Wednesday, May 29, 2024
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Muscat – The sultanate has secured a spot among the top ten countries in the Middle East and North Africa region for attracting talented entrepreneurs to establish startups at affordable costs, supported by abundant investment capital.

This recognition comes from the Global Startup Ecosystem Report 2023, published by Startup Genome Foundation, a US-based research and advisory firm focused on innovation policy. According to the report, Oman also ranks among the top 15 countries in MENA for the development and efficiency of start-up ecosystems. The collective market value of Omani startups exceeds US$300mn, indicating the growth potential in the country’s entrepreneurial landscape.

The report highlights three key sectors that offer promising opportunities for startups: e-commerce, clean energy technologies and financial technologies. These sectors are expected to experience significant growth by 2025, the report stated. The report recognises the efforts and initiatives undertaken by both public and private institutions in Oman to promote startup ecosystems.

‘Oman is also actively building an innovation community as it sets out a vision for a more diverse, knowledge-based economy, as outlined in the Oman 2040 initiative,’ the report stated. To facilitate economic recovery from the impact of the COVID-19 pandemic, Oman initiated a three-year programme aimed at nurturing and developing the financial sector. ‘Muscat was designated Arab Digital Capital in 2022, consolidating its status as a hub for digital innovation and enterprise,’ it further said. The report emphasises the importance of including homegrown startups in the global startup ecosystem report. This inclusion provides an opportunity to enhance the competitiveness and global recognition of Omani startups by aligning with international trends and strategies that foster and motivate entrepreneurial ventures.

These positive indicators reflect the collaborative efforts, partnerships and integrated approach among government institutions in advancing Oman’s startup sector, ONA stated. Notable achievements include the launch of the Promising Omani Startups Programme under H H Sayyid Bilarab bin Haitham al Said.

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