The Investment Promotion Agency Qatar (IPA Qatar) has stated that Qatar continues to be a promising seedbed for many enterprises, providing entrepreneurs with a variety of options to transform their creative ideas through various programs and funding.
The agency said in its first ‘Invest Qatar Annual Report 2021’ that the country’s startup ecosystem “is also making strides in expanding and improving the environment for startups to thrive and innovate.”
As per the report, the Tasmu program, which is launched by the then Ministry of Transport and Communications, was a key player in expanding Qatar’s information and communications technology (ICT) sector by building connections between the public and private sectors, providing funding, and empowering startups.
Further, the report noted that the Qatar Science and Technology Park (QSTP) also took several initiatives to promote innovation in the country, including partnerships with Qatar Development Bank (QDB) and Microsoft.
According to the research, investment available for startups in Qatar has increased dramatically over the previous year, with Qatar FinTech Hub (QFTH) being the “second-highest investor in the region.”
Despite the pandemic, the report said that “Qatar has succeeded in building momentum to launch new programs, initiatives, events, and partnerships to encourage technological innovation and further rejuvenate the startup ecosystem.”
Qatar’s growing economy offers investors lucrative opportunities while bringing progress to development and diversification goals across sectors and geographies, the report said.
According to the research, many opportunities, particularly in the non-hydrocarbon sector, have become accessible to investors as the country continues to pursue its economic diversification goals.