In the last five years, entrepreneurship in the Middle East and North Africa (MENA) region has grown substantially, with 46% of employees ready to start a business. This interest is especially prevalent in Lebanon (46%), Egypt (54%), and Algeria (57%), according to the Entrepreneurship in the Middle East and North Africa 2024 survey conducted by Bayt.com and YouGov.

Primary motivations for exploring self-employment or entrepreneurship include personal fulfillment, better work-life balance, higher income, and the ability to give back to the community.

A substantial 45% of current entrepreneurs embarked on business ventures within the last five years, showcasing a surge in entrepreneurial activities. However, they face challenges like underperformance and the hurdles of being at the start-up stage. 

The region has strong entrepreneurial ambition, with 63% planning to hire in the next year. This implies optimism about business growth, despite 55% acknowledging the difficulty of starting a business in their country due to restrictive laws and regulations.

Nearly half of the respondents (48%) believe the government could better support budding entrepreneurs by simplifying these laws.

Ola Haddad, General Manager at Bayt.com, said, “The entrepreneurial spirit is redefining the future of work in the Mena. With nearly half of the region’s entrepreneurs embarking on their business journeys in just the last five years, and over 60% poised to expand their teams, we’re witnessing an era where the pursuit of personal fulfillment, community contribution, and work-life balance is not just a dream, but a tangible goal.”

“This wave of entrepreneurial optimism, against the backdrop of seeking more autonomy and meaningful impact, is a testament to a resilience that promises to reshape economies and lives across the region,” added Haddad. The entrepreneurial spirit and drive will remain strong in the region, with 63% planning to hire in the next year.