Keep abreast of the latest news
Mar 31, 2024
The UAE has been named the best country in the world for fostering entrepreneurship by the 2023–2024 Global Entrepreneurship Monitor Report. Following close behind, Saudi Arabia was considered to be the country with the third best entrepreneurial environment.
The Global Entrepreneurship Monitor Report is a highly-regarded review of countries’ entrepreneurial opportunities, efforts, and overall climate. The report considers social, cultural, political and economic factors that impact entrepreneurs, and is respected by entities such as the World Bank, the International Monetary Fund, and various United Nations organisations.
A few factors that allowed the UAE to secure its ranking as the country with the best environment for entrepreneurship included its physical infrastructure and the incorporation of entrepreneurial education into schools, with an emphasis on teaching critical thinking, problem solving, opportunity recognition, and risk assessment. The UAE’s National Entrepreneurship Context Index score was 7.7, the highest score in the Global Entrepreneurship Monitor Report’s history.
This report stated that Saudi Arabia’s ability to secure third place on this list was due to its broader efforts to diversify its economy as well as its initiatives to encourage female entrepreneurs; for every ten men who started a business in 2023, there were eight women who did the same. Proportionally, Saudi Arabia has the highest number of adults who know an entrepreneur, believe starting a business is a feasible endeavour, and recognise good business opportunities. While these factors boosted Saudi Arabia’s National Entrepreneurship Context Index score from 2019’s 5.0 to 2023’s 6.3, the fear Saudi entrepreneurs feel towards failure remains an area for growth.
Source: www.scenenow.com
IsDB and Tunisia sign $60mln financing agreement
Of the amount, $50mln will be dedicated to supporting small and medium-sized enterprises
ITFC, Saudi EXIM sign agreement on $25mln financing for Egypt's Banque du Caire
The agreement aims to support export opportunities and enable Saudi small and medium enterprises to expand their business in Egypt
Dubai SME rolls out financial assistance for businesses affected by exceptional weather conditions
Dubai will provide financial assistance through new interest-free loans
Iraq and Turkey sign 26 cooperation deals
The deals cover investment, SMEs and power
Saudi fund to give RO25mn for development of SMEs in Oman
The agreement was facilitated by the Oman-Saudi Joint Committee for the management of a programme to support SMEs
Saudi Aramco Expands Saudi Accelerated Innovation Laboratory in Riyadh
Two new centres in Riyadh, completed in late 2025 and mid-2026, will provide hubs for domestic tech innovation.
Saudi Startups Received $198 Million in March 2024
The United Arab Emirates received the second most funding in the MENA region last March with $39 million raised across 12 deals.
MSMEDA, Kredit seal $2.1mln deal to finance SMEs
Both sides have also inked a contract worth EGP 50 million, which is the first tranche of the abovementioned financing
OIA firms spent $524.7mln on SMEs in 2023
OIA also released the second edition of its mandatory list, expanding it to include over 100 additional local products and services
MSMEDA injects over $1.06bln in less than 10 years
A significant portion of this funding, 47%, was directed to Upper Egypt’s governorates, reflecting their financial needs and developmental priorities