QSTP unites with QDB to enhance Qatar’s economy & support startups

Qatar Science & Technology Park (QSTP), part of Qatar Foundation Research, Development and Innovation (QF RDI) and Qatar Development Bank (QDB) has collaborated to boost the country’s economy, enhance RDI within the private sector, and support the nation’s startup community.

Under the deal, QSTP and QDB will strengthen both organizations’ incubator and accelerator initiatives through specialized workshops, boot camps, hackathons and investor pitching sessions. Further, they will look into co-investment opportunities for tech startups aiming to deploy solutions locally and internationally.

The startups, entrepreneurs and small and medium-sized enterprises (SME) participating in the initiatives will be supported via access to workspace, machinery and infrastructure, alongside top-class mentoring and professional guidance. 

The partnership between QSTP and QDB will promote RDI, nurture entrepreneurship programs, and provide co-investment opportunities for entrepreneurs across a range of industries, like the technology and fintech sectors.

The number of startups in Qatar and the level of investment in the technology and fintech sectors are rising rapidly, due to the support of programs like those offered by QSTP. Qatar’s current strategic fintech interests and National Fintech Strategy are closely aligned with areas which are seeing the most investment globally, including digital banking and digital payments.

“Our partnership with QDB further bridges the gap between industry and RDI and will bring tangible benefits to those at the forefront of technology development. Together, we play a crucial and complementary role in fostering a thriving technology, innovation and entrepreneurship ecosystem here in Qatar. It’s through partnerships like this that we are actively positioning Qatar as the destination of choice for local, regional and global innovators across the research and innovation spectrum to help them succeed.”

Executive Director of Advisory and Incubation at QDB, Mr. Ibrahim Abdulaziz Al-Mannai, said, “We are pleased to sign this MoU with QSTP, which will further help nurture the SME ecosystem in the country. The agreement will also allow us to extend additional support to this important sector in line with QDB’s mission to improve the economic development cycle by providing entrepreneurs and SMEs with a wide range of financial and advisory products under one roof.”

Related: QDB’s Jahiz initiative seeks applications from SMEs pushing for growth