Witnessing a transformative year in 2024 marked by significant developments and increased international visibility, Qatar’s startup ecosystem is poised for accelerated growth this year, according to industry experts.

According to Dr Hanan el-Basha, managing director of The Founder Institute GCC Chapter, Qatar experienced several major milestones in 2024, including the country’s inaugural Web Summit Qatar. The internationally-renowned event helped set a positive tone for the startup ecosystem, el-Basha pointed out.

One of the key highlights of the event was the Qatar Investment Authority’s (QIA) $1bn fund-to-funds programme – a sizeable investment in international and regional venture capital funds to support domestic and international entrepreneurs, which was announced by HE the Prime Minister and Minister of Foreign Affairs Sheikh Mohamed bin Abdulrahman bin Jassim al-Thani during Web Summit Qatar 2024’s opening night.

“We started seeing Qatar as a landing pad for the GCC in the region,” el-Basha noted, emphasising the shift from viewing Qatar as a small test market to a strategic startup hub.

Aside from enhanced support from governmental and private sector entities in 2024, el-Basha highlighted the emergence of local AI development, saying: “Qatar is moving beyond simply receiving technology from elsewhere to actively creating innovative solutions.”

Similarly, strategic partnerships between the government sector and private entities also played a crucial role, el-Basha noted, citing the partnerships forged by the Ministry of Communication and Information Technology with tech giants like Microsoft, Google, and Huawei.

“These partnerships, whether on the supplier side, in infrastructure, technology, events, or the overall ecosystem, have become much more outward-looking. We are now seeing startups getting showcased for what they are doing, and these developments are all very public,” el-Basha stressed.

She also lauded the role of Qatar Development Bank (QDB), Qatar Science and Technology Park (QSTP), and other accelerators and incubators in the country for their contributions to the ecosystem’s growth.

El-Basha said: “Looking ahead to 2025, I am optimistic of a tangible growth with a narrowing gap between planned initiatives and actual implementation. We’re going to see a lot more people doing rather than saying, with the anticipation of more technology being used rather than just developed.

“Confirmed events like Web Summit Qatar and World Summit AI are expected to anchor the startup ecosystem’s continued expansion. I believe a lot is rising now, not just beneath the surface; it’s finally coming to light, so I’m excited about 2025.”

Echoing el-Basha’s sentiments, MBK Holdings chairman Sheikh Mansoor bin Khalifa al-Thani, who is a mentor to many startups and entrepreneurs in Qatar, said 2024’s Web Summit Qatar marked a turning point for the country’s entrepreneurial and startup ecosystem and served as a catalyst for entrepreneurial growth.

Describing 2024 as the “true start” of the entrepreneurship and innovation ecosystem in Qatar, Sheikh Mansoor emphasised the transformative impact of the first-ever Web Summit Qatar. He also characterised 2024 as “the launch of a new mindset,” highlighting the profound impacts of the event on the national mindset.

He said: “While the previous year served as the launch or starting point, 2025 will bring significant momentum: It marks a fresh beginning for the entrepreneurship and innovation ecosystem in Qatar, driven by a new mindset.

“The mindset has changed; there is a strong focus on entrepreneurship and innovation throughout the country. With this enthusiastic approach, I believe that 2025 will truly be the year of acceleration.”

As the country anticipates the second edition of Web Summit Qatar next month, Sheikh Mansoor noted that the country is poised for continued growth and innovation in its startup ecosystem, promising a bright future for entrepreneurs both here and in the region.