Doha – Al-Raya: 2:00 AM, Thursday, August 15, 2024
Qatar Development Bank has announced its report for Qatar for the year 2023/2024, which is an important annual study prepared in collaboration with the Global Entrepreneurship Monitor led by Babson College in the US and the London Business School. The report provides valuable insights and comparative data with other countries in the region and around the world.
The report reflects significant growth in entrepreneurial activity in Qatar, including an increase in early-stage entrepreneurial activity and the ownership rate of existing businesses, with a focus on the services sector. The report also highlighted several achievements in Qatar's entrepreneurship ecosystem, with Qatar ranking third in the Middle East and North Africa region and fifth globally in the Local Entrepreneurship Environment Index.
Qatar also ranked third in the region in terms of business owners' focus on social and environmental values. The report indicated that Qatari entrepreneurs are particularly concerned with these values when making decisions. The report also predicted significant expansion in entrepreneurship in employment and export to international markets, indicating a promising future for entrepreneurship in Qatar.
Early-stage entrepreneurial activity increased to 14.3% compared to 10.7% in the previous year, reflecting a growing interest in entrepreneurship within Qatari society. It is also noted that 82.2% of the survey participants view entrepreneurship as a good career option, the highest percentage achieved in the past five years.
The CEO of Qatar Development Bank, Mr. Abdul Rahman bin Hisham Al-Suwaidi, commented on the key findings of the report, saying: "The Global Entrepreneurship Monitor report is an important source for understanding the dynamics of entrepreneurship in Qatar, including achievements and challenges. The data and analyses provided by this report help in shaping policies and strategies that support the local entrepreneurship ecosystem. This year, Qatar achieved a score of 5.9 in the Local Entrepreneurship Environment Index, surpassing the global average of 4.7, placing it fifth globally and third in the Middle East and North Africa region. This progress serves as a motivation for us to develop our initiatives and programs in alignment with the goals of the third national strategy and to keep pace with the development of the national entrepreneurship environment both regionally and globally."