Qatar is committed to supporting the development of the entrepreneurial ecosystem. The national efforts to boost the local private sector have already begun to yield positive results. Qatar’s strong focus on innovation and entrepreneurship is helping boost its appeal as an attractive destination for business especially for Small and Medium Enterprises and startups.
Attracted to by Qatar’s solid and robust economy, many companies are coming to invest in the country. According to the latest KPMG report on ‘Tech Startup Investments Round Up’ for Mena region, Technology startup investments in Qatar grew by 254 percent from QR22m (across 24 deals) in 2020 to QR78.1m (across 19 deals) in 2021. Tech startups in Qatar raised about 255 percent of their total capital between 2020 and 2021.
Qatar is experiencing substantial growth in startup investments as startups have received a total funding of QR78.1m across 19 deals during 2021. These promising figures show that Qatar is emerging as a potential new home for FinTech in the region and Qatar FinTech Hub (QFTH), founded by Qatar Development Bank to support the growth of the FinTech industry in Qatar, is playing a crucial role in this area.
As part of its commitment to offering world-class expertise to participating FinTechs, QFTH is continuously collaborating with strategic stakeholders within the FinTech ecosystem including financial institutions, technology providers, payment networks, global FinTech hubs, academia, and regulators. Microsoft is participating as the program technology partner. Other recent partnerships include Amazon, Progress Soft, Vodafone, and Global Positioning System to name a few. QFTH has already announced the Wave 3 Demo Day for its flagship Incubator and Accelerator Programs.
The creation of Qatar FinTech Hub was a significant step in establishing Qatar as a leading regional and global FinTech hub, with the purpose of attracting FinTech innovations to keep Qatari financial services a competitive industry. QFTH is also a platform where companies can enjoy access to a wide network of partners, mentors, and experts from across the globe, which has enabled it to succeed in conducting the first ever specialized FinTech incubation and acceleration programs, graduating 40+ FinTechs. Qatar Development Bank has contributed to empowering Qatari entrepreneurs, improving the standard of living, as well as allowing Qatari entrepreneurs to benefit from a wide range of promising investment opportunities, and to develop their exporting potentials while supporting their entry to new international markets.
Government’s role has been crucial in helping the private sector as it has taken several measures to encourage the private sector.
