Entrepreneurship in the Sultanate of Oman is achieving an excellent growth rate

Pioneer Investors – The annual report of “Global Entrepreneurship Monitor 2021” issued by the Center for Entrepreneurship at the University of Nizwa and in cooperation with the Small and Medium Enterprises Development Authority, reviewed the most important and most prominent achieved indicators in the field of entrepreneurship in the Sultanate of Oman in terms of the requirements of entrepreneurs, characteristics, motivations and level of social values ​​towards entrepreneurship In the Sultanate during the years 2020-2021 AD; in addition to results achieved by the indicators of entrepreneurship in the pandemic of the Covid-19 pandemic.

The report emphasized on development of the future of entrepreneurship in the Sultanate of Oman and the results are benefiting from the means of support that entrepreneurs enjoy to set up their projects in many different economic fields.

The report, in which some experts, specialists, academics, and researchers participated, recommended the importance of the governmental support for providing special policies to support and develop new businesses, and focus on high-growth entrepreneurs to build a generation of entrepreneurs in order to contribute to the country’s economic system.

It also recommended strengthening the role of small and medium enterprises in investing in the non-oil sectors that would keep pace with the aspirations of the “Oman Vision 2040”, especially in the fields of investment, food security, tourism, logistics, manufacturing industries, production and service institutions, and supporting the transformation of the fields of entrepreneurial projects from projects concerned with investment in the consumer and production fields.

The report indicated that the total entrepreneurship in its early stages (total entrepreneurial activity) increased more than twice in 2020 compared to 2019, growing from 6.7% to 16%, which is the highest proportion of the rise among all economies participating in the Global Monitor for Entrepreneurship and Business Owners List respectively.

The total entrepreneurship activity and its components grew from 7% in 2019 to 16.3% in 2020 under the pandemic conditions, which represents an increase of about 9.3%. This increase reflects the effective and positive policies pursued by the government to encourage entrepreneurs and the measures it has taken to mitigate the effects of the Covid-19 pandemic.