Small & Medium Enterprises General Authority (Monshaat) announced that the Kingdom of Saudi Arabia has advanced ten places on the Global Entrepreneurship Index (GEI), to reach the 7th place in 2020 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.