The Investment Promotion Agency Qatar (Invest Qatar) has achieved remarkable engagement with startup companies during Web Summit Qatar 2024, following the recent launch of its pioneering ‘Startup Qatar’ initiative. 

 

Offering a one-stop online platform catering to all business needs, the ‘Startup Qatar’ platform recorded more than 3,000 visits within six days of its official launch. 

 

As part of Startup Qatar’s special offering during Web Summit Qatar, Qatar Financial Centre facilitated the successful registration of over 100 businesses, signaling strong interest by startups to enter Qatar's dynamic entrepreneurial ecosystem. The newly registered startups will benefit from a tax waiver administered in accordance with international standards, in addition to free registration and licence renewal for five years.

 

150 applications

Reinforcing the strong interest to join Qatar’s startup ecosystem, the Startup Qatar Investment Programme, provided by Qatar Development Bank (QDB), attracted over 150 applications in just the first six days. 

 

With a focus on drawing tech startups, to either establish or expand their presence in Qatar, the programme provides funding for both seed and growth-stage companies. The programme is complemented by incentives and support services aligned with the available Startup Qatar-offered privileges and subsidies. 

 

In alignment with the Startup Qatar initiative and to enhance the country's startup ecosystem, Qatar Manpower Solutions Co. (Jusour) is set to introduce the Mustaqel programme. This government-backed residency initiative aims to draw entrepreneurs and talents worldwide to Qatar, offering them a unique entrepreneur and talent residency. 

 

This scheme provides a five-year residency permit (with an option to renew) to individuals excelling in various industries. Entrepreneurs can secure the Mustaqel residency by presenting an approved business plan or proving they meet the minimum seed funding criteria. Talented professionals, on the other hand, can get this residency with an endorsement from a recognised Qatari authority.

 

Knowledge-based economy

Sheikh Ali Alwaleed Al Thani, CEO at Invest Qatar, said: “This pioneering collaboration with key national stakeholders highlights the country’s unwavering commitment to advance the innovation and entrepreneurship ecosystems while supporting Qatar’s shift toward a knowledge-based economy.” 

 

Sheikh Jassim bin Mansour bin Jabor Al Thani, Director of the Government Communications Office and Chairman of the Web Summit Qatar 2024 Organising Committee, said: “The remarkable engagement from entrepreneurs at Web Summit Qatar 2024 highlights our commitment to nurturing talent. The event crossed many milestones, be it hosting the largest ever startup gathering at a Web Summit debut or attracting more than double the anticipated number of attendees. The biggest tech companies in the world were also present, actively taking part in discussions and forging partnerships over the summit’s four days, which underscores their confidence in Qatar's significant position as a tech hub on both regional and global stages.”

 

He added: “With forward-thinking initiative like Startup Qatar, we are attracting visionaries worldwide to launch their dreams here. By providing vital funding, incentives and logistical support, Qatar is becoming a leading destination for tech startups.”

 

One-stop online platform

Launched ahead of the world’s largest tech event’s inaugural edition in the region, ‘Startup Qatar’ is a one-stop online platform catering to all business requirements and serving as the single comprehensive national resource for information, support and opportunities offered to startups. 

 

The Startup Qatar pavilion at Web Summit Qatar 2024 connected attendees with key stakeholders in Qatar’s startup and entrepreneurial ecosystem, including the Ministry of Commerce and Industry, Ministry of Communications and Information Technology, Qatar Development Bank, Qatar Financial Centre, Qatar Free Zones, Qatar Science & Technology Park, Media City Qatar, Qatar Manpower Solutions (Jusour), Visit Qatar and Sport Accelerator.--TradeArabia News Service