Small and Medium Enterprises General Authority (Monshaat) announced on Thursday that Saudi Arabia has advanced ten places in the Global Entrepreneurship Index (GEI), to place 7th in 2020.
The Saudi Arabia's new advanced ranking comes after it was ranked 17th the year before, according to the Global Entrepreneurship Monitor's report for 2020/2021, prepared by Babson College in cooperation with London Business School.
The GEI is mainly based on measuring the average of countries 'results in 12 factors within the framework of the entrepreneurship system, namely: the financial environment related to entrepreneurship, priorities and support for government legislation, bureaucracy and taxes in government legislation, government entrepreneurship programs and entrepreneurship in educational levels.
These factors include entrepreneurship in higher education stages, transfer of research and development, access to commercial infrastructure, local market dynamics, obstacles to accessing domestic market, public infrastructure and access to services, culture and community support.
