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Significant developments in the Philippines’ Islamic banking and finance sector have “set the stage” to welcome new players, including banks in Qatar, an official of the Bangko Sentral ng Pilipinas (BSP) has said.During a panel discussion held recently on the sidelines of the ‘PH Dialogue: Economic Outlook and Opportunities’ in Doha, BSP Assistant Governor Arifa A Ala told Gulf Times that the Islamic Banking Law or ‘Republic Act (RA) 11439’ has liberalised the ownership of banks in the Philippines and provided greater flexibility.“One mode of operating in the Philippines is that a foreign bank, such as a bank from Qatar, can own up to 100% of an existing bank in the Philippines. It can also be through a branch. It can establish a branch in the Philippines or it can be through the creation of a subsidiary, fully owned by the foreign bank,” Ala explained.“It can be a full-fledged Islamic bank or it can also be an Islamic Banking Unit, so the law has provided the government with full flexibility in terms of the structure of the Islamic banking operations,” she continued.Ala further stressed that the Philippine government has also established the Shariah Supervisory Board through the joint efforts of the Department of Finance, the BSP, the National Commission on Muslim Filipinos, and the Bangsamoro Government.“The primary responsibility of the Shariah Supervisory Board is to issue opinions on Shariah compliance of Islamic banking products, so we have set the stage; we have established the key and necessary infrastructure that will make the operation of an Islamic bank in the Philippines viable,” Ara pointed out.The ‘PH Dialogue’ gathered Qatari private sector officials and representatives from Qatar’s business community, who witnessed a keynote address from the Philippines’ finance secretary, Benjamin E Diokno.Diokno led a high-level economic delegation to Qatar, including BSP Deputy Governor Francisco G Dakila Jr, Department of Budget and Management Secretary Amenah F Pangandaman, and National Economic and Development Authority Secretary Arsenio M Balisacan.During the panel discussion, Balisacan also told Gulf Times that the Philippines is welcoming foreign direct investments (FDI) to aid the country’s energy sector as it transitions to renewable and cleaner sources of energy.“We have a plan for energy transition and that is to increasingly move our energy consumption from traditional ones to cleaner technologies, including renewable energy. That’s what we are looking at and so, we welcome investment in those areas.“We are in a hurry to move in that direction because we have this opportunity to move the sourcing of energy as we are transforming the economy, and we need a lot of energy to get the economy moving rapidly,” Balisacan stressed.Balisacan’s presentation during the dialogue revealed that FDI in the Philippines’ energy sector “will be pivotal to the country’s socio-economic transformation.”“By 2030, the Philippines will require a 35% renewable energy (RE) share in its power generation mix and 50% by 2040 under the Clean Energy Scenario of the Philippine Energy Plan 2020-2040. This requires a total investment amount of about P5.8tn or $103.6bn in RE power projects by 2040,” Balisacan said.In 2021, Qatar announced the North Field Expansion project, which comprises North Field South and North Field East that will increase the country’s liquefied natural gas (LNG) production to 126 mtpy by 2026 or 2027.Department of Energy Secretary Raphael P M Lotilla, in his message in the Natural Gas Development Plan (NGDP), stated that “the Philippines is facing a significant challenge with respect to the natural gas supply.”The NGDP was completed by the Department of Energy and the Philippines Statistical Centre Research Foundation, Inc in September 2022. The plan aims to attract investments in the country’s downstream natural gas industry.Lotilla’s message in the NGDP further stated: “Part of our efforts to address this challenge is to look for alternative sources of natural gas. It also aligns with our goal of transitioning to cleaner energy and a low-carbon future.“We acknowledge, however, that looking for alternative sources of natural gas and transitioning to cleaner energy sources, such as liquefied natural gas, would require corresponding infrastructures in place. And this would also require an investor’s substantial capital investment.”

The past decade witnessed the rapid development of bilateral relations between Qatar and China, said Chen Yue, chargé d’affaires ad interim at the Chinese embassy in Doha.“Practical co-operation between the two countries has developed with the volume of trade exchange increasing to around $25bn; China has become Qatar’s largest trading partner, the largest source of imports, and a destination for exports, Chen said in a speech during the ‘China (Guangdong)-Qatar (Doha) Economic & Trade Co-operation Forum’ held in Doha on Monday.Chen said: “Over the past 10 years, bilateral relations witnessed a golden phase of significant development, thanks to the strategic leadership of Qatar and China.” He also underscored the deepening of mutual political trust between both countries, citing the four meetings between His Highness the Amir Sheikh Tamim bin Hamad al-Thani and Chinese President Xi Jinping, which “laid the foundations for Qatari-Chinese relations in the new era.”Chen noted that Arab-Chinese strategic partnership relations have achieved “continuous progress” as cooperation in the ‘Belt and Road’ initiative has risen to new levels, making China “the most important” among the trading partners of Arab countries.During the event, which was organised by QBA, Ma Hua, Director of Commerce in Guangdong Province, spoke about the “constantly improving” business environment, citing more than 300,000 foreign-invested companies.He said Guangdong Province’s total foreign trade value reached “8.31tn yuan” ($1.2tn) in 2022, accounting for “19.8%” of China’s total, placing the country on the top rank for 37 consecutive years.It also represents a major part of China’s foreign trade and is considered an industrial centre that accounts for about “1/10th” of the country’s GDP and is the largest among all Chinese provinces. The province’s gross domestic product last year was “12.9tn yuan” ($1.9tn).He said the number of industrial clusters in the province rose to 8tn yuan ($147bn) last year with 67,000 industrial enterprises and 69,000 high-tech enterprises, ranking first in China.Chen Jiansha, Director at the Guangzhou Municipal Commerce Bureau, said the Guangzhou Industrial City forged a link between international trade and investment alike. With the establishment of more than 1,700 foreign investment institutions, the US, Taiwan, Singapore, Hong Kong, and South Korea are among the top five sources of foreign investment, which constitutes about 90% of the total foreign capital.Chen invited the QBA and local companies to visit the Canton Fair in Guangzhou this November. The fair is considered one of the largest trade fairs in the world, she said. It has been held in Guangzhou for more than 60 years, presenting many Chinese products.

China is seeking to infuse Qatari investments in major projects slated in Guangdong Province, which is building a new development pattern and prioritising high-quality projects, an official announced at the ‘China (Guangdong)-Qatar (Doha) Economic & Trade Co-operation Forum’ held in Doha on Monday.Speaking at the event, which was organised by the Qatari Businessmen Association (QBA), Lin Keqing, chairman of the Chinese People’s Political Consultative Conference (CPPCC) Guangdong Committee, said the Qatari business community are welcome to “actively participate” in four development initiatives.The forum gathered more than 60 Chinese companies from the Guangdong Industrial Province, representing various sectors and more than 70 local companies, in addition to several QBA members.According to Lin, the first project is the construction of the Guangdong-Hong Kong-Macau Greater Bay Area, which is a major national strategy “personally planned, deployed, and promoted by President Xi Jinping.”After five years of development, the economic aggregate of the Greater Bay Area has reached nearly $2tn, surpassing Tokyo Bay Area and the New York Bay Area,” Lin emphasised.“It has created nearly 11% of China’s economic aggregate with less than 1% of the national land area, making it one of the most economically vibrant, open and internationally advanced regions in China. We sincerely welcome industry associations and businesses from Qatar to come to Guangdong and share the dividends of Guangdong’s reform and development,” Lin stressed.The second initiative focuses on co-operation in energy and chemical industries, Lin pointed out, adding that Guangdong has developed a complete green petrochemical industry system with a number of energy giants, which are accelerating their presence in Guangdong. At the same time, Guangdong is accelerating the construction of high-quality projects in refining and petrochemicals, he noted.Lin said the third initiative is the strengthening of mutual co-operation in emerging industries.“We understand that Qatar, in addition to focusing on traditional industries, such as oil and gas resources and finance, is increasingly paying attention to emerging industries, such as digital economy, electronic information, intelligence manufacturing and new energy. We look forward to exploring cooperation opportunities in high-end manufacturing, digital economy and other emerging industries,” he said.He added: “The fourth is deepening co-operation in the financial sector. Guangdong has developed a financial market and both large say-owned holding-found companies. Guangdong has more than 700 Asia-limited companies.“We welcome Qatar to carry out financial investment co-operation in Guangdong, including investment in our security market, private equity, venture capital, and corporate equity and debt.”Speaking at the event, QBA Chairman HE Sheikh Faisal bin Qassim al-Thani said the forum represents an opportunity to discuss joint investment and trade in both countries, noting that China is considered “one of the most important trading partners” of Qatar “due to the will and desire of the leadership of the two countries.”Sheikh Faisal said Qatar-China trade volume stood at about QR97bn Qatari riyals in 2022. Qatar’s exports to China amounted to QR75bn, while imports were valued at QR22bn or 16% of Qatar’s trade volume abroad. This confirms the growth of bilateral relations and the doubling of the trade volume during the last decade, he said.He said Qatar and Guangdong Province share many goals to attract investments and develop trade. Sheikh Faisal called on Chinese companies to maximise “the great opportunities” that Qatar offers to foreign investors by providing ready-made economic zones and tax concessions “that are among the best in the world,” in addition to storage areas for re-export near Hamad Port, especially with the large market currently available in the region.Sheikh Faisal said, “As a business community, we welcome all potential partnerships with Chinese businessmen and Chinese companies in the different sectors. The role of the Qatari Businessmen Association is to find effective trade partners and investors in both countries.”

The Philippines’ finance secretary, Benjamin E Diokno, has invited Qatari investors to explore investment opportunities in 197 Infrastructure Flagship Projects (IFPs) that were approved by President Ferdinand Marcos, Jr last month.The IFPs, with a total investment requirement of about $155bn, focus on unlocking greater economic productivity through physical connectivity, digital connectivity, health, power and energy, agriculture, flood management, water supply, and irrigation, Diokno announced during the ‘PH Dialogue: Economic Outlook and Opportunities’ held in Doha yesterday.Diokno delivered the event’s keynote address in the presence of Bangko Sentral ng Pilipinas Deputy Governor Francisco G Dakila Jr, Department of Budget and Management Secretary Amenah F Pangandaman, National Economic and Development Authority Secretary Arsenio M Balisacan, Bangko Sentral ng Pilipinas Assistant Governor Arifa A Ala, and Philippine ambassador to the State of Qatar Lillibeth Pono.According to Diokno, of the 197 IFPs, 39 will be undertaken through public-private partnerships (PPPs), citing approved PPP projects, such as the Cavite-Laguna Expressway Project, the Metro Manila Subway Project, and the New Manila International Airport Project (under physical connectivity); the UP-PGH Diliman Project (health); and the Wawa Bulk Water Supply Project (water resources).“Since the beginning of the president’s term, we have already approved four big ticket projects with a total cost of P212.8bn or around $3.8bn. The solicited proposal for the rehabilitation of the Ninoy Aquino International Airport as our major airport in the Philippines was evaluated and approved in just six weeks.“Meanwhile, the unsolicited proposal for the Tarlac-Pangasinan-La Union Expressway, or what we call TPLEx extension project was evaluated and approved within just 11 weeks,” Diokno explained.The finance secretary emphasised that smart, resilient, and interconnected infrastructure “is critical to facilitating the entry of new investments.” This, he said, boosts productivity, effectively links value chains throughout the archipelago, establishes liveable communities, and drives equitable growth in both the rural areas and urban sectors.“It is clear that the administration of President Ferdinand Marcos Jr has put infrastructure development at the forefront of the Philippines’ development strategy.This requires innovative financing solutions and strategic partnerships with the private sector,” he stressed.Diokno also said the Philippine government has opened up the renewable energy sector to full foreign ownership to complement the Philippines’ move to transition away from coal and into cleaner energy sources. This includes the exploration, development, and utilisation of solar, wind, hydro, and ocean or tidal energy resources, he noted.He also explained the recently enacted Maharlika Investment Fund Act, which establishes the Philippines’ first-ever sovereign investment fund.Diokno said, “The Maharlika Investment Fund will serve as an additional source and mode of financing priority projects of the Philippine government, including the infrastructure of large-scale projects, which offer high rates of return and significant socio-economic impact.”“The fund also aims to attract the participation of local and foreign capital, large global funds, global international institutions, multilateral partners, and other sovereign wealth funds to make direct equity investments in Philippine ventures and projects.“The Maharlika Investment Fund can also be used for green and blue projects, countryside development, and emerging mega-trends, such as digitalisation, ESG, and healthcare,” he stressed.Diokno also noted that the Philippines is “one of the fastest growing economies” in emerging investment opportunities in the Asia and Pacific region. He said the Philippine economy registered its highest full-year growth of “7.6%” in 2022 – the highest in 46 years.“This growth performance exceeded our previous pandemic outlook. Despite the gloomy outlook in the global economy, the Philippine economy grew by 5.3% in the first half of this year...in the first semester of 2023, the Philippines outpaced our neighbours in Indonesia, Malaysia, Vietnam, Thailand, and Singapore.“Major international organisations have put their confidence in the Philippines.The International Monetary Fund and the World Bank both upgraded their growth outlook on the Philippines to 6.2% and 6%, respectively, despite the slower growth in advanced economies,” Diokno added.

Industries in Qatar, particularly those in the oil and gas sector, are putting a premium on upgrading their systems, including cybersecurity, an official of the International Society of Automation (ISA) has said.Qatar has developed a national standard for cybersecurity, which is in line with international standards like ISA 99 and IEC 62443, said ISA Qatar Section President Nilangshu Dey during a recently held press conference to announce the upcoming ‘Automation Conference 2023’ slated on September 25 in Doha.ISA 99 “defines standards and if compromised may lead to economic loss, threats to national security, employee safety, or violations of the law,” and IEC 62443 “is an international series of standards that address cybersecurity for operational technology in automation and control systems.”“Since 2013, Qatar has taken a very high level of initiative to upgrade its systems, mainly in the oil and gas industries in compliance with the national standards on cybersecurity requirements,” Dey explained, adding that the ISA “is involved” in developing Qatar’s national cybersecurity standards on plant industrial control systems.He stressed that the conference, which will be held at Radisson Blu Hotel under the theme ‘Digitalisation in Oil and Gas Industry’, will cover global cybersecurity standards that could benefit the participants of the event, especially those based in Qatar.The conference will be attended by automation industry leaders from England, Ireland, Spain, Italy, France, Canada, the US, Russia, Saudi Arabia, Oman, the UAE, India, Pakistan, and Portugal, Dey noted.He said more than 200 international delegates are expected to attend the conference, which will be addressed by nine industry experts who will be presenting their papers during the full-day event.“International professionals, including those in Qatar could benefit from the knowledge and techniques to be shared during the conference, which they could then implement when upgrading their systems in the future.“Qatar’s automation engineers and control engineers in all oil and gas companies, as well as automation vendors worldwide would be made aware and educated in defining their respective roadmaps for future industry control systems, including cybersecurity,” Dey further explained.According to Dey, industries worldwide used to allocate 7% of the total cost of their plant facilities for automation systems. But today, this has gone up from 15% to 17% because of the increasing need for robust cybersecurity systems, he noted.ISA Qatar Section organising committee member Omer bin Abdul Aziz also said the worldwide value of operational technology (OT) in cybersecurity was $22bn in 2022 and it is expected to increase to $35bn in 2027.Aside from the ‘Automation Conference 2023’, Dey said the ‘ISA EMEA Regional District Leaders Council Annual Meet’ will be held at the Radisson Blu Hotel in Doha on September 26 and 27. As many as 15 ISA leaders from different countries are expected to participate in the event, he said.ISA Secretary Radouane Zid stressed that Qatar is the first country in the Middle East to host the international automation leaders meet. In the last 75 years, the district leaders meeting were being conducted in different European countries, he said.

The country’s healthcare sector is primed for long-term growth and innovation, the Investment Promotion Agency Qatar (IPA Qatar) announced Tuesday.According to IPA Qatar, the country’s emphasis on integrated care models, health promotion, and disease prevention underpins its commitment to ensuring the well-being of existing and future generations.“The nation is taking big strides in fostering innovation and research, which is evident in initiatives like the Qatar Genome Programme and Qatar Biobank, as well as collaborations with renowned institutions, such as Weill Cornell Medicine, Mayo Clinic, Imperial College London, Cleveland Clinic, Johns Hopkins Medicine, and University College London,” IPA Qatar stated.It also stated that sustained high levels of investment for the expansion of Qatar’s healthcare infrastructure and services ensure a positive market outlook across primary, secondary, and tertiary care.IPA Qatar emphasised that the country already boasts several state-of-the-art healthcare facilities, citing Aspetar, Hamad Medical Corporation (HMC), and Sidra Medicine.“Aspetar was the first specialised orthopaedic and sports medicine hospital in the GCC. HMC was the first hospital in the Middle East to be accredited by the US-based non-governmental organisation, ACGME International, while Sidra Medicine launched the first paediatric robotic surgery programme in the Middle East,” IPA Qatar stated.IPA Qatar also stated that the country’s pharmaceutical market is forecast to grow at a compound annual growth rate (CAGR) of “6.1%” between 2021 and 2026, with solid efforts in place to attract foreign investment to expand local production.This includes a recent agreement between HMC and Qatar Pharma that sets out a three-year roadmap to reach self-sufficiency in pharmaceutical production, IPA Qatar noted.“Foreign investors will find a valuable and competitive business climate in Qatar, backed by a stable and resilient economy, pro-business regulations and a vibrant knowledge ecosystem. The country’s strategic investments in healthcare institutions, skilled talent, and world-class tech infrastructure pave the way for remarkable growth and innovation in the healthcare sector,” it stressed.According to IPA Qatar, the country provides a conducive business environment for healthcare businesses to service the rapidly growing GCC market owing to its healthcare sector’s state-of-the-art medical facilities, an extensive Research and Development (R&D) ecosystem, a highly-skilled talent pool, support for private-public partnerships (PPPs), strong digital adoption, and world-class tech infrastructure.The country’s vibrant start-up ecosystem has been driving the growth of its Medical Technology (MedTech) sector, which is expected to grow at a “6%” CAGR between 2021 and 2026.“Qatar offers the perfect example of how a collaborative approach brings together innovative ideas, sound investment, and essential support to enable a promising project to flourish.“Qatar Science & Technology Park (QSTP) offers a dedicated free zone for technology and innovation, where entrepreneurs and startups are empowered to realise their full potential and achieve sustainable growth,” IPA Qatar stated.Startups like doctor booking platform, Meddy, and Droobi, which provides the world’s first suite of bilingual (Arabic and English) digital therapeutic programmes, are a testament to the success, growth, and development of entrepreneurial ideas that were backed by QSTP’s investment and support.In the GCC, other growth drivers in the healthcare sector include health infrastructure and services, medical tourism, digital technology, and R&D, according to IPA Qatar.“The GCC had more than 160 ongoing healthcare projects with a total value of $53.2bn in 2020; strong public sector investments will be sustained to meet the demand. The GCC’s medical tourism revenue is projected to grow to $2.1bn this year, recording a CAGR of 8.9% since 2017.“Over the next 10 years, digital infrastructure, virtual care, remote patient monitoring, and AI will account for approximately 30% of hospital investments in the region. With a projected market growth of $8.6bn in the Middle East by 2032, the GCC is progressively fostering the advancement of research in areas such as precision medicine,” IPA Qatar stated.

The International Society of Automation (ISA) has announced the staging of the ‘Automation Conference 2023’ and the ‘Automation Leaders Meet of Europe, Middle East and Africa Region’ slated this month at the Radisson Blu Hotel in Doha.According to ISA Qatar Section President Nilangshu Dey, the conference will be held on September 25 under the theme ‘Digitalisation in Oil and Gas Industry’.The conference will be attended by automation industry leaders from England, Ireland, Spain, Italy, France, Canada, the US, Russia, Saudi Arabia, Oman, the UAE, India, Pakistan, and Portugal, Dey noted.He said more than 200 international delegates are expected to attend the conference, which will be addressed by nine industry experts who will be presenting their papers during the full-day event.Dey said: “The speakers were selected from various countries and automation vendors, who will be presenting the future needs of the industry in order to maintain global sustainability for the benefit of the automation engineers of Qatar to a greater extent.”He explained that the conference, which is being organised by ISA Qatar Section after a five-year respite, underscores the fast-growing economy of Qatar and the ongoing large-scale developments of automation systems in Qatar’s oil and gas, petrochemical, and energy industries.“ISA President Marty Bince, ISA EMEA Vice-President Dr Soliman al-Madi, and other dignitaries from the ISA headquarters in the US will be the guests of honour of the conference.“Further, a large number of automation professionals from various oil and gas companies of Qatar, such as QatarEnergy, Qatar Gas, Shell GTL, Oryx GTL, Dolphin Energy, Qafco, CChem, Qapco, Qatalum, Qatar Steel, and North Oil Company, among others, along with Saudi Aramco, PDO, and ADNOC will be participating,” Dey further explained.Dey also highlighted that the ‘ISA EMEA Regional District Leaders Council Annual Meet’ will be held in Doha on September 26 and 27. As many as 15 ISA leaders from different countries are expected to participate in the event, he also said.ISA Secretary Radouane Zid stressed that Qatar is the first country in the Middle East to host the international automation leaders meet. In the last 75 years, the district leaders meeting were being conducted in different European countries, he said.During Monday’s announcement of the events, Dey was also joined by ISA Qatar Treasurer Shabu Varghese, ISA Membership Chair Naidu Singampalli, and organising committee members Omer bin Abdul Aziz, Senthil Nagaraj, Karthik K, and Mohamed Amjad Khan.Dey said interested parties may email [email protected] to attend the event, which does not require any delegate fee.

Public and private sector officials underscored the importance of developing skilled talent and innovation during the opening ceremony of Huawei’s 2023 ‘Seeds for the Future’ programme held in Doha Sunday.Under the patronage of the Communications Regulatory Authority (CRA), the opening ceremony gathered 175 students from elite universities across the Middle East and Central Asia at the Qatar National Convention Centre (QNCC). As many as 16 students from Qatar are set to participate in Huawei’s global CSR programme.The regional event aims to develop local talent, share knowledge, increase the Information and Communication Technologies (ICT) sector awareness, and foster a digital community for young ICT talents.Students representing 15 countries in the Middle East and Central Asia will participate in the first phase of the ‘Seeds for the Future’ programme until September 9 in Doha. These countries are Qatar, Saudi Arabia, Kuwait, the UAE, Bahrain, Kazakhstan, Pakistan, Oman, Uzbekistan, Jordan, Lebanon, Iraq, Azerbaijan, Mongolia and Kyrgyzstan.The participating Qatari students are from Qatar University, Hamad Bin Khalifa University, Community College of Qatar, and the University of Doha for Science and Technology.Reem Abdulaziz al-Mugbel, acting vice governor for Planning & Business Development, Technical and Vocational Training Corporation in Saudi Arabia; Omar Abdulaziz al-Naama, assistant undersecretary for Private Education Affairs, Qatar; Jawad Abbassi, head of GSMA, MENA; and Dr Jassim Haji, president of International Group of Artificial Intelligence, delivered keynote speeches during the opening ceremony.The event was also attended by Karimjonov Rustam, Deputy Minister of Digital Technologies of Uzbekistan, and Kamil Akatov, Vice Minister of Science and Higher Education, Kazakhstan.Hussain Salatt, Public Relations and Communication Unit manager, CRA, said: “The CRA has supported this programme for the fourth consecutive year as it encourages skills development and innovation to contribute to Qatar National Vision 2030 goals, one of which is to create a balance between an oil-based and a knowledge-based economy.”Shunli Wang, vice president of Huawei Middle East and Central Asia, said: “At Huawei, we’re proud to be among the first few global tech companies to leverage its technology and expertise to help narrow the talent gap through programmes like ‘Seeds for the Future.'”Since its launch in 2008, more than 15,000 students have participated from 139 countries worldwide. The programme has been endorsed by more than 450 senior officials and heads of state.The ‘Tech4Good’ regional competition, now in its third year, will also be held during the ‘Seeds for the Future’ programme to empower and engage the youth in driving positive change within their communities.This year, the ‘Seeds for the Future’ programme will host eight days of intensive training sessions and workshops, including cutting-edge ICT technologies, scientific and technological leadership, discussions on global topics, and ‘Tech4Good’ group projects.Through learning and mutual exchange, participants will gain a better understanding of 5G, Artificial Intelligence (AI), and cloud technologies, build more strengths for future growth, and improve their competitiveness in the job market. Students will also have the opportunity to visit the exhibition hall at Huawei’s headquarters in Qatar, including Education City, Lusail Stadium, and a tour of Doha.Participating students will present their ‘Tech4Good’ projects to the judges; eight outstanding teams of 40 students will be selected to move on to the second phase of the ‘Tech4Good’ programme, which will be held in Dubai from September 10 to 16, 2023.The winners will then qualify to compete in the final global competition in China against other teams from around the world. The students will jointly explore ICT’s huge potential to drive sustainable development. Winners from the ‘Tech4Good’ global competition will be invited to the ‘Tech4Good Startup Sprint’ in China, where they will visit Shenzhen, Beijing, and other cities to experience real-world entrepreneurial environments and compete for a startup support fund worth $100,000.

The Qatar FinTech Hub (QFTH) is working to create a positive impact on the country’s economic development through the Qatar Central Bank’s (QCB) National FinTech Strategy, a top official of Qatar Development Bank (QDB) has said.“Keeping in mind our role as a sector developer and the executor of the National FinTech Strategy orchestrated by the Qatar Central Bank (QCB), this year, we are focusing on new themes that target emerging trends and market demand, which are paytech, insurtech, buy now, pay later (BNPL), and collective debt-based crowdfunding,” QDB CEO Abdulrahman Hesham al-Suwaidi stated earlier in an event.In a speech, al-Suwaidi summarised QFTH’s ambition to enable the digital transformation of Qatar’s financial services ecosystem, promote economic diversification and attract industry partners, and build financial services skillsets of the future.“One of the goals behind the Qatar FinTech Hub programme is to develop an ecosystem for the fintech industry to thrive in Qatar. As part of the same, we are honoured to be partnered with the likes of Qatar Central Bank, Qatar Financial Centre, Microsoft, Visa, MasterCard, Qatar Insurance Company, Meeza, and Blockchain Research Institute,” he said.Over the years, al-Suwaidi said QFTH has also made significant investments in the fintech portfolio, committing a total of “$6.5mn,” out of which more than “$4mn” inclusive of cash and in-kind value has already been dispersed.“Qatar FinTech Hub has created a legacy through our fintech innovation and solutions introduced in the prior waves of our incubation and acceleration programme, focusing on thriving areas, such as payment solutions, emerging technologies, embedded finance, techfin, and next-generation banking,” al-Suwaidi explained.He emphasised that QFTH is committed to contributing to achieving economic impact by creating new jobs and diversifying the economic implementation of various strategic initiatives, such as localising new fintech services and the adoption of emerging technologies.“We have always maintained that Qatar FinTech Hub attracts and sustains entrepreneurs that are ready to embrace the future with innovative and cutting-edge technology and fintech ideas. Now, more than ever, there is a need to embrace disruptive technologies with the adoption and expansion of Artificial Intelligence and other tools at our disposal to bring ideas to life and discover solutions to problems in the payment and finance domains.“As we prepare to embark on another impactful and rewarding journey with our next cohort of fintechs, we are looking forward to seeing positive technological disruption within the fintech sector through the active participation of our representatives. Qatar FinTech Hub remains committed to enabling your journey and providing you with the technical, financial, and regulatory support from your reception to maturity,” al-Suwaidi added.

Apartment rents in Qatar have returned to or even below pre-World Cup levels in the second quarter of the year, according to Cushman & Wakefield Qatar’s ‘Q2 Real Estate Market Review’. The 2022 FIFA World Cup commanded a spike in demand but residential rents in Qatar “have been falling month-on-month since March” of this year amid a significant increase in the availability of vacant apartments in the first half of 2023, said Johnny Archer, head of Consulting & Research, citing the review, which was released during a seminar here Wednesday.Archer reported that rents remained stable throughout the first quarter of 2023. However, additional apartment supply held by Eskan or under construction “will put further downward pressure on rents,” he noted.The ‘Q2 Real Estate Market Review’ stated, “The addition of new apartment supply in recent months, including developments at La Plage South and Giardino Village on The Pearl Island and in Lusail has resulted in increasing availability of prime apartments, resulting in downward pressure on rents.“Elsewhere, the release of almost 7,000 apartments in the Madinatna development in Al Wakra has significantly boosted the supply of modern and budget accommodation, providing direct competition for established residential neighbourhoods in Al Wakra and Mesaimeer.”The review also stated, “While occupancy rates in Doha’s prime residential villa compounds remain strong, there has been an indication of growing vacancy in the compound villa sector overall, which coincides with the end of the school year. While rental levels have not fallen to the same degree as in the apartment sector, a return of rent-free incentives to attract new tenants suggests a fall in net-effective rents.”It also reported that the majority of one-bedroom apartments in The Pearl Island can now be leased for between QR6,000 and QR8,500 per month, depending on the location and quality of the building. Most three-bedroom units on the island are now available for between QR13,000 and QR15,500 per month.In Fox Hills, one-bedroom apartments are now typically available for between QR5,000 and QR6,500 per month, with three-bedroom units now commanding between QR8,500 and QR10,000 per month.The number of residential sales fell by “22.6%” in April and May compared to the same months in 2022, the review also stated, citing figures released by the Planning and Statistics Authority (PSA). Archer said the imminent introduction of a Real Estate Regulatory Authority as announced by the Ministry of Municipality will increase transparency in the market and enhance statutory and legal protections for investors.He said the Qatar Central Bank also announced a series of amendments to its real estate financing (mortgage) regulations. The amendments, aimed at protecting the financial sector and boosting the residential sales sector, have redefined the loan-to-value rates and maximum mortgage terms for Qatari nationals and expatriates.While these measures are likely to attract investors and homeowners in the longer term, the impact is unlikely to be noticeable in the short term due to recent hikes in interest rates for mortgage customers, which has impacted the sales market, he said.“The success of new regulations and market transparency will be dependent on a number of external factors: macro-economic performance/diversification of the economy, attracting new residents with good salaries and opportunities, international/regional competition, and interest rates (mortgages and affordability).“Qatar real estate market’s most challenging period is likely to be in the coming two to three years as the market absorbs oversupply and we transition to a more stable supply-demand-driven development climate,” Archer said.

Qatar’s hotel sector witnessed significant developments with the total supply of rooms increasing by more than 8,000 over the past 18 months amid rising tourist arrivals this year, Cushman & Wakefield Qatar’s ‘Q2 Real Estate Market Review’ has reported.According to the review, Qatar’s total supply of hotel rooms now stands at more than 38,000 and is expected to surpass 40,000 rooms by the end of 2023.“This recent increase in supply will be supplemented by some significant additions to the market in the coming months, including Andaz Doha, Four Seasons Resort and Residences at The Pearl Island, NH Collection Oasis Doha Hotel, Rixos Qetaifan North, Rosewood Doha, and Waldorf Astoria West Bay,” it stated.Citing Planning and Statistics Authority (PSA) figures, the review stated that Qatar welcomed more than 1.75mn visitors between January and May 2023, up by 0.58mn or a 206% year-on-year (y-o-y) increase.“While the intervening years have been impacted by the blockade and by Covid-19, the number of arrivals has surpassed the previous five-month record from 2017 by 28%. Approximately 685,000 visitors from the GCC arrived in Qatar over the first five months of 2023, mostly from Saudi Arabia.“This accounts for 38.7% of total visitors, highlighting the importance of the restoration of diplomatic ties in the region. PSA statistics showed that there was a slight fall in occupancy between Q1 2023 and Q1 2022 from 57% to 54%; however, the supply of rooms over this period had increased substantially. Occupancy rates for April and May were recorded at 47% and 56%, respectively compared to 44% and 57% last year. Average Daily Rates for the entire hotel sector in Q1 dropped from QR458 to QR434 y-o-y. This fell to QR444 in April and QR401 in May,” stated the review.It also stated, “Qatar’s hospitality sector faces considerable challenges over the coming years, not only in building room occupancy but also in supporting the significant increase in associated restaurants. Early signs of increased visitor numbers post-World Cup have been positive; however, a significant increase in these numbers will need to be sustained over the longer term.”On the other hand, the ‘Q2 Real Estate Market Review’ also provided an overview of Qatar’s retail market. It revealed that “retail rents and occupancy are under pressure despite increases in retail spending.”Citing Oxford Economics, the review stated that Qatar’s total nominal retail sales last year was approximately QR53.6bn, the highest recorded rate since 2018, albeit with sales impacted by Covid-19 in the intervening period.”“When compared to pre-Covid sales figures, the World Cup did not appear to result in a major boost to annual retail sales. Retail spending has been projected to increase to more than QR57bn in 2023, supported by increased tourist numbers, economic growth, and a growing number of high-profile international retail outlets in the country.“Qatar’s disposable income levels are also among the world’s highest, reflecting $97,096 in December 2022, when adjusted by purchasing power parity. Despite improving underlying metrics, Qatar’s retail real estate sector remains under pressure due to the significant increase in retail floor space that has been delivered since 2015,” it stated.The review also said, “Several retail developments continue to attract healthy footfall and benefit from high occupancy rates; however, many older malls or recently opened projects are struggling to build and maintain high occupancy rates.“Despite some prime developments enjoying full occupancy, the overall vacancy rate across Qatar’s main retail malls has fallen below 80%. Generous rent-free incentives, fit-out contributions, and turnover rent arrangements remain available to retailers in many developments looking to increase their occupancy rates.”

The summer season and the anticipated return of vacationing citizens and residents who arrive in time for the opening of classes provide hypermarkets in Qatar with opportunities to offer a varied range of promotions.Summer in Qatar is when many people go outside the country for vacation but despite the slowdown, hypermarkets have been launching creative promotions to encourage sales.LuLu Hypermarket is currently running its ‘10/15/20/30 Promotion’, which will conclude on August 6. Speaking to Gulf Times yesterday, Lulu Hypermarket Qatar marketing manager Mohamed Shihab said the company is working closely with local and international suppliers to ensure that LuLu stores across the country are well-stocked as the promo offers discounts on more than 1,500 food and non-food items.Shihab said the promo offers customers a wide selection of grocery, fresh food, fruits, vegetables, household items, textiles, footwear, health and beauty products, sports goods, home decor, stationery, toys, and electronics, among other quality items available at affordable prices.In an earlier statement, LuLu Hypermarket Qatar announced that the Hot Food and Bakery sections are offering “tailor-made innovative value combo offers” on Arabic, Western, Chinese, South Indian and North Indian cuisine, including a wide selection of other bakery delights.Shihab said LuLu, in collaboration with Kalyan Jewellers, is also running the ‘Win 1.5kg Gold and QR100,000 LuLu Gift Voucher’ promo. Earlier, LuLu also launched its ‘Let’s Connect’ promo followed by the ‘Digitech’ promo, which offered shoppers discounts on smartphones, laptops, tablets, accessories, and a variety of Internet of Things (IoT) products.From August 10, Shihab noted that LuLu will commence its ‘back to school’ promo, which will feature exclusive offers on a variety of stationery items, school bags, lunch boxes, water bottles, and snacks, among others.Despite the drop in Qatar’s population this summer, Shihab said LuLu witnessed a 25% growth in the hypermarket’s e-commerce platform. He added that LuLu is also working closely with a popular local delivery app to ensure online shoppers get their items easily and on time.Similarly, Safari marketing manager Abdul Samad K Y, said the hypermarket has implemented various promotions on various groceries items, including the ‘chicken festival’, as well as the ‘salad festival’, which starts today (August 1). He noted that shoppers are also anticipating the juice, food, and dates festivals, which are coming soon.The current summer trends at Safari, Samad pointed out, include home appliances, such as air conditioners and air coolers. Earlier, he said Safari launched attractive deals and promos on electronic items, such as the PS5 and other game consoles.Samad said Safari will launch its ‘back to school’ promotion on August 15, which will include items like shoes, school bags, and assorted stationeries, as well as electronic items like laptops and tablets.He also said Safari is maximising the use of social media platforms like Facebook, Instagram, Twitter, and TikTok, as well as newspaper advertisements to boost the company’s marketing strategy.

Even though fewer people in Qatar are fishing during the summer months, beginners and serious hobbyists who are looking to improve their gear are driving sales of fishing accessories, according to residents who frequent different angling spots across the country.The hot and humid weather has not deterred anglers in the country, whether professional or novice, from setting up their gear in preparation for the upcoming months when the weather would be more favourable for fishing, Joseph “Jeff” Cerezo told Gulf Times Sunday.Cerezo, along with Adrian “Migs” Alfaras, have been fishing regularly in various locations in Qatar for the past several years. The adventures of these self-declared veteran fishers are documented in the Facebook group ‘Anglers of Qatar’, which was created by Alfaras.According to Cerezo, the cost of setting-up fishing gear varies. But for beginners “QR500” would be enough for a full set-up. However, some professional anglers would even spend “QR5,000” or as much as “QR8,000 to QR9,000” depending on the set-up and the brand of their gear, he said.“An angler’s set-up depends on the type and size of fish he or she wants to catch. There are different kinds of fishing rods, as well. Reels also have different categories as with the fishing lines and lures,” Cerezo explained.On the other hand, Alfaras has a more conservative and budget-friendly shopping list for would-be anglers. He said “QR150 to QR200” would be enough for a basic set-up, which includes a decent fishing rod, a 30mm fishing line, swivels, hooks, and a sinker.“Starting out does not have to be expensive. A basic set-up, including fresh shrimp for bait, is enough for one to enjoy fishing on the shores of Qatar,” said Alfaras, who noted that he still goes fishing with his fellow anglers in the summer just to get a break from the daily grind.Alfaras said, “I started fishing in the Philippines when I was in Grade 3. Qatar has such beautiful fishing spots and different varieties of fish; and each trip to these locations is always a relaxing experience, which is why fishing has become a very delightful hobby for many people living here. I also document and share my experiences on my YouTube channel ‘MIGS fishing expedition VLOGS’.”Cerezo noted that because the hot weather is challenging some anglers go to deeper waters to catch fish. “Sometimes, those who are fortunate enough to haul in a good catch may even sell the fish to porters waiting along the shoreline. The price of fish would be around 10% cheaper than those being sold in stores,” Cerezo pointed out.He said the Corniche and the Mina District are popular fishing spots within the Doha area. But some anglers also frequent the beaches in Dukhan, Wakra, or Mesaieed and the best time for casting is between 6am and 7pm in these locations, he also said.“Further in the sea, we sometimes catch kingfish, hamour, queenfish, sheri, giant trevally, cobia, and tuna. I usually catch sea breams, but there was a time I was able to catch a queenfish weighing some 6kg,” said Cerezo, who also maintains his YouTube channel ‘Dad with Spice’.

Public sector support and world-class facilities have helped foster a robust startup ecosystem in Qatar, according to a Doha-based digital startup.eHaris.com co-founder Binod Chandran told Gulf Times Tuesday that Qatar has actively encouraged diversity and inclusion in its startup ecosystem.He said: “Efforts to involve women entrepreneurs and expatriates have been made to ensure a broad entrepreneurial community, including the announcement of business-friendly regulations and the expansion of multiple free zones like Qatar Financial Centre (QFC), Qatar Free Zones Authority (QFZA), Qatar Science and Technology Park (QSTP), and the new Media City.Chandran lauded Qatar for investing heavily in developing world-class infrastructure, including technology parks, co-working spaces, and incubators. This, he pointed out, helps startups access essential resources and networking opportunities.“Qatar has proactively marketed its startup ecosystem through international media, events, and digital platforms. Effective branding has elevated Qatar’s profile as a startup hub and increased its visibility on the global stage,” he stressed.Chandran said: “eHaris.com is being supported by two, the Digital Incubation Centre (DIC) and Qatar Business Incubation Centre (QBIC), which has helped a lot in our initial days of uncertainty.“The training they provided was invaluable and a lean startup mindset improves the outcome of the startup. Also, the collaboration between Qatar Development Bank (QDB), Ooredoo, and QFC has a lot of value for the community. We are also part of the Digital & Beyond Incubator funded by Ooredoo and run by QDB-QBIC.”Chandran explained that the Qatari government’s multifaceted approach to supporting startups has contributed to a thriving digital startup landscape in the country. By providing financial, infrastructural, educational, and regulatory support, aspiring entrepreneurs have been able to turn their innovative ideas into successful businesses, helping drive economic diversification and technological advancement in Qatar, he emphasised.With sustainability becoming a global priority, Chandran said both the private and public sectors play crucial roles in promoting and supporting eco-friendly innovations in the country.“Tasmu is a perfect example of the vision of Qatar towards smart cities and urban planning. Startups are developing smart city solutions, incorporating IoT technologies, to optimise energy use, enhance transportation systems, and improve overall urban sustainability,” he explained.Chandran said eHaris.com is encouraging collaborations between startups and established businesses to foster an environment of innovation and mutual growth, as well as companies promoting the use of ‘Made in Qatar’ products.“We following the mantra of ‘Developed in Qatar’ for the world. Established businesses can help startups kick-start the sales cycle as early adopters,” he noted, adding that Qatar’s strategic geographical location as a gateway between Europe, Asia, and Africa can be advantageous for startups looking to expand their reach to regional and international markets.Chandran said Qatar’s strategic investment focus is valuable for budding startups and for those looking to scale. Qatar has identified key sectors for development, such as technology, healthcare, energy, and sports. Startups operating in these strategic sectors would have a higher chance of receiving targeted investment and support, he said.As a digital startup, Chandran said eHaris.com, which is co-founded by Fijo George, Dijin Kumar, and Nishi Kurup, is looking to contribute to Qatar’s technology landscape by introducing innovative solutions and leveraging technology advancements.“By addressing unmet needs or challenges in the market, eHaris.com can foster a culture of innovation and serve as a catalyst for other startups to follow suit. eHaris.com won first place during ‘DIC Ideacamp 4th Edition’ and was among the top 10 in the QDB Hackathon 2021. We also participated in MCIT’s CodeCamp with MADA Accessibility Centre, and also in the Ooredoo-QBIC Leanstartup Programme,” Chandran said.

The Qatar FinTech Hub (QFTH) has been witnessing an increase in the number of local and international fintech startups participating in its acceleration and incubation programme, a top official of Qatar Development Bank (QDB) has said.“Since its inception, the Qatar FinTech Hub has graduated 57 fintechs with a cumulative valuation portfolio of startups worth $500mn. We have also managed to successfully localise 26 fintechs from the US, India, Bangladesh, the UK, and more countries.“This goes on to further demonstrate Qatar’s global appeal as a hub for fintech growth and as a launch pad to expand in the neighbouring regions,” QDB CEO Abdulrahman Hesham al-Suwaidi stated during the recent launch of QFTH’s fifth cohort of its incubation and acceleration programme.For the fifth cohort of its incubation and acceleration programme, al-Suwaidi said QFTH received 290 applications, out of which 21 applications were accepted from local and international startups in the fields of payment technology in partnership with Visa, insurance technology with Qatar Insurance Group, ‘Buy Now, Pay Later’ technology with Mastercard, and collective debt-based crowdfunding with QDB.According to al-Suwaidi, QFTH, which is a subsidiary of QDB, has played a vital role in the growth of the fintech sector in Qatar and has contributed to the development of a group of local companies.He stated that the launch event celebrates the “innovative spirit” and potential of Qatar’s entrepreneurs and partners that have been supporting the incubation and acceleration programme by collaborating with QFTH.“Qatar FinTech Hub programmes have received more than 2,511 fintech applications from 76 countries over the year, and we are proud of our diverse portfolio originating from 22 countries.“While we have new fintechs through our upcoming wave, we also continue supporting the ones that have been part of our programme since its inception. We are pleased and are always standing by our alumni who are leaping into regional and worldwide growth,” al-Suwaidi emphasised.Citing “great examples” like Karty, al-Suwaidi, the Doha-based startup financial solutions provider has secured a partnership with Masraf Al Rayan to strengthen their fintech development.Similarly, Pay2M, which joined QFTH in 2021, has advanced into a new partnership with finance and technology powerhouses while also acquiring the payment service provider license from the Qatar Central Bank (QCB), al-Suwaidi pointed out.Al-Suwaidi emphasised that QFTH “has been a driving force” behind the growth of the country’s fintech industry through its incubation and acceleration programme, with an aim to diversify the economy in line with the Qatar National Vision 2030.

The Qatar FinTech Hub (QFTH), a subsidiary of Qatar Development Bank (QDB), has launched the fifth cohort of its incubation and acceleration programme as part of efforts to support fintech startups in their entrepreneurial journey.Through its previous cohorts, QFTH has played a vital role in the growth of the fintech sector in Qatar and has contributed to the development of a group of local companies and graduating over 50 entrepreneurs from its programmes, along with significant private sector investments since its inception in 2020.For the fifth cohort, QFTH received 290 applications, out of which 21 applications were accepted from local and international startups in the fields of payment technology in partnership with Visa, insurance technology with Qatar Insurance Group, ‘Buy Now, Pay Later’ technology with Mastercard, and collective debt-based crowdfunding with QDB.These companies will begin a 12-week journey of incubation and acceleration, during which they will have the opportunity to develop and grow their businesses with the necessary local support, in addition to receiving support worth $70,000 for each startup.Qualified companies in the fifth cohort will also receive a range of specialised guidance and training services provided by QFTH and its strategic partners, including local and international mentors, along with initial investments ranging from $40,000-100,000 from QDB.Emphasising the importance of supporting Qatar’s fintech industry, QDB CEO Abdulrahman Hesham al-Suwaidi said: “With each new cohort of startups, we offer innovative solutions and opportunities for collaboration with the private sector, aiming to enhance Qatar’s vital role as an effective fintech hub in the region.“Over the next three months, we will be developing and localising approximately 21 startups across four different sectors with the aim of incubating and accelerating their businesses and investing around QR7mn.”Al-Suwaidi said: “The selection of these companies was based on regulatory criteria and licensing mechanisms of the Qatar Central Bank with the aim of providing value-added services to the payments, insurance, and collective debt-based crowdfunding sectors, in direct coordination with the Financial Technology and Innovation Management team at QCB, along with Visa, Mastercard, Qatar Insurance, Microsoft, and Qatar FinTech Hub.”QFTH continues its journey in supporting entrepreneurs and sharing global experiences and expertise with them. It continuously collaborates with key stakeholders in the field, including financial institutions, technology service providers, payment solution networks, academic institutions, and regulatory bodies.QFTH is also forming new partnerships with fintech centres. Recently, QFTH oversaw the signing of a new partnership agreement between Visa and Pay2M, a QFTH graduate and a QCB-licensed payment service provider. Additionally, a memorandum of understanding was signed with Indian firm, ACKO, making it a key client in the insurance technology sector.

With an expected budget of more than “$1.64bn” by 2026, Qatar “has the fastest growth” in cybersecurity spending in the Middle East, the Investment Promotion Agency Qatar (IPA Qatar) has said in a report.The agency, in the ‘Securing the Digital Future: Investment Insights and Opportunities’, a joint report with Microsoft and EY-Parthenon, stated that Qatar’s cybersecurity spending is expected to witness a more than “12.7%” increase from “$1.01bn” in 2022 to more than “$1.64bn” in 2026.The report also highlighted that hyper-connected Internet ecosystems and national expenditure on cyberinfrastructure will boost cybersecurity market growth in Qatar and the region.Similarly, the report stated that the Middle East region is witnessing “a region-wide digital paradigm shift,” with a rise in expenditure on cybersecurity, as well as data security, AI, and cloud capabilities.Citing official figures, the report stated that expenditure of the Middle East cybersecurity market would amount to “$44.7bn” by 2027, while end-user spending on data security in the Mena would have a compound annual growth rate (CAGR) of more than “22.6%” between 2020 and 2023.Artificial intelligence's (AI) contribution to the Middle East GDP by 2030 is projected to reach “$300bn,” while the Middle East cybersecurity market is expected to witness a “+17.1%” CAGR between 2020 and 2027. Total public cloud spending in the GCC would be “$2.5bn” by 2030, while GCC countries may see a “+10%” increase in the online services index, the report also stated.The report stated that expected growth in Qatar’s emerging technology sub-sectors market revenue between 2022 and 2026 include the following: Internet of Things (IoT) ($614.6mn - $1,822.6mn), big data analytics ($520mn - $820mn), cloud computing ($119mn - $303mn), blockchain ($33.2mn - $253.4mn), and system integration ($176mn - $221mn).Four “promising trends,” such as ‘cross-sectoral digital transformation’, ‘a promising age of digital government services', ‘cloud-first economy’, and ‘emerging technologies and growing youth’, are expected to shape Qatar’s cybersecurity market and drive the growth in 2030 and beyond, the report pointed out.“Qatar is witnessing a rapid increase in digital transformation through strategic partnerships across several sectors, including energy, financial services, tourism, and health, among others, like the collaboration between Tawteen and Microsoft to accelerate digital transformation in the energy sector and the digitalisation of financial services supported by the Qatar Central Bank, Qatar Financial Centre, and Qatar FinTech Hub. Qatar has also successfully delivered a digitally secure FIFA World Cup in 2022 under the Supreme Committee for Delivery & Legacy’s Cybersecurity Framework.“Derived from NDS, increase in digitisation of government services and offerings, like the Smart Qatar Programme (TASMU) for digital transformation, and ‘Hukoomi’, an e-government service aims to leverage technology to provide better services, and requires sophisticated system integration offerings. Under Tasmu, the Qatari government has intended to invest $1.65bn over the next five years across five priority sectors,” the report stated.It added: “As digital transformation unfolds across the region, the cloud will be a critical enabler of the new platforms, services, and infrastructure that governments and enterprises seek to activate. Organisations are increasingly adopting a multi-cloud strategy, allowing them to leverage cloud computing applications from various suppliers, avoid vendor lock-in, enjoy more competitive pricing, and mitigate outages.“Qatar is increasingly incorporating emerging tech into its core services, leveraging new capabilities unlocked by cloud computing, AI, and the Internet of Things (IoT). The growing young population in the country presents an opportunity for enterprises to provide the robust digital experiences that consumers will increasingly demand.”

Qatar is witnessing a growing demand for skilled cybersecurity professionals amid the rapid advancement of modern technologies, which is playing a critical role in the country’s digital transformation efforts, the Investment Promotion Agency Qatar (IPA Qatar) has said in a report.Qatar has seen “dramatic growth” in its digital economy alongside the progress witnessed by its neighbours in the region, IPA Qatar stated in ‘Securing the Digital Future: Investment Insights and Opportunities’, a joint report in collaboration with Microsoft and EY-Parthenon.According to the report, Qatar’s massive investments in digitisation, including digital security, were reflected in the delivery of multi-billion dollar mega projects and the country’s hosting of the 2022 FIFA World Cup.“Qatar’s commitment to enhancing the nation’s cybersecurity and digital space, including ambitious strategies and policy tools, have shaped a resilient cyber ecosystem and present compelling market opportunities for foreign investors.“The nation provides foreign investors with a valuable and competitive business climate, with a variety of resources. Qatar offers a stable and resilient economy, a vibrant knowledge eco-system, seamless market access and connectivity, and a pro-business climate,” the report stated.The report stated that the Ministry of Communications and Information Technology (MCIT) established various initiatives in partnership with Microsoft to meet the rising need for trained and skilled professionals.These initiatives include the MCIT’s launching of the ‘National Skilling Programme’, in collaboration with Microsoft, which aims to train 50,000 people across all demographics by 2025. Qatar’s investment in national skilling for cybersecurity is seen to protect the country against threats and spur economic development, the report stated.In March 2022, HE the Minister of Communications and Information Technology Mohamed bin Ali al-Mannai led the National Skilling Programme’s launch ceremony, which coincided with the opening ceremony of the first-of-its-kind in the region Digital Centre of Excellence at Msheireb Downtown Doha.“The Digital Centre of Excellence is part of the National Skilling Programme, in partnership with Elev8, and expands the joint efforts of the MCIT and Microsoft to create a highly-skilled workforce for a rapidly growing, diversifying, and technologically advanced economy in line with Qatar National Vision 2030.“The centre is expected to play a key role in building the talent pool that will help accelerate the digital transformation of government institutions and private sector companies in Qatar,” the MCIT earlier stated.Aside from the programme, the report stated that other national skilling initiatives include the ‘Erada Internship Programme’, which supports and accelerates employability through internships, on-the-job training, and digital skilling programme opportunities; the ‘Qatar Digital Government Training Programme’, which strengthens professional capabilities and skills of national cadres and employees in the IT field; ‘Women Technopreneurs’, which empowers young women to innovate, lead, and succeed in an increasingly digital world; and the ‘Imagine Cup’, Microsoft’s premier student technology and innovation competition.“Combined with skilled talent and policy frameworks, Qatar’s cybersecurity capabilities have been enhanced with the establishment of effective infrastructure and technologies.Cloud-enabled technologies that are offered by in-country data centres in Qatar play a crucial role in helping organisations defend against modern cyber threats while meeting regulatory requirements,” the report stated.According to the report, the Microsoft cloud region in Qatar will empower customers across industries with the most trusted and secure cloud platform.“Qatar has reaped extensive benefits from the establishment of Microsoft’s cloud data centre, which contributes to enhancing the nation’s economic diversification goals. Over the next four years, Microsoft and its ecosystem of partners and cloud-using customers are expected to drive investment in the economy, create new jobs, and reduce the emission of atmospheric carbon,” the report stated.