The report was created in collaboration with the Prince Muhammad Bin Salman College of Business and Entrepreneurship (MBSC) and the Babson Global Center for Entrepreneurial Leadership (Babson) (BGCEL).

In response to the study, Saleh Bin Ibrahim Al-Rasheed, Governor of the Small and Medium Firms General Authority (Monsha'at), stated that the achievement illustrates the significant influence of the Kingdom's Vision 2030 on small and medium enterprises and entrepreneurs.

He went on to say that the vision generated an ideal corporate climate marked by adaptability and the ability to overcome problems.

As per GEM's research, the Kingdom has risen from 22nd to first place globally inside the ease of launching a company ranking. This increase reflects critical changes in the entrepreneurial environment to business start-up operations. In addition, the Kingdom scored top in terms of providing good business possibilities.

The Kingdom went from 19th to third place owing to a rise in funding possibilities for growing enterprises in the local market.

Due to the easy access to numerous services like office spaces, commercial sites, the Internet, and public services, Saudi Arabia has risen from 35th to the second position in the physical infrastructure ranking. The Kingdom surged to the third position within the measure of market entrance ease after ranking 13th the previous year.

The Kingdom ranked fourth and in ease of admission into the market index, up from 18th, reflecting a qualitative change in government policies and legislation that contribute to overcoming difficulties for entrepreneurs whilst also retaining second place in the measure of "ownership of knowledge and personal skills to start a business."

It is important to notice that Monsha works hard to meet all of the demands of small and medium-sized businesses and entrepreneurs to establish a favorable atmosphere that motivates entrepreneurs to establish and grow their businesses.