Qatar’s startup ecosystem is rapidly evolving, embracing global trends and investing in cutting-edge technologies to position itself as a hub for entrepreneurial growth and sustainability.
In its report, ‘Qatar’s Startup Environment: A Detailed Overview’, Invest Qatar noted that the country currently hosts “around 1,000 startups with immense potential for growth”, supported by strong performance on global innovation indices.
“Qatar performs exceptionally well on global indices for innovation, including ICTs, ecological sustainability, and general infrastructure. According to the Global Innovation Index, Qatar ranks first globally in General Infrastructure for Innovation,” the report stated.
The government has reinforced this trajectory with bold commitments in artificial intelligence (AI), the report emphasised, citing HE the Prime Minister and Minister of Foreign Affairs Sheikh Mohammed bin Abdulrahman bin Jassim al-Thani’s announcement of “$2.5bn” worth of incentives to advance AI, technology, and innovation programmes during the 2024 edition of the Qatar Economic Forum.
“This includes the Arab Artificial Intelligence Project, aimed at enriching large Arabic models and preserving Arab identity. Furthermore, Qatar Free Zones Authority (QFZ) signed an MoU with Germany’s ZE-KI (Centre for Tangible Artificial Intelligence and Digitalisation) during the annual Qatar Economic Forum to set up an AI research centre in Qatar, further boosting the country’s artificial intelligence cluster,” stated the report.
The report also underlined talent development as another cornerstone of the ecosystem, citing Qatar’s global top ranking in attracting international students, with universities such as Qatar University and Hamad Bin Khalifa University hosting world-class research centres like Qatar Computing Research Institute and the Qatar Biomedical Research Institute.
“Qatar ranks first globally in attracting international students, according to INSEAD’s Global Talent Competitiveness Index 2023 report,” the report noted.
Emphasising the role of the private sector in capital availability, the report stated that Qatar ranks fourth globally in financing small and medium-sized enterprises (SMEs), with several domestic venture capital avenues and programmes, such as the NUMU, Itmar, and Al Dhameen, providing targeted support.
At the same time, Qatar Development Bank (QDB) complements these efforts with competitions, hackathons, and the ROWAD Awards, which celebrate entrepreneurs and SMEs with funding ranging from “QR250,000 to QR350,000.”
“Qatar’s strong economy provides abundant capital for startups with various public and private funds for startups. Qatar is the fourth-wealthiest country in the world on a GDC (PPP) per capita basis, making it a lucrative market for entrepreneurs... Startups in Qatar can access funding through various avenues, including government programmes, venture capital companies, and angel and seed investors,” stated the report.
The report stated: “Entrepreneurial attitudes have improved significantly in Qatar, with 79.6% of the population believing that entrepreneurship is a good career choice. The Qatari government also supports the business environment as Qatar ranks second globally for tax policies, according to the IMD World Competitiveness Ranking 2023.”
The report also cited the role of Tasmu, the Research to Startup Programme, and the Digital Incubation Centre as support systems that enhance ICT development and empower startups. These initiatives ensure Qatar’s ecosystem is well-positioned to become a global leader in innovation and entrepreneurship, the report pointed out.
