A vast majority of working professionals (71%) in MENA prefer to be self-employed, citing “personal fulfilment” (58%) and “freedom to choose work-life balance” (41%) as the primary reasons for this preference, according to the “Entrepreneurship in the MENA” report published by leading job-site Bayt.com and online market research firm YouGov.
On the other hand, less than a quarter of respondents (23%) said that they would prefer to seek employment in a company, as opposed to setting up their own business. The main reason for this decision is the security of a “regular income” (44%), followed by the interest in “learning new skills” (41%), “employment stability” (35%), “benefits and perks” (31%), and “fixed working hours” (28%). For 28% of MENA professionals “lack of finances to start their own business” was the main reason they chose to seek employment in a company rather than set up their own business.
“Entrepreneurship has been a proven driver of both economic activity and innovation across the MENA region, which is why governments should take note of the fact that laws and regulations with regards to starting a business are amongst the top concerns for entrepreneurs in the region,” said Mr Suhail Masri, VP of Employer Solutions, Bayt.com.
“Despite many challenges, entrepreneurship is fast emerging as a transformational megatrend in the Middle East providing both a personal sense of fulfilment and the ability to be your own boss. It also plays a vital role in the economic development as a key contributor to innovation and new job opportunities. There is a long way to go to reach a mature entrepreneurial landscape in the Middle East, but the opportunities are sufficiently large and with better support from the government it will further accelerate the trend,” said Ms Arleen Gonsalves, Associate Research Manager at YouGov said.
Data for the report was collected online from 30 May to 24 July 2016, with 715 respondents from the UAE, Saudi Arabia, Kuwait, Qatar, Oman, Bahrain, Lebanon, Syria, Jordan, Algeria, Egypt, Morocco and Tunisia.