Qatar ranked fifth ‘most entrepreneurship-friendly country’ globally
The Qatar Development Bank (QDB), in collaboration with Global Entrepreneurship Monitor (GEM), launched the GEM–Qatar National Report 2023-24.
The annual study was produced in collaboration with the Global Entrepreneurship Monitor — a global consortium of researchers led by Babson College in the USA and the London Business School.
It provides valuable insights and comparative data with other countries in the region and around the world.
The report reflected significant growth in entrepreneurial activity in Qatar, with an increase in Total Early-Stage Entrepreneurial Activity (TEA) and a rise in the Established Business Ownership rate (EBO), particularly in the consumer services sector.
The report highlighted numerous achievements within Qatar’s entrepreneurial ecosystem, where the country ranked third in Middle East and North Africa (MENA) region and fifth globally in the National Entrepreneurship Context Index (NECI).
Qatar also ranked third regionally in terms of the importance of social and environmental values, with the report noting that Qatari entrepreneurs consider these values particularly important in decision-making processes.
Additionally, the report predicted substantial growth in entrepreneurship in employment and international market exports, signalling a promising future for entrepreneurship in Qatar.
The TEA increased to 14.3%, compared to 10.7% in the previous year, reflecting a growing interest in entrepreneurship within Qatari society.
Notably, 82.2% of adults participating in the study in Qatar view entrepreneurship as a desirable career choice, the highest percentage recorded in the past five years.
QDB CEO Abdulrahman Hesham Al Sowaidi, said the key findings of the report were eye opening.
“The GEM report is an essential resource for understanding the dynamics of entrepreneurship in Qatar, including its achievements and challenges. The data and analyses provided in this report assist in formulating policies and strategies that support the local entrepreneurial ecosystem,” he said.
“This year, we’ve seen Qatar achieve a score of 5.9 in the National Entrepreneurship Context Index, surpassing the global average of 4.7, placing it fifth globally and third in the MENA region. This progress motivates us to further develop initiatives and programmes in line with the Third Qatar National Development Strategy’s outcomes and improve Qatar’s regional and regional entrepreneurial environment ranking,” added the top official.
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Overall, the GEM–Qatar National Report 2023-24 is a vital resource for understanding the nuances of entrepreneurship in Qatar, offering data-driven insights that can guide the development of a more vibrant and inclusive entrepreneurial ecosystem.