Many policymakers understand the importance of entrepreneurship for economic growth and national competitiveness. However, it is difficult to make well-informed decisions to foster entrepreneurship without having the right data. Oman is seeing first-hand how access to GEM data can fill such a void.
Oman's Vision 2040 places a significant emphasis on fostering entrepreneurship as a key driver of economic diversification and growth. It also seeks to create a supportive ecosystem that encourages innovation and the establishment of new businesses, job creation for Omanis and the development of a skilled workforce. To help grow entrepreneurship in alignment with the goals of Vision 2040, policymakers and various stakeholders are able to see how Oman compares to other MENA countries across a range of areas.
The latest GEM Oman National Report, based on 2022 data, shows how seven different MENA countries fare across a range of indicators. The countries included are Egypt, Iran, Morocco, Qater, Saudi Arabia, UAE, in addition to Oman. Among the takeaways are:
- Oman fared the best for fear of failure. Its 34.54% rates is considerably lower than the other MENA countries, demonstrating that the government, under Vision 2040, is creating a business-friendly environment to build confidence in starting new businesses.
- Saudi Arabia is tops in the group for ease of starting a business, while Oman came in fifth among the seven countries.
- The rate of Established Business (EB) in Oman is comparatively low among MENA countries.
- All MENA countries, except for the UAE, have observed a business closure rate that surpasses the exit rate, which means that the number of startups that were closed is more than the number of startups transferred to other owners.
The report also highlights the attitudes, characteristics and profile of entrepreneurs in Oman. It is the fourth Oman National Report.
In the report’s introduction, His Majesty Sultan Haitham Bin Tarik Al Said stated: “As we are aware of the importance of the small and medium enterprise sector, and the entrepreneurship sector — especially projects based on innovation, artificial intelligence and advanced technologies, and training and empowering young people to benefit from the opportunities offered by this vital sector — to be a basic building block in the national economic system, our government will keep tracking the progress in these aspects.”
The GEM research is carried out at the University of Nizwa’s Entrepreneurship Center. Dr. Abdullah Al Shukaili, Executive Director of the University of Nizwa’s Entrepreneurship Center, leads the GEM Oman team.
The establishment of the University of Nizwa’s Entrepreneurship Center is a direct response to the goals set forth in Oman's Vision 2040. The center is poised to play a crucial role in fostering a vibrant entrepreneurial ecosystem within the Sultanate through its research and education.
“The Entrepreneurship Center conveys the best experiences and wise practices from around the world through its links with the Global Entrepreneurship Monitor,” stated Prof. Dr. Ahmed Al-Rawahi, Chancellor, University of Nizwa, in the introduction. “It is hoped that such data and indicators will contribute to the achievement of steady growth of this promising sector, and provide rational solutions to challenges that may stand in the way.”
Dr. Salem Al Al Abri, Dean at the College of Economics, Management, and Information Systems, noted: “Entrepreneurial activities in higher education institutions will be vital for the development of youth to contribute to the growth of the national economy of any country. Young entrepreneurs should be motivated and guided to enrich their skills and have the determination to engage in entrepreneurial activities for their personal development as well.”
Access the report.
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