Qatar has achieved a remarkable milestone in the world of entrepreneurship, securing the 5th position globally in the National Entrepreneurship Context Index (NECI), according to the latest GEM – Qatar National Report 2023/2024. This accolade highlights Qatar’s burgeoning entrepreneurial landscape and its significant strides in fostering a dynamic business environment.
Key Highlights from the GEM Qatar National Report
In collaboration with the Global Entrepreneurship Monitor (GEM), Qatar Development Bank (QDB) has unveiled a comprehensive report that sheds light on the country’s entrepreneurial progress. The report is part of a larger global study conducted by Babson College in the USA and London Business School, offering valuable insights into entrepreneurial activities worldwide.
Here’s a snapshot of the major findings:
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Global Ranking: Qatar has climbed to 5th place globally in the NECI, surpassing many other nations. This ranking reflects the country’s robust entrepreneurial environment and supportive business policies.
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Regional Success: Within the MENA region, Qatar is positioned 3rd, underscoring its role as a key player in regional entrepreneurial development.
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Growth Metrics: The report highlights a notable increase in Total Early-Stage Entrepreneurial Activity (TEA), rising from 10.7% to 14.3% year-on-year. This surge indicates a growing enthusiasm for entrepreneurship among Qatar’s population.
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Desirability: An impressive 82.2% of Qatari adults now view entrepreneurship as a desirable career choice, marking the highest percentage in the past five years.
Why Qatar is a Top Destination for Entrepreneurs
Qatar’s ascension in global rankings is no accident. Several factors contribute to its favourable entrepreneurial climate:
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Supportive Ecosystem: Qatar’s entrepreneurial ecosystem benefits from substantial support and resources provided by entities like the Qatar Development Bank. These include funding opportunities, mentorship programmes, and strategic partnerships.
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Social and Environmental Values: The report highlights that Qatari entrepreneurs place a high value on social and environmental concerns. This focus on values not only aligns with global trends but also enriches the entrepreneurial landscape with purpose-driven ventures.
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Infrastructural Development: The country’s ongoing efforts to enhance infrastructure, both physical and digital, provide a solid foundation for new businesses. This includes advancements in technology, transportation, and business facilities.
Insights from QDB CEO Abdulrahman Hesham Al Sowaidi
Abdulrahman Hesham Al Sowaidi, CEO of Qatar Development Bank, commented on the report’s findings:
“The GEM report is a vital tool for understanding the current state and future potential of entrepreneurship in Qatar. It provides crucial data and insights that help shape our policies and initiatives, aiming to enhance the local entrepreneurial ecosystem further.”
According to Al Sowaidi, Qatar’s score of 5.9 in the NECI is well above the global average of 4.7. This score reflects Qatar’s commitment to improving its entrepreneurial environment in alignment with the Third Qatar National Development Strategy.
The Path Forward for Qatari Entrepreneurship
The positive trends highlighted in the GEM report suggest a bright future for entrepreneurship in Qatar. Here’s what to expect moving forward:
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Increased Employment Opportunities: As entrepreneurial activities grow, they are expected to create more job opportunities, driving economic development and innovation.
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International Market Expansion: Qatari businesses are poised for significant expansion into international markets, further enhancing the country’s global business footprint.
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Ongoing Development: The continuous support from QDB and other institutions will play a crucial role in sustaining and accelerating entrepreneurial growth. This includes improving access to funding, enhancing business infrastructure, and fostering a culture of innovation.
Conclusion
Qatar’s achievement of being ranked 5th globally for entrepreneurship is a testament to its thriving business environment and strategic initiatives. With a supportive ecosystem, high desirability for entrepreneurship, and a focus on social values, Qatar is well-positioned to continue its ascent as a leading hub for innovation and enterprise.
The GEM – Qatar National Report 2023/2024 not only showcases Qatar’s progress but also sets a benchmark for future developments in the entrepreneurial sector.
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