A new report reveals that almost 70% (69.2%) of people in Saudi Arabia (KSA) believe that starting a new business correlates with a higher level of social status.
It also reveals the proportion of the population believing they have the skills, knowledge and experience to pursue entrepreneurship has increased by over 1% (1.1%) since the previous report.
The Global Entrepreneurship Monitor (GEM) Kingdom of Saudi Arabia Report 2017 – 18 tracked entrepreneurship, including assessing characteristics, motivations and ambitions of the region’s entrepreneurs, and reviewing the nation’s ecosystem of entrepreneurship support.
According to GEM, the average Saudi entrepreneur is aged 37 (up from an average age of 31 in 2009-10), with a university degree, and working full-time. Their annual income is on average substantially lower than in 2009-10.
The report noted that the most visible impact of entrepreneurship had been within the tourism and hospitality sectors, supported by government efforts. It concludes that business and academia need to find new and innovative ways to help business, not only start, but to maintain and develop to continue this impact.
Access the full report on the GEM website.