer
18-02-2025
- Business
- Observer
Oman ranks 8th in global entrepreneurship index
MUSCAT: The Sultanate of Oman has secured the eighth position in the 2024 Global Entrepreneurship Index, climbing three spots from last year. According to the Global Entrepreneurship Monitor (GEM) Report, Oman scored 5.7, an improvement from 5.4 in 2023, placing it among the top entrepreneurial ecosystems globally. The ranking evaluates 56 countries based on 13 key indicators spanning nine core aspects of national entrepreneurship. Oman performed strongly in areas such as access to financing, government policies, education, market dynamics, research and development transfer, and infrastructure. This achievement reflects Oman's growing reputation as a hub for start-ups and small businesses. The Authority for Small and Medium Enterprises Development (Riyada), in collaboration with public and private sector stakeholders, has played a pivotal role in strengthening Oman's entrepreneurial ecosystem. Several strategic initiatives have driven this progress, including: Supportive Policies & Regulations: Streamlining laws to facilitate start-up creation and offering procedural and financial incentives for SME investment. Enhanced Access to Financing: Expanding funding programs in partnership with Development Bank, Oman Future Fund, and private financial institutions to improve capital flow to start-ups. Innovation & Technology Investments: Boosting support for technology-driven start-ups and increasing research and development funding. Business Incubators & Accelerators: Establishing entrepreneurship hubs and accelerators across Oman to nurture new businesses. Education & Training: Integrating entrepreneurship curricula in schools and universities in collaboration with the Ministry of Education and the Ministry of Higher Education, Scientific Research, and Innovation. Halima bint Rashid Al Zar'iyah, Chairperson of Riyada, emphasised that Oman's improved ranking underscores the success of its entrepreneurship strategy. She noted that the country's supportive business environment has enabled start-ups and SMEs to thrive, particularly those focused on innovation and modern technologies. She further highlighted that this achievement results from effective collaboration between the government and private sector, reinforcing Oman's ambition to diversify its economy through entrepreneurship. Dr Abdullah bin Mohammed al Shikaili, Head of the Global Entrepreneurship Monitor (GEM) Research Team in Oman and Executive Director of the Entrepreneurship Center at the University of Nizwa, described the ranking as a major milestone. He stated that Oman's pro-business policies and commitment to SME development have enhanced its position as a regional leader in entrepreneurship. The Global Entrepreneurship Monitor Report, one of the world's most respected studies on entrepreneurship, praised Oman's business-friendly policies, financial support programs, and incubator networks. Analysts from the Observatory noted that these initiatives have significantly increased SME contributions to the national economy, boosting Oman's competitiveness on the global stage. With continued investment in start-ups, technology, and financing, Oman is well-positioned to further strengthen its entrepreneurial landscape in the years ahead. — ONA
Times of Oman
18-02-2025
- Business
- Times of Oman
Oman ranks 8th in Global Entrepreneurship Index
Madrid: The Sultanate of Oman ranked eighth globally in the Global Entrepreneurship Index 2024 out of 56 countries, after recording a score of 5.7 compared to 5.4 in 2023. According to the Global Entrepreneurship Monitor report, the Sultanate of Oman ranked eighth in 13 main indicators, covering 9 axes of national entrepreneurship included in the report. These indicators came in sequence as follows: financing entrepreneurs, ease of access to funding sources, tangible government policies and priority of support, the path of government policies and taxes, government programmes, the level of entrepreneurship in primary and secondary education, the level of entrepreneurship in vocational education, colleges and universities, the level of transfer of research and development, access to professional and commercial infrastructure, internal market dynamics, internal market burdens, general physical infrastructure and access to services, cultural and social norms and community support. The Sultanate of Oman has achieved this position as a result of the efforts made by the Authority for Small and Medium Enterprises Development (ASMED) in cooperation with its partners in the public and private sectors, through a package of strategic initiatives. These initiatives include enhancing legislation and policies that support SMEs and start-ups by devising laws to facilitate the establishment of these institutions and companies, providing procedural and incentive facilities for investment in SMEs, and improving financing for start-ups through financing programmes launched by ASMED in cooperation with the Development Bank and specialised funds, in addition to facilitating start-ups' access to financing from banks and various banking and financial institutions. Halima Rashid Al Zar'i, Chairperson of ASMED affirmed that this progress reflects the Authority's efforts to enhance the entrepreneurship system and consolidate the Sultanate of Oman's position as a supportive and stimulating environment for emerging projects. She added that this achievement is the culmination of the integrated efforts between the public and private sectors. It also underlined the success of policies that contribute to creating a business environment conducive to the growth of SMEs and start-ups, especially those based on innovation and modern technologies, she pointed out. It is worth noting that the annual report of the Global Entrepreneurship Monitor is one of the most important specialised studies in this field, as it evaluates the performance of global economies, analyzes the factors affecting the entrepreneurship system and proposes policies to enhance its growth. The efforts of the Sultanate of Oman were lauded by the observatory's experts during their recent visits, emphasising the efficiency of government policies, financing programs, business incubators, and supportive legislation, which contribute to raising the contribution of SMEs to the national economy and enhancing their global competitiveness.
Observer
15-02-2025
- Business
- Observer
Entrepreneurship in Oman: A blueprint for sustainable economic development
The Sultanate of Oman is undergoing a remarkable transformation in its support for entrepreneurship, establishing itself as a prominent global destination for start-ups and innovative ventures. These efforts have resulted in Oman being ranked among the top 15 countries worldwide for start-up growth, as well as securing 11th place on the Global Entrepreneurship Index. These milestones reflect not only the success of governmental policies but also Oman's strategic approach to building a dynamic and competitive business sector that can adapt to global economic challenges. At the heart of Oman's entrepreneurial transformation is the Small and Medium Enterprises Development Authority, which serves as a driving force for the nation's vision in this domain. Through its annual media briefings, the Authority provides detailed insights into the progress made up until the end of 2024. For 2025, it announced 481 initiatives distributed across eight key strategic pillars: 1. Promoting an entrepreneurial culture: The Authority is reshaping societal perceptions of small businesses, emphasising the significance of entrepreneurship as a key economic driver. 2. Regional and global expansion: Efforts are being made to empower Omani SMEs to penetrate international markets, creating new export opportunities and enhancing competitiveness. 3. Maximising in-country value: The initiatives aim to leverage local resources more effectively, reducing reliance on imports and fostering self-sufficiency. 4. Innovative financing and digital transformation: The Authority encourages the adoption of creative financing solutions while focusing on digitising processes to improve operational efficiency. 5. Developing the governorates and localising digital manufacturing: Expanding economic activities to Oman's governorates and promoting high-value-added technological industries domestically are among the key objectives. 6. Supporting start-ups: Start-ups receive special attention as primary drivers of creativity and economic rejuvenation in Oman. Achievements that inspire the future The figures released by the Authority paint a compelling picture of the progress achieved so far. By the end of 2024, there were 145,750 registered SMEs, providing 192,714 jobs. In addition, 64,436 entrepreneurship cards were issued, streamlining market entry for young entrepreneurs and investors. On the financing front, 400 applications worth a total of RO 37.6 million were approved, underscoring the country's commitment to turning innovative ideas into thriving businesses. Craft industries: A model of economic diversification Beyond tech-driven entrepreneurship, Oman's artisanal industries have also benefited from substantial investment. The establishment of the National Centre for Creative Craft Industries, spanning 10,000 square metres, and the support extended to more than 4,000 artisans highlight the dedication to preserving Omani heritage while fostering its growth as a viable economic sector. Training and consulting: The cornerstone of development The Authority's initiatives go beyond financial support to include training and consultancy programmes aimed at enhancing entrepreneurs' capabilities. More than 28,000 entrepreneurs benefited from training courses, while over 7,800 consultations and feasibility studies were conducted. These programmes equip business owners with the knowledge and tools needed to transform their ideas into successful, profitable ventures. Incentives and financing: A sustainable strategy The incentives offered to entrepreneurs in Oman set a regional and global benchmark. Highlights include financing of up to RO 500,000 without guarantees, reserving 10% of government tenders for SMEs, and exemptions from registration and classification fees for tenders. In addition, plots of land are allocated on usufruct terms to support various projects. These measures create a favourable environment for investment and innovation in Oman. Looking ahead: Toward a diverse and sustainable economy These achievements and initiatives illustrate that Oman has successfully laid a solid foundation for a diversified and sustainable economy driven by entrepreneurial spirit and innovation. With strong governmental support, economic reforms, and a range of incentives, the Sultanate is well-positioned for a brighter and more prosperous future, ensuring that entrepreneurship remains at the heart of national development.
