The Kingdom of Saudi Arabia ranked first worldwide in the government response to the Novel Coronavirus (COVID-19) and entrepreneurs response to COVID-19, while ranked 7th in entrepreneurial progress globally, according to the Global Entrepreneurship Monitor (GEM) report for 2020/2021. The report was issued in cooperation with Prince Mohammed bin Salman College of Business and Entrepreneurship (MBSC) and Babson Global Center for Entrepreneurial Leadership (BGCEL).
Governor of the Small and Medium Enterprises General Authority (Monsha'at) Eng. Saleh Bin Ibrahim Al-Rasheed affirmed that this achievement reflects the tremendous impact of the Kingdom's Vision 2030 on small and medium enterprises and entrepreneurs. He added that the vision provided an ideal business environment characterized by flexibility and the ability to face challenges.
According to GEM's report, the Kingdom has jumped to 1st place worldwide at the ease of starting-up business index after it was ranked 22nd. This jump reflects the essential reforms in the entrepreneurship environment to business start-up procedures. Also, the Kingdom ranked 1st at good opportunities to start a business in my area index after it was ranked in 6th.
After it was ranked 19t in the financial leadership index, the Kingdom jumped to 3rd place due to the increase of financing opportunities of all kinds for emerging companies in the local market.
The Kingdom has jumped from 35th place to the 2nd 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 3rd place after it was 13th.
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."
It is worth noting that Monsha'at works very hard to provide all needs for small and medium enterprises and entrepreneurs to create a promising environment that encourages entrepreneurship to start and prosper their business.