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Saudi Arabia Ranks 7th in Global Entrepreneurship Index

Birds eye view of the skyline of Riyadh, Saudi Arabia. (Getty Images)
Birds eye view of the skyline of Riyadh, Saudi Arabia. (Getty Images)
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Saudi Arabia Ranks 7th in Global Entrepreneurship Index

Birds eye view of the skyline of Riyadh, Saudi Arabia. (Getty Images)
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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Davos to Welcome Trump Virtually as World Leaders Await New US President’s Policies

Former US President and Republican presidential candidate Donald Trump speaks during an election night event at the West Palm Beach Convention Center in West Palm Beach, Florida, on November 6, 2024. (AFP)
Former US President and Republican presidential candidate Donald Trump speaks during an election night event at the West Palm Beach Convention Center in West Palm Beach, Florida, on November 6, 2024. (AFP)
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Davos to Welcome Trump Virtually as World Leaders Await New US President’s Policies

Former US President and Republican presidential candidate Donald Trump speaks during an election night event at the West Palm Beach Convention Center in West Palm Beach, Florida, on November 6, 2024. (AFP)
Former US President and Republican presidential candidate Donald Trump speaks during an election night event at the West Palm Beach Convention Center in West Palm Beach, Florida, on November 6, 2024. (AFP)

Donald Trump will mark his return to the global stage with a virtual World Economic Forum appearance in Davos next week, as world leaders await details of the incoming US President's policies and his pledge to end the war in Ukraine.

Trump is due to return to the White House on Jan. 20, with his inauguration for a second term as US President coinciding with the start of the 55th annual WEF meeting of political and business leaders in the Swiss mountain resort.

Meanwhile, another key player in any attempt to bring peace to Ukraine, the country's President Volodymyr Zelenskiy, will make a special address and take questions, the WEF meeting organizers said on Tuesday.

Among the other global leaders due to attend the meeting, which will include 60 heads of state and government, are European Commission President Ursula von der Leyen and China's vice premier Ding Xuexiang, WEF President and CEO Borge Brende said during a press conference.

Brende said Trump, who has twice previously attended Davos, will join "digitally" on Jan. 23, without giving further details. He said it would be a "very special moment" to learn about the new Trump administration's policy priorities.

"There is a lot of interest to decipher and to understand the policies of the new administration, so it will be an interesting week," Brende said.

Topics on the Davos agenda range from mounting global geopolitical and economic uncertainty to trade tensions, climate goals and how AI can help make lives better.

Business leaders have become more optimistic about the economy given Trump's pledges to reduce regulation, potentially cut taxes and ease restrictions on activities including mergers and acquisitions, Rich Lesser, global chair of Boston Consulting Group, told Reuters ahead of the meeting.

Lesser said, however, that underlying optimism is being offset by concerns about tariffs, deportations, a widening budget deficit and the US relationship with China.

MIDDLE EAST

This year's meeting in Davos is taking place against "the most complicated geopolitical backdrop in generations," Brende said, adding that the forum will have a strong focus on Middle East geopolitics, including high-level diplomatic talks.

Delegates will discuss developments in Syria and the humanitarian crises in Gaza and Yemen alongside other topics.

Participants will include Qatar's Prime Minister, the Saudi Arabian Foreign Minister, Syria's foreign minister, the UN special envoy on Syria, the Iranian Vice President, Israel's President and the Palestinian Prime Minister.

"There will be a hard work at the situation in Syria, the terrible humanitarian situation in Gaza ... the potential escalation of the conflict in the Middle East. We were very close to it between Israel and Iran, and I don't think we're out of the woods yet," Brende said.

CLIMATE

The WEF will this week release an analysis looking at companies that account for two-thirds of global market capitalization, which will show that only about 10% are taking meaningful and tangible action on the climate and nature agenda.

Business and political leaders gathering in Davos from Jan. 20 to Jan. 24 are also due to discuss how to ensure energy remains affordable, secure and green and the challenges preventing acceleration of efforts towards energy transition.

"We’re in a really challenging moment for climate, where countries are asking if other nations are doing their share," said Boston Consulting Group's Lesser.