Saudi Arabia ranks first globally in govt; entrepreneurs’ response to coronavirus

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Saudi Arabia ranked first worldwide in the response of government as well as of entrepreneurs to the COVID-19 pandemic; while the Kingdom stood 7th in entrepreneurial progress worldwide; according to the Global Entrepreneurship Monitor (GEM) report for 2020/2021.

The report was issued in cooperation with Prince Muhammad Bin Salman College of Business and Entrepreneurship (MBSC) and Babson Global Center for Entrepreneurial Leadership (BGCEL).

Commenting on the report; Governor of the Small and Medium Enterprises General Authority (Monsha’at) Saleh Bin Ibrahim Al-Rasheed said that the achievement reflects the tremendous impact of the Kingdom’s Vision 2030 on small and medium enterprises and entrepreneurs.

He added that the vision provided an ideal business environment characterized by flexibility and the ability to face challenges.

Ranks jumps

According to GEM’s report; the Kingdom has jumped to first place worldwide at the ease of starting-up business index from the 22nd position. This jump reflects the essential reforms in the entrepreneurship environment to business start-up procedures. Also; the Kingdom ranked also first in terms of providing good opportunities to start a business.

The Kingdom jumped to third place from its 19th position due to the increase of financing opportunities of all kinds for emerging companies in the local market.

Saudi Arabia has jumped from 35th place to second in the physical infrastructure index due to easy access to many services such as office spaces; commercial sites; the Internet; and public services. In the index of ease of entry to the market; the Kingdom jumped to third place after it was 13th a year before.

The Kingdom ranked 4th in the ease of entry into the market index after it was ranked 18th; which reflects the qualitative shift in government policies and legislation; which contribute to overcoming obstacles for entrepreneurs while maintaining the second position in the indicator of “possession of knowledge and personal skills to start a business.”

It is worth noting that Monsha’at works very hard to provide all needs for small and medium enterprises and entrepreneurs to create a promising environment that encourages entrepreneurship to start and prosper their business.