Saudi Arabia achieves advanced global rankings in entrepreneurship (GEM Report)
The Kingdom of Saudi Arabia has achieved another global milestone, adding to its impressive record, by securing highly advanced positions in several international entrepreneurship indicators, according to the Global Entrepreneurship Monitor (GEM) report for 2024-2025. This remarkable progress reflects the qualitative leap witnessed in the Kingdom's entrepreneurial environment and the government's ongoing efforts to support its competitiveness, thus solidifying Saudi Arabia's position as one of the most supportive and stimulating economies for entrepreneurs worldwide.
General context: Vision 2030 is the primary driver of transformation
This achievement comes within the context of the comprehensive economic transformation led by Saudi Vision 2030, which aims to diversify income sources and reduce dependence on oil. Developing the small and medium-sized enterprises (SMEs) sector and fostering a culture of entrepreneurship are fundamental pillars for realizing this vision. Over the past years, the Saudi government has launched a package of legislative and regulatory reforms, in addition to substantial support and funding programs, with the goal of creating an environment that nurtures innovation and empowers young men and women to transform their ideas into successful and sustainable projects.
Achievement details: Leadership in finance and business environment
According to the report, the Kingdom topped the list of high-income economies globally in the 2024 Entrepreneurial Finance Index, underscoring the efficiency and strength of its financing environment and the development of support tools available to small and medium-sized enterprises (SMEs). This ranking reflects the ease with which entrepreneurs can access diverse sources of funding, from affordable bank loans to venture capital funds, thus enhancing their ability to grow and expand.
The Kingdom also ranked third globally in the National Entrepreneurship Context Index (NECI), a comprehensive index that measures the quality of the entrepreneurial environment. This advanced ranking places it among the world's leading countries in providing a supportive regulatory and legal infrastructure, enhancing its attractiveness as a preferred destination for entrepreneurial investments from around the world.
Rapid growth and far-reaching impact
The achievements were not limited to qualitative indicators, but also included rapid quantitative growth. The report recorded a huge leap in the “Early-Stage Entrepreneurial Activity Index,” which rose from 12.1% in 2018 to 28.9% in 2024. The “Entrepreneurial Willpower Index” also witnessed a significant increase from 26.8% to 48.5% during the same period, indicating the growing entrepreneurial culture among members of society.
Domestically, this growth is expected to create thousands of quality jobs for young people, stimulate innovation in new economic sectors, and enhance the resilience of the national economy. Regionally and internationally, this success solidifies Saudi Arabia's position as a leading regional hub and a model for economic transformation, attracting more global talent and investment to the region.
