DUBAI: Saudi Arabia up 10 places on a global index for entrepreneurship as the kingdom seeks to encourage startups.
According to the Global Entrepreneurship Monitor 2020/2021 report, which found the kingdom ranked 41st in 2018, it ranked 7th overall at the end of last year, Al Arabiya reported.
In Saudi Arabia, significant strides have been made in encouraging new businesses to flee over the past three years.
The Entrepreneurial Status Index is primarily based on measuring the average scores across countries across 12 main measures of entrepreneurship.
The Saudi economy is undergoing massive economic reforms, led by the Saudi Vision 2030 transformation strategy.
Much of this plan focuses on strengthening the kingdom’s startup ecosystem with supportive legal frameworks and local venture funds.
It has resulted in a spate of new startups in recent years, some of which have been featured by Arab News.
These include Mine Bags, which people can use to change the look of items by switching between different brooches and straps, and Vegan Street – the Jeddah restaurant founded by three young Saudis that was the first Saudi restaurant to be owned by BeVeg , the world’s leading vegan certification company.
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