Qatar Development Bank (QDB) has recently released the GEM – Qatar National Report 2023/2024 in partnership with the Global Entrepreneurship Monitor (GEM). This annual study, conducted in collaboration with Babson College and London Business School, offers valuable insights and comparative data on entrepreneurial activity in Qatar compared to other countries. The report reveals a significant increase in Total Early-Stage Entrepreneurial Activity (TEA) and Established Business Ownership rate (EBO) in the consumer services sector, indicating growth in entrepreneurship within Qatar.
The report also highlights Qatar’s achievements in the entrepreneurial ecosystem, with the country ranking 3rd in the MENA region and 5th globally in the National Entrepreneurship Context Index (NECI). Qatar is noted to place 3rd regionally for the importance of social and environmental values in decision-making processes. These findings suggest a positive outlook for entrepreneurship in Qatar, with anticipated growth in employment and international market exports.
A notable increase in TEA to 14.3 percent, up from 10.7 percent the previous year, reflects a growing interest in entrepreneurship among Qataris. The report also shows that 82.2 percent of adults in Qatar view entrepreneurship as a desirable career choice, the highest percentage recorded in the past five years. QDB CEO Abdulrahman Hesham Al Sowaidi emphasizes the significance of the GEM report in understanding entrepreneurship dynamics, informing policies, and supporting the local entrepreneurial ecosystem.
Qatar’s score of 5.9 in the National Entrepreneurship Context Index surpasses the global average of 4.7, positioning it 5th globally and 3rd in the Middle East and North Africa. This achievement motivates QDB to enhance initiatives and programs in alignment with the Third Qatar National Development Strategy, aiming to improve Qatar’s entrepreneurial environment ranking regionally and globally. The report’s findings serve as a guide for future strategies and developments to further boost entrepreneurship in Qatar.
Overall, the GEM – Qatar National Report 2023/2024 highlights the growth and potential of entrepreneurship in Qatar, showcasing the country’s achievements and challenges in the field. With a positive outlook for future growth in employment and international market exports, Qatar’s entrepreneurial ecosystem is positioned for further development and success. The report’s insights provide valuable information for policymakers and stakeholders to support and strengthen the local entrepreneurial environment, contributing to Qatar’s regional and global standing in entrepreneurship.
