The Global Entrepreneurship Monitor (GEM) report for 2020-2021 has ranked Saudi Arabia first globally for the response of government as well as of entrepreneurs to the COVID-19 pandemic.
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).
The Small and Medium Enterprises General Authority’s (Monsha’at) Governor, Saleh Bin Ibrahim Al-Rasheed commented on the achievement by stating that the ranks reflect the tremendous impact of the Kingdom’s Vision 2030 on small and medium enterprises and entrepreneurs.
According to GEM’s report, Saudi Arabia has jumped to first place worldwide at the ease of starting-up business index from the 22nd position and this reflects the essential reforms in the entrepreneurship environment. Also, the Kingdom secured the first position in terms of providing good opportunities to start a business and 7th in entrepreneurial progress worldwide.
Further, Saudi Arabia jumped to third place from its 19th position in the index for the financing opportunities of all kinds for emerging companies in the local market.
The Kingdom climbed to second place from 35th of last year in the physical infrastructure index due to easy access to many services like office spaces, commercial sites, the Internet, and public services.
Saudi Arabia secured fourth in the ease of entry into the market index and it is the result of 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.”