Invest Qatar reinforces commitment to economic diversification, innovation in 2024

Invest Qatar has marked 2024 with a solid commitment to economic diversification and fostering innovation, as well as strengthening the country’s global business hub status.

The country’s investment promotion agency (IPA) kept a busy timeline as it aspires to attract international investments, stimulate local enterprises, and enhance overall competitiveness on the global stage.

Among its significant milestones in the first quarter of the year was the launch of ‘Startup Qatar’, a key initiative dedicated to fostering the growth and development of startups in Qatar, providing support for those already in operation as well as those aspiring to launch their businesses in the region.

According to Invest Qatar, the initiative provides a comprehensive online platform to meet business needs by connecting them with support services, funding, incubation programmes, government grants, and various other resources via startupqatar.qa

At the inaugural Web Summit Qatar, the initiative attracted significant interest from participants of the global tech event, with over 200 businesses registering through the Qatar Financial Centre (QFC).

Similarly, the Startup Qatar Investment Programme, provided by Qatar Development Bank (QDB), has also received more than 750 applications since launching during Web Summit Qatar, according to Invest Qatar.

Invest Qatar’s ‘Startup Qatar’ pavilion at Web Summit Qatar also provided attendees with a one-stop location to explore the country’s welcoming business environment, as well as many opportunities emerging in Qatar’s growing tech sector.

In its monthly newsletter, Invest Qatar stated: “As underscored by HE the Prime Minister and Minister of Foreign Affairs Sheikh Mohammed bin Abdulrahman bin Jassim al-Thani in his opening address at the summit, Qatar’s competitive advantages shine as a launch pad for tech innovation.

Invest Qatar has published several reports focused on technology, showcasing the country's efforts to accelerate its technological transformation across various sectors. These initiatives aim to create greater opportunities. The reports were produced in collaboration with the Ministry of Communications and Information Technology (MCIT) and Deloitte.

For the second consecutive year, Invest Qatar organised the Qatar Pavilion at global real estate event MIPIM 2024 in France, in collaboration with Qatari Diar, United Development Company (UDC), and Ariane Real Estate.

Invest Qatar also hosted a workshop on dispute resolution for foreign investors in Qatar, which featured expert presentations by the Ministry of Commerce and Industry, the Investment and Trade Court, and the Qatar International Court and Dispute Resolution Centre.

At the 2024 World Economic Forum (WEF) Annual Meeting held in early January in Davos, Invest Qatar participated in a global WEF initiative to create a coalition aimed at direct foreign investment (FDI) for climate action. Invest Qatar explained that the coalition, comprising 14 international investment agencies, as well as the World Association of Investment Promotion Agencies (WAIPA), is committed to fostering climate-aligned growth and development.

Invest Qatar partnered with the ‘Bloomberg House’ at the 2024 World Economic Forum Annual Meeting in Davos, where Invest Qatar CEO Sheikh Ali Alwaleed al-Thani participated in the discussion ‘Gulf Rising: A Zero-Sum Game’ on the Increasing Global Influence of the Gulf Region’. Similarly, Invest Qatar was an active player during the Qatar Economic Forum 2024, powered by Bloomberg.

Another highlight of 2024 for Invest Qatar was the launch of Ai.SHA, its cutting-edge AI-powered assistant, positioning the agency as one of the first IPAs globally to embrace AI technology. “Developed in partnership with Microsoft, Ai.SHA paves the way for transformative changes in professional interactions between investors and businesses in Qatar, harnessing GPT capabilities through the Azure OpenAI service,” Invest Qatar stated.

Invest Qatar also celebrated its fifth anniversary in 2024, “marking half a decade of successful collaborations, new business ventures, and overall success in showcasing Qatar’s conducive investment landscape.”

The agency stated: “Our commitment to fostering a dynamic and robust business environment has been unwavering, and our progress is a testament to the collaborative spirit and dedication of our partners, stakeholders and team members.

One of the significant milestones since our inception is the success of the Invest Qatar Gateway, which now boasts more than 7,000 users. This innovative platform has become a cornerstone of our efforts, enabling users to find partnerships, access business opportunities in the public and private sectors, and tap into a wealth of supportive resources.”

During Q2, Invest Qatar made the first international debut of ‘Startup Qatar’ at Collision 2024 in Toronto, Canada. The pavilion facilitated connections between global attendees and key stakeholders in Qatar’s startup and entrepreneurial ecosystem throughout the four-day conference.

“Additionally, our participation as a Gold Sponsor of Vision Golfe 2024 in Paris, organised by Business France under the high patronage of the President of the French Republic, for the second consecutive year, underscored our dedication to fostering international collaborations and promoting Qatar as a premier investment destination,” Invest Qatar stated.