Dubai: Saudi Arabia ranked first worldwide in the response of government and 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, local media reported.
The report was issued in cooperation with Prince Mohammad Bin Salman College of Business and Entrepreneurship (MBSC) and Babson Global Center for Entrepreneurial Leadership (BGCEL).
According to GEM’s report, the Kingdom has jumped to first place worldwide in 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 first in terms of providing good opportunities to start a business.
Saudi Arabia has jumped from 35th place to second in the physical infrastructure index due to easy access to many services such as office space, 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.”