Oman has secured a prestigious position among the top ten countries in the Middle East and North Africa (MENA) region for attracting talented entrepreneurs and establishing startups at affordable costs, backed by ample investment capital. This recognition comes from the Global Startup Ecosystem Report 2023, recently published by the Startup Genome Foundation, a US-based research and advisory firm specializing in innovation policy.
According to the report, Oman also ranks among the top 15 countries in MENA for the development and efficiency of startup ecosystems. The collective market value of Omani startups has exceeded $300 million, a clear indicator of the growth potential within 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 projected to experience significant growth by 2025, according to the report’s findings.
The efforts and initiatives undertaken by both public and private institutions in Oman to promote startup ecosystems have been recognized in the report. It states, “Oman is 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.”
In response to the impact of the COVID-19 pandemic, Oman launched a three-year program aimed at nurturing and developing the financial sector to facilitate economic recovery. The report also acknowledges that Muscat was designated the Arab Digital Capital in 2022, solidifying its status as a hub for digital innovation and enterprise.
The importance of including homegrown startups in the global startup ecosystem report is emphasized in the report, as it provides an opportunity to enhance the competitiveness and global recognition of Omani startups. This alignment with international trends and strategies fosters and motivates entrepreneurial ventures.
These positive indicators reflect the collaborative efforts, partnerships, and integrated approach among government institutions in advancing Oman’s startup sector, according to the Oman News Agency (ONA). Notable achievements include the launch of the Promising Omani Startups Program under the patronage of H.H. Sayyid Bilarab bin Haitham Al Said.
Oman’s thriving startup ecosystem is poised for further growth and success, as it continues to attract entrepreneurs, foster innovation, and build a vibrant knowledge-based economy in line with its long-term vision.