The United Arab Emirates (UAE) and Saudi Arabia have emerged as the top performers in fostering entrepreneurial ecosystems, according to the latest Global Entrepreneurship Monitor (GEM) report. The UAE secured the coveted number one spot for the third consecutive year, solidifying its position as a global leader in nurturing new business ventures. This year's report marks a significant milestone, with the UAE achieving a record-breaking score of 7.7, the highest ever recorded in the GEM's history.
The UAE's success is attributed to a multi-pronged approach. The report highlights the country's exceptional performance in establishing a supportive environment for entrepreneurs. This "National Entrepreneurship Context Index" score, which takes into account factors like government policy, infrastructure, and educational programs, reached an unmatched 7.7 for the UAE. This conducive environment is further bolstered by a strong emphasis on entrepreneurship education within schools. The report commends the UAE's curriculum for prioritizing skills like creative thinking, problem-solving, and risk assessment, all crucial for budding entrepreneurs. Additionally, the UAE ranked third globally in terms of physical infrastructure, providing a strong foundation for businesses to operate efficiently.
Saudi Arabia's impressive strides in fostering entrepreneurship are also noteworthy. The report acknowledges the significant progress made by the Kingdom, ranking it third globally with a score of 6.3. This marks a substantial improvement from its 2019 score of 5.0, indicating a concerted effort to cultivate a more entrepreneurial landscape. The report attributes this progress to advancements made in the National Entrepreneurship Context Index, showcasing a more supportive environment for business ventures.
The rise of the UAE and Saudi Arabia as entrepreneurial powerhouses reflects a broader shift within the Gulf region. Traditionally reliant on oil exports, these nations are actively diversifying their economies, with entrepreneurship playing a pivotal role in this transformation. By nurturing a new generation of business leaders and fostering innovation, the UAE and Saudi Arabia are well-positioned to secure their economic futures beyond the hydrocarbon sector.
The GEM report's findings have significant implications for aspiring entrepreneurs across the globe. The UAE's success story serves as a blueprint for other nations seeking to cultivate a thriving entrepreneurial ecosystem. By focusing on creating a supportive environment, prioritizing relevant education, and investing in infrastructure, countries can empower their citizens to innovate and drive economic growth. The rise of the Gulf nations as entrepreneurial leaders sends a clear message: with the right approach, even established economies can foster dynamism and create a fertile ground for new ventures to flourish.