Riyadh - Sharikat Mubasher: Saudi Arabia achieved third place among 49 economies on the National Entrepreneurship Context Index (NECI), following the UAE and India, recent figures showed.

The '2023/2024 Global Report' released by the Global Entrepreneurship Monitor (GEM) stated that Saudi Arabia scored 6.3 points in 2022 and 2023, up from 5 points in 2019.

This increase was due to Saudi Arabia’s heavy investments in the entrepreneurial environment. Additionally, it reflects the very high awareness of entrepreneurship and high levels of new and increasing levels of established businesses in the Kingdom.

The GEM 2023 report observed 49 economies and classified them into three groups: Level A, Level B, and Level C.

Level A group comprised economies with a gross domestic product (GDP) per capita of more than $50,000, including Saudi Arabia, the UAE, Qatar, and others.

Saudi Arabia led the Level A group in terms of early-stage entrepreneurial activity.

According to the report, Saudi Arabia has a high-quality entrepreneurial environment, with all 13 Entrepreneurial Framework Conditions (EFCs) assessed as more than sufficient in 2023.

Moreover, the Kingdom had the highest proportion of adults knowing an entrepreneur, agreeing it is easy to start a business, seeing good opportunities, and viewing themselves as having the knowledge, skills, and experience to start a business.