Qatar Development Bank has announced the launch of its Startup Qatar Investment Program, which provides funding to tech startups seeking to establish or expand operations in Qatar.
The program was launched under the umbrella of Startup Qatar, a platform recently unveiled by the Investment Promotion Agency within the framework of the Qatar Web Summit 2024.
The program offers funding of up to $500,000 or 1.8 million Qatari riyals for startups looking to establish a presence in Qatar and up to $5 million or 18 million Qatari riyals for established global startups seeking to grow their operations in the Qatari market.
Commenting on the announcement, QDB CEO Mr. Abdulrahman bin Hesham Al Sowaidi said the program’s launch comes at the right time as Qatar readies to host its leading Web Summit, which brings together thousands of entrepreneurs and tech pioneers from around the world.
“QDB is intensifying its efforts to position Qatar as a major hub for startups across various industries, particularly the tech sector due to its strategic importance. Through these efforts, we aim to attract and retain talents in various fields to support our entrepreneurship ecosystem, foster innovation and accelerate technology adoption across all domains in a bid to contribute to a sustainable and business-friendly economy,” Al Sowaidi said.
“Our latest product is a step towards enriching and diversifying the investment sector and support services to attract and enable promising startups to kick start their ventures and expand the scope of their business. We are therefore pleased to cooperate with the Investment Promotion Agency through the Startup Qatar platform to develop Qatar’s entrepreneurship ecosystem.”
The investment program is specifically designed to empower startups that focus on innovative business ideas, demonstrate an ability to solve real-world challenges and successfully meet the needs of the Qatari market. The program focuses on supporting knowledge-based companies that show potential for sustainable growth and could add value and contribute to the development of the Qatari economy.
The program also aims to accelerate the development and adoption of technology in Qatar’s educational, financial, sports, agricultural, health and real estate sectors, and to foster growth across industries such as artificial intelligence, machine learning, Internet of Things and big data among others. The program offers a broad array of facilitation support, empowering startups to enter new markets while providing specialized training and technical guidance.
Entrepreneurs and startups will have the opportunity to learn more about the Startup Qatar Investment Program at the Qatar Web Summit 2024, which takes place from February 26 to 29, by visiting the Startup Qatar pavilion, which will host all partner institutions. For more information and submission, please visit the website: startupqatar.qa
