Muscat: The Sultanate of Oman was ranked 11th in the Global Entrepreneurship Index out of 49 countries in the Global Entrepreneurship Monitor (GEM) Report 2023/2024, advancing 27 ranks from its position in 2022/2023.
The Authority of Small and Medium Enterprises Development (ASMED) announced the improvement on all secondary indicators, especially in indicators of funding startups, developing government policies that support innovation and technology, as well as improving the material infrastructure.
The report also highlighted government efforts exerted to support entrepreneurship, especially by investment in sectors of research, development and modern technologies which expand vistas of innovation and attract foreign direct investment (FDI)
It is worth noting that in 2023, the Sultanate of Oman hosted a high-level delegation of the Global Entrepreneurship Monitor to review government efforts to support the SMEs and startups system. The delegation also viewed the efforts of ASMED and its various initiatives.
The Global Entrepreneurship Monitor (GEM) is considered the top-most reference for information regarding entrepreneurship. GEM was founded in 1995 as a research project.