Doha: Qatar Development Bank (QDB) has cooperated with research platform MAGNiTT to release the first of its kind ‘Qatar Venture Investment Report 2020’. The report, which was prepared by MAGNiTT, was commissioned by QDB, given its position as one of the key players in the venture capital (VC) investment field in Qatar.
The landmark report aims to showcase the impact of venture investment in Qatar, the evolution of the Qatar funding ecosystem, give an overview of the Qatar investment landscape, and provide a map of the Qatari ecosystem. It focuses on VCs due to their importance in any economic market in general, since they are one of the first sources of support for SMEs and start-ups, being among the first investment sources to quickly transfuse this important sector with the funds it urgently needs to achieve its growth and harness the innovation it can bring to the market.
Commenting on the release of this important report, QDB’s CEO Abdulaziz bin Nasser Al Khalifa, said: “In our goal to continue supporting SMEs and entrepreneurs due to their importance to the diversification of our economy, we set our sights toward venture capital, which is considered an integral component of the support ecosystem for this important sector. VCs are at the forefront toward unlocking the unbound potential of startups & SMEs and accelerate their growth and specifies incentives and commitments that help them achieve competitiveness. This report will highlight the continuous growth we are witnessing in this area thanks to the forward-thinking, collective efforts of QDB and the other stakeholders operating within the country. It is these efforts and this cooperation which are helping us drive the development and diversification of our economy and forge a bright future with a thriving economy with a truly prosperous SME sector able to grow and achieve sustainable success both locally and internationally.”
The report highlights some very crucial key points, including VC funding in Qatar’s persistence through COVID-19, with a growth of 9 percent between 2019 and 2020.
Philip Bahoshy, CEO of MAGNiTT said: “The Qatari ecosystem, similar to other leading ecosystems across MENA, has shown signs of a positive rebound from 2020 and the pandemic. A strong start to 2021 has been driven by increased government initiatives, private participation in investment rounds and increased capital being deployed into tech-based startups which was charted in the 2020 Qatar Venture Investment report. We look forward to seeing how the rest of the year progresses as the ecosystem matures”
Furthermore, the report highlights that the need for digitalization in 2020 made a positive impact on the E-commerce, F&B and Home Services sectors.
