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Saudi Arabia Ranks 7th in Global Entrepreneurship Index

Saudi Arabia Ranks 7th in Global Entrepreneurship Index

Friday, 5 March, 2021 - 06:45
Birds eye view of the skyline of Riyadh, Saudi Arabia. (Getty Images)

Saudi Arabia has made a leap in the Global Entrepreneurship Status Index, reaching the seventh position in the world during the past year, after ranking 17th in 2019, according to the Global Entrepreneurship Monitor report.

In comments on Thursday, Minister of Commerce Dr. Majid Al-Qasabi said: “With the support of the leadership and the efforts of the sons and daughters of this country, the Kingdom has reached the seventh place globally in the Global Entrepreneurship Monitor Report for the year 2020, after it was ranked 41st in 2018.”

The Kingdom is witnessing remarkable progress in entrepreneurship and has developed regulations and legislation to help stimulate and promote the sector.

Saleh Al-Rashidi, Governor of the SME General Authority (Monshaat), noted that the Kingdom’s new achievement reflected the government’s strong commitment to create a promising environment for this sector and provides opportunities for growth and prosperity.

A member of the Board of Directors of the Chamber of Commerce and Industry in Riyadh and Chairman of the Entrepreneurship Committee, Riyadh Al-Zamil, told Asharq Al-Awsat that the Kingdom’s new ranking has highlighted the “great support of the Saudi leadership and the efforts deployed by the government and private sector.”

The Global Entrepreneurship Monitor (GEM) carries out survey-based research on entrepreneurship and entrepreneurship ecosystems around the world, thus providing policymakers with valuable insights on how to best foster entrepreneurship.

GEM measures the average results of countries in a number of sectors, including higher education, transfer of research and development, access to commercial infrastructure and the dynamism of the local market, in addition to obstacles to entering the local market and obtaining services, Al-Zamil explained.

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