Saudi Arabia's Entrepreneurial Intent Reaches Record High, GEM Report Shows

KSA, 7 November, 2024 : Riyadh, Saudi Arabia the Biban24 Forum, organized by the Small and Medium Enterprises General Authority (Monsha'at) in Riyadh, the Prince Mohammed Bin Salman College of Business and Entrepreneurship (MBSC) and Babson Global launched the 2024 National GEM Report, showcasing Saudi Arabia’s growing entrepreneurial landscape.

The report reveals that 42% of adults in Saudi Arabia plan to start their own businesses within the next three years, the highest entrepreneurial intent in eight years. The number of early-stage businesses rose by one-third, while Established Business Ownership increased by 40% to nearly 14%. Women entrepreneurs and startups prioritizing social and environmental impact are also highlighted as key contributors to the ecosystem’s strength, aligning with Saudi Vision 2030’s sustainability goals.

However, fear of failure remains a challenge, with 57% of potential entrepreneurs citing it as a barrier, despite 93% seeing ample opportunities. MBSC Dean Dr. Zeger Degraeve noted that the findings underscore the Kingdom’s supportive environment for SMEs, while GEM team lead Professor Muhammad Azam Roomi emphasized the report’s role in promoting economic diversification.

The GEM report, launched at Biban24, aims to offer insights for investors and decision-makers, boosting emerging businesses and enhancing Saudi Arabia’s investment climate.

Source : www.zawya.com