The Qatar Business Incubation Centre (QBIC) has generated nearly QR6mn in revenue from the QR1.9mn it has invested in “successful applicants,” said chief executive officer Aysha al-Mudahka in an interview with the Oxford Business Group (OBG).
Founded in 2014, QBIC was launched by Qatar Development Bank (QDB) and the Social Development Centre as the Middle East’s largest business incubator. Al-Mudahka said QBIC received around 1,200 applications and incubated 52 start-ups since it was launched.
Mandated to develop QR100mn ($27.4mn) worth of new companies, al-Mudahka said: “We are well on our way to achieving the centre’s mission of developing the next QR100mn companies in Qatar.
“We have invested QR1.9mn ($521,000) in our successful applicants, which have in turn generated nearly QR6mn ($1.65mn) in revenue. This is a reflection of the opportunities that exist for start-ups to generate tangible economic value.”
The centre’s mixed-use incubation facility aims to promote local enterprises and align new businesses with Qatar’s requirements for major development projects, including the 2022 FIFA World Cup and the broader Qatar National Vision 2030 infrastructure development programme.
QBIC offers training, mentorship, networking and investment opportunities, as well as legal advice and two years of rent-free office space.