Amid the landmark inaugural Web Summit Qatar, Abdulrahman bin Hisham Al-Suwaidi, CEO of Qatar Development Bank (QDB), announced a significant expansion of the “Start from Qatar” investment program, signaling the nation’s deepening commitment to fostering a vibrant startup ecosystem. The initiative is set to grow both quantitativly and qualitatively in the coming years, reinforcing Qatar’s position as an emerging hub for promising tech companies.
The announcement came as Web Summit Qatar hosted nearly 1,600 startups, with a strong focus on modern technology and artificial intelligence. Al-Suwaidi highlighted the successful localization of many international startups in Qatar since the summit was first announced.
A Multi-Billion Dollar Ecosystem Push
In his address, Al-Suwaidi emphasized the strategic announcements made by Prime Minister and Minister of Foreign Affairs, H.E. Sheikh Mohammed bin Abdulrahman bin Jassim Al Thani. A key development is the expansion of the Qatar Investment Authority’s fund of funds program, which will receive an additional $2 billion, bringing its total capital to $3 billion (approximately QAR 11 billion).
“This is a strategic step that will increasingly contribute to the localization of investment funds,” Al-Suwaidi stated. He added that the decision will “mature the venture capital sector, effectively encouraging companies and projects to establish and expand in Qatar by leveraging the country’s integrated business ecosystem.”
Start from Qatar Program Gains Momentum
Led by QDB, the “Start from Qatar” investment program is set for a major scale-up, with its target portfolio projected to reach QAR 1 billion in the future. The program has already demonstrated significant success in attracting global talent and innovation.
“We have succeeded at Qatar Development Bank in making quality investments in promising startups globally,” said Al-Suwaidi. To date, the program has deployed approximately QAR 150 million into more than 40 startups from 15 different countries, all of which have since established operations in Qatar.
Record Growth in Venture Capital
Coinciding with Web Summit Qatar, QDB, in collaboration with MAGNiTT, released its annual venture capital report, showcasing the rapid growth of the national ecosystem. The report revealed that private sector and international investors accounted for 86% of the total VC investment value in the country, surpassing the 70% target set for 2030 under the Third National Development Strategy.
“Qatar ranked fourth in the MENA region in terms of deal count and venture investment value for 2023, capturing 5% of total regional deals,” Al-Suwaidi noted. “The value of venture investment in Qatar rose to QAR 214 million, an annual increase of 81% compared to 2022.”
About Qatar Development Bank
Qatar Development Bank (QDB) is a fully government-owned financial entity established to invest in and develop local industries by supporting small and medium-sized enterprises in Qatar. QDB plays a pivotal role in diversifying Qatar’s economy through a range of financial and advisory services, including direct funding, loan guarantees, and venture capital investments through its investment arm, aiming to foster a sustainable and innovative private sector.
Source: twaslnews
