RIYADH — Small & Medium Enterprises General Authority (Monshaat) announced that Saudi Arabia has advanced 10 places on the Global Entrepreneurship Index (GEI) to reach 7th place in 2020 after it was ranked 17th the year before, according to the Global Entrepreneurship Monitor's report for 2020/2021, prepared by Babson College in cooperation with London Business School, it was reported on Thursday.

The GEI is mainly based on measuring the average of countries ’results in 12 factors within the framework of the entrepreneurship system, namely: the financial environment related to entrepreneurship, priorities, and support for government legislation, bureaucracy and taxes in government legislation, government entrepreneurship programs and entrepreneurship in educational levels.

These factors include entrepreneurship in higher education stages, transfer of research and development, access to commercial infrastructure, local market dynamics, obstacles to accessing the domestic market, public infrastructure, and access to services, culture, and community support. — SG