RIYADH: Saudi Arabia ranked first worldwide in the response of government as well as of entrepreneurs to the COVID-19 pandemic, according to the Global Entrepreneurship Monitor (GEM) report for 2020-2021.
The Kingdom also ranked 7th in entrepreneurial progress worldwide.
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).
This achievement reflects the tremendous impact of the Kingdom’s Vision 2030 on small and medium enterprises (SMEs) and entrepreneurs, Al Arabiya reported citing Governor of the Small and Medium Enterprises General Authority (Monshaat), Saleh Al-Rasheed.
He added that the vision provided an ideal business environment characterized by flexibility and the ability to face challenges.
Saudi Arabia has jumped to first place worldwide at 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.
The Kingdom jumped to third place from its 19th position due to the increase of financing opportunities of all kinds for emerging companies in the local market.
Saudi Arabia has jumped from 35th place to second in the physical infrastructure index due to easy access to many services such as office spaces, 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.
Saudi Arabia’s Monshaat is the first center in the Kingdom to support SMEs.