Doha, Qatar: In collaboration with the Global Entrepreneurship Monitor (GEM), QDB has launched the GEM – Qatar National Report 2023/2024. This annual study, produced in collaboration with the Global Consortium of Global Entrepreneurship Monitor, led by Babson College in the USA and London Business School, provides valuable insights and comparative data with other countries in the region and around the world.

The report reflects significant growth in entrepreneurial activity in Qatar, with an increase in Total Early-Stage Entrepreneurial Activity (TEA) and a rise in the Established Business Ownership Rate (EBO), particularly in the consumer services sector. The report highlights numerous achievements within Qatar’s entrepreneurial ecosystem, where the country ranked 3rd in MENA region and 5th globally in National Entrepreneurship Context Index (NECI).

Qatar also ranked 3rd regionally in terms of Importance of social and environmental values, with the report noting that Qatari entrepreneurs consider these values particularly important in decision-making processes. Additionally, the report predicts substantial growth in the field of entrepreneurship in employment and international market exports, signaling a promising future for entrepreneurship in Qatar.

The Total Early-Stage Entrepreneurial Activity (TEA) increased to 14.3%, compared to 10.7% in the previous year, reflecting a growing interest in entrepreneurship within Qatari society. Notably, 82.2% of the adults participating in the study in Qatar, view entrepreneurship as desirable career choice, the highest percentage recorded in the past five years.

Commenting on the key findings of the report, QDB CEO Mr. Abdulrahman Hesham Al Sowaidi said: "The GEM report is an essential resource for understanding the dynamics of entrepreneurship in Qatar, including its achievements and challenges. The data and analyses provided in this report assist in formulating policies and strategies that support the local entrepreneurial ecosystem. This year, we have seen Qatar achieve a score of 5.9 in the National Entrepreneurship Context Index, surpassing the global average of 4.7, placing it 5th globally and 3rd in the Middle East and North Africa. This progress motivates us to further develop our initiatives and programs in line with the outcomes of the Third Qatar National Development Strategy and improving Qatar's entrepreneurial environment ranking regionally and globally."

QDB provides access to this report to deliver accurate data and detailed analyses to support entrepreneurs and enhance their understanding of the challenges and opportunities in the Qatari and international markets. The report offers a comprehensive analysis of entrepreneurial activities, attitudes, and aspirations, serving as a vital resource for researchers and entrepreneurs aiming to deepen their understanding of entrepreneurship on a global scale. Interested parties can access the report through the QDB website at the following link.

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About Qatar Development Bank:

Qatar Development Bank (QDB), previously known as Qatar Industrial Development Bank, was established in Qatar in 1997 by Emiri Decree No. 14 as a developmental organization with the primary objective of fueling industrial growth and driving the private sector’s economic diversification. Over two decades of transformation, QDB has reinvented itself to become the main supporting arm for Qatar’s private sector and a powerful catalyst for socio-economic development through three access-based pillars to SME and private-enterprise support: Access to Finance, Access to Markets, and Access to Capability.

The Bank’s whole-journey support system covers various financing schemes and consultation services that include marketing, legal advice, booking, mentoring and development, grants and accreditation, and capacity-building platforms. This has allowed QDB to become the SME’s growth partner from ideation to fruition, meeting their aspirations at every stage in order to compete at the national and global levels, while improving the economic development cycle and bringing the country closer to realizing its national vision for 2030.

Today, the Bank and its subsidiaries are building on Qatar’s rich legacy of socio-economic achievements by taking a brave leap into the future and focusing on the digital transformation of the country’s SME and business ecosystems to usher entrepreneurs and SMEs into the new economy, embrace emerging opportunities, and steadily transform QDB into a digital bank of the future and a lighthouse that leads the way for financial and developmental institutions across the region and beyond. For more information, please visit www.qdb.qa