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Business incubators, accelerators and enhanced digital infrastructure have further strengthened the ecosystem 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. |
