Ranking for a sustainable future...

Every business has a story with different starting points and endings. In their journey, some perish, some just survive, and some succeed. Some even grow into major corporate giants in their respective fields.

Of course, starting a new business is daunting, but if you are in the right place and environment for what you need, you are off to a good start. Anyone who wishes to start and grow a business, the Sultanate of Oman is the right and strong place.

Evidence of the commitment to foster an environment that is conducive to business growth in Oman is its milestone achievement of securing the 11th rank in the prestigious Global Entrepreneurship Index in the Global Entrepreneurship Monitor (GEM) Report 2023-2024.

Oman’s score registered a significant rise of 27 points from its position in its previous report.

“After a two-year decline amid the Covid-19 pandemic, Oman’s entrepreneurial environment quality, measured by the National Entrepreneurial Context Index (NECI) score, is now sharply improving,” states the GEM Report, which is well-regarded as an information authority on entrepreneurship data worldwide.

With the unveiling of Vision 2020, the Sultanate has been diversifying its economy and investing in income- and employment-generating sectors corresponding with technology, knowledge, and innovation.

This transition has led the Omani government to set up policies and programmes to promote national talent to actively participate in the country’s economic development through their involvement in small and medium enterprises.

While underscoring Oman’s dedication to enhancing the quality of its entrepreneurial environment, the GEM report finds that a significant proportion of Oman's adult population is equipped with the necessary skills and experience to launch their own businesses.

“Entrepreneurship has a high profile in Oman, with three out of five adults knowing someone who had recently started their own business, two out of three seeing good opportunities to start their own business, and seven out of 10 considering themselves to have the skills and experience to start their own business," states the report.

A high-level delegation from the Global Entrepreneurship Monitor visited Oman in 2023 and evaluated the country’s commitment to supporting small and medium enterprises (SMEs) and startups.

The Government of the Sultanate of Oman identified the role of privatisation and liberalisation of its policies to accelerate the rate of economic growth. The government encouraged men and women equally to participate in the process of economic development in Oman.

According to the findings in the report, Oman’s GDP growth in 2023 was expected to be 4 per cent, while inflation was down below 2 per cent.

The Sultanate has been investing in entrepreneurial readiness and skills development programs and in a new incubator program for start-ups, including professional support. This builds confidence among the adult population, as do increasing numbers of government programs to promote the importance of entrepreneurship activities in Oman.

The Authority for Small and Medium Enterprise Development has already unveiled notable enhancements across all secondary indicators. These advancements encompass the facilitation of start-up initiatives, the formulation of government policies fostering innovation and technology, and the enhancement of material infrastructure.

Around the world, we’ve seen how a thriving small business sector creates new economic opportunities, opens up jobs, boosts employment, and, in doing so, bolsters national economies. In addition, this sector is a catalyst for innovation and the conception of new products and business approaches.