DOHA: Qatar has secured top rank in the GCC region in the 2018 Global Entrepreneurship Index, showing that the country has created an environment which is conducive for entrepreneurs. In the Index, Qatar is well ahead of its neighbours and many other countries in the Middle East and North Africa (MENA) region.
Qatar has secured 22nd place globally out of the total 137 countries ranked in the Global Entrepreneurship Index compiled by development research and policy agency The Global Entrepreneurship and Development Institute.
The United States was ranked first in the index globally followed by Switzerland, Canada, the United Kingdom and Australia. Other countries which were able to made it to the top 10 club were Denmark, Iceland, Ireland, Sweden and France.
With a score of 55 percent, Qatar has outpaced its neighbours in ranking as well as in the score. The United Arab Emirates was in the 26th place with a score of 53 percent while Oman was in the 33rd spot with a score of 46.9 percent.
Bahrain was ranked 35th with a score of 45.1 percent while Kuwait was on the 39th place with a 42.8 percent. Saudi Arabia was on the last place in the GCC region with a score of 40.2 percent and had to content with 45th rank in the index.
The Global Entrepreneurship Index covers 14 areas (which are referred as pillars in the study) of the entrepreneurship ecosystem. Qatar has performed has well in in the area of ‘high growth’, risk capital’ and ‘cultural support’ in the report. The high rank and score of the country is a result of steps taken by authorities to promote entrepreneurs and encourage new ideas.
“The MENA region shows greatest strength in the areas of Product Innovation and Risk Capital. The region is bringing new products to market and integrating new technology, while also providing the capital to help businesses grow,” said the report by the Institute. “The region’s lowest average scores are in the areas of Competition and Risk Acceptance, as large firms dominate many economies in the region and businesses face higher risks in many MENA countries than in other areas,” noted the report.