Qatar Development Bank (QDB) has announced the Global Entrepreneurship Monitor (GEM) Qatar Report 2023/2024, a major annual study presented in collaboration between the Global Entrepreneurship Monitor (GEM) Global Consortium led by Babson College in the US and London Business School. The report includes valuable insights and comparative data with other countries in the region and the world.
The report’s findings reflected a significant growth in entrepreneurial activity in Qatar through the growth in the rate of early-stage entrepreneurial activity, the growth in the ownership rate of existing companies, and the concentration of activity of companies operating in the services sector. The report also pointed to many achievements of the Qatari entrepreneurship system, as Qatar ranked third in the Middle East and North Africa region and fifth globally in the local entrepreneurship environment index.
Qatar also ranked third in the region in terms of business owners’ interest in social and environmental values, and the report indicated that Qatari entrepreneurs are interested in these values, especially when making decisions. The report also expected a significant expansion in the field of entrepreneurship in employment and export to international markets, which reflects a promising future for entrepreneurship in Qatar.
Total early-stage entrepreneurial activity increased to 14.3% compared to 10.7% in the previous year, reflecting the growing interest of Qatari society in entrepreneurship. This is confirmed by the fact that 82.2% of the population participating in the survey see entrepreneurship as a good career choice, the highest percentage achieved in the past five years.
Commenting on the most important points of the report, Mr. Abdulrahman bin Hisham Al Suwaidi, CEO of Qatar Development Bank, said: “The Global Entrepreneurship Monitor report represents an important source for understanding the variables of entrepreneurship in Qatar, including achievements and challenges. The data and analysis provided by this report help in formulating policies and strategies that support the local entrepreneurship system.
He added, “This year, we saw the State of Qatar achieve a score of 5.9 in the local entrepreneurship environment index, exceeding the global average of 4.7, thus reaching fifth place globally and third in the Middle East and North Africa region. This progress represents an incentive for us to develop our initiatives and programs in line with the objectives of the third national strategy and to keep pace with the development of the national entrepreneurship environment ranking regionally and globally.”
Qatar Development Bank provides access to this report to provide accurate data and detailed analysis to support entrepreneurs and enhance their understanding of the challenges and opportunities in the Qatari and international markets. The report provides a comprehensive analysis of entrepreneurial activities, attitudes and aspirations, and is an essential resource for researchers and entrepreneurs who aim to enhance their understanding of entrepreneurship on a global scale.
Qatar Development Bank (QDB), formerly known as Qatar Industrial Development Bank (QIDB), was established in 1997 by Emiri Decree No. 14 as a development institution with the primary objective of promoting industrial development and driving economic diversification in the private sector. Over the past two decades, QDB has achieved many notable successes to become the main support arm for the private sector in the State of Qatar, and a strong catalyst for social and economic development through three pillars: access to finance, access to markets, and access to capacity development.
The integrated support system provided by Qatar Development Bank includes various financing plans and advisory services including marketing, legal advice, guidance and development, grants and accreditation, and capacity building platforms, which has helped Qatar Development Bank to become a pivotal partner in the growth journey of small and medium-sized enterprises from idea to export, meeting their aspirations at every stage in order to compete at the national and international levels, while improving the economic development cycle and contributing to achieving Qatar National Vision 2030.