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Strong performance reflects sustained upward momentum driven by international expansion and operational efficiencyDigital transformation initiatives in automation and artificial intelligence enhanced productivity, governance, and cost optimizationEstithmar Holding Q.P.S.C. announced its financial results for the first quarter of 2026, reporting a net profit of QAR 333 million, marking a significant 97% increase compared to the same period last year. The results underscore the strength of the Company’s operating model and the successful execution of its expansion strategy.The company recorded revenues of QAR 1.455 billion, up from QAR 1.309 billion in Q1 2025. Gross profit rose to QAR 561 million compared to QAR 416 million, representing a year-on-year increase of 35%. EBITDA grew by 73% to reach QAR 473 million, while earnings per share increased by 90% to QAR 0.089.These results reflect comprehensive growth across all key financial indicators, supported by a clear investment vision and the Company’s ability to balance geographic expansion, portfolio diversification, and operational efficiency. International investments announced in previous periods have begun to deliver tangible impact, contributing to revenue growth, enhanced profitability, and asset base expansion.The strong growth in net profit is attributed to the Company’s disciplined approach to operational efficiency and value creation, alongside prudent capital management and effective risk management practices. In parallel, digital transformation initiatives, particularly in automation and artificial intelligence, have played a key role in improving productivity, strengthening governance, and optimizing costs.The results also highlight a balanced contribution across the Company’s business Groups; healthcare, services, tourism and real estate development, and industries & specialized contracting, demonstrating each Group’s success in executing its growth strategy within an integrated strategic framework. Commenting on the results, Juan Leon, CEO of Estithmar Holding, said:“The Q1 results reflect the strength of our business model and our ability to deliver accelerated and sustainable growth simultaneously. This performance goes beyond achieving record figures, it demonstrates the quality of our investment decisions and disciplined execution across markets and sectors. The balance between revenue growth and improved profitability, supported by strong operational performance and healthy cash flows, highlights our efficiency and our ability to translate expansion into tangible shareholder value.”He added:“International expansion has evolved into a core driver of our growth, strengthening our presence in high-potential markets while enabling income diversification and risk mitigation. Recent regional dynamics have further validated this strategic direction. At the same time, we continue to invest in digital transformation and advanced technologies to enhance operational efficiency. These results position us firmly on a clear upward growth trajectory, underpinned by a flexible strategy and financial discipline that ensure sustainable performance amid evolving economic conditions.”During the first quarter of 2026, Estithmar Holding launched its new subsidiary, Estithmar Capital, its fifth business platform, specializing in financial investment management, corporate governance enhancement, and the implementation of robust compliance and risk management frameworks, reinforcing the Company’s commitment to sustainable and responsible growth.The healthcare Group continued to deliver strong growth, driven by the expanding performance of its international facilities, particularly in Iraq and Libya, which have become key contributors to revenue. This reflects growing regional confidence in Apex Health, the company’s healthcare arm.The services Group further strengthened its leading position in the Qatari market, especially in facilities management and catering solutions, while regional expansions in Saudi Arabia, Iraq, and Jordan contributed to increased profitability and the development of new revenue streams.In the tourism and real estate development segment, the Group maintained solid progress despite regional challenges, supported by strong execution capabilities and strategic planning. Key projects continue to advance, including Rixos Baghdad Hotel & Residences and Rosewood Maldives Resort, alongside the strong performance of Al Maha Island and a successful season for Lusail Winter Wonderland.Meanwhile, the industries & specialized contracting segment recorded exceptional profitability growth of 376% compared to Q1 2025, driven by improved operational efficiency, effective cost optimization measures, and continued regional expansion, including new projects in Syria, Algeria, the Maldives, and Rwanda.It is also worth noting that Estithmar Holding appointed PricewaterhouseCoopers (PwC) as its external auditor effective early 2026, following approval by the Board of Directors and the General Assembly.

Utopia Capital Management, which aims to support more than 50 pre-seed to Series-A ventures in the next five years with as much as 70% from the Middle East, is eyeing family offices for funds in its efforts to develop unicorns in the region."Overall, we will be supporting 50 ventures across Southeast Asia, Middle East. In the Middle East specifically, it is about 35 that we are investing in," Alina Truhina, co-founding partner of Utopia, told Gulf Times in an exclusive interview.Reasoning for the increased focus on the Middle East, she said the region allowed it to consolidate its model, bring the right type of talent and expertise, and allow integration of the geographies."We can also help our portfolio companies from Asia and Africa expand to the Middle East. The region is well positioned as the hub for innovation," she said, adding viable nature, fast changing and favourable nature of the regulatory ecosystem helped it.Highlighting the availability of capital in this region, she said Qatar is the headquarters for Utopia Capital Management platform, under which come The Studio (AI-native Venture builder) as well as A-typical Ventures, which is backed by the Qatar Investment Authority (QIA).The Studio is working with the first group of entrepreneurs and over the next five years it aims to develop 140 venture concepts and support over 50 Pre-Seed to Series-A ventures.The Studio will help develop the venture concepts and launch new companies, and A-typical Ventures, working closely with The Studio under the Utopia platform, will invest in them, she said.A-typical Ventures is its Middle East fund, covering the Middle East, which includes the GCC (Gulf Co-operation Council), the Levant, Turkiye and Pakistan, and it also has a Southeast Asia fund 'The Radical Fund'."We are in conversations with several family offices (in Qatar). They are definitely keen. There is definitely a growing interest," she said in reference to bringing in fund managers and the need for corporates to partner more with startups.On the Studio, which was launched on the sidelines recently concluded Mobile World Congress, she said the venture building engine will co-build with entrepreneurs, new companies, but also work with existing ventures to support them with technology, with AI (artificial intelligence) native technology, as well as go to market, commercialisation, growth, partnerships, product and design, and expansion opportunities."We work with entrepreneurs from idea stage to series A stage," she said.Asked about the areas it was looking at; Truhina said it works along the kind of opportunities that are very relevant to its geographies."So the global south is our remit. We have developed PODs (problem-orientated deep dive). We look for entrepreneurs who are domain experts, and we co-build with them within very specific PODs. Then the funds also invest in these companies," according to her.PODs start with digital infrastructure (maintenance intelligence, neo-clouds, data centre and energy software, along with the core systems behind the energy transition and resource infrastructure); industry experts (deep domain-experts across technical fields such as surgery, chemistry and advanced engineering); and sovereignty (core systems in security, deep technology and government intelligence).The studio is building from idea to Series A in less than 24 months, she said, adding at present, it is now finalising an investment into a data company."We have also invested in a company that is a B2B venture that is a B2B management investment and financial management tool for SMEs (small and medium enterprises) across the global south," Truhina said, adding it is also looking at sectors such as gaming, tokenisation, climate tech and cleantech.On A-typical Ventures, a new driving force for early-stage venture innovation across the Middle East’s startup ecosystem; she said it has already spoken to more than 150 entrepreneurs in Qatar, but being a regional fund, it is also looking at other geographies such as the GCC, Lebanon, Turkiye and Pakistan. Across the region, it has contacted more than 300 entrepreneurs. 

The first cohort from the venture studio - backed by the Qatar Investment Authority (QIA), Qatar Development Bank (QDB) and Utopia Capital Management - is expected before the end of this year, according to a top official of QDB."We look forward to welcoming the first cohort from Qatar before the end of this year," QDB chief executive officer Abdulrahman bin Hesham al-Sowaidi told the seventh edition of Investment Forum 2025, organised by QDB in association with Young Entrepreneurs Club.Developing Qatar's venture capital ecosystem, in partnership with a fund-of-fund programme launched by QIA, the QDB had collaborated with Utopia Capital Management to establish the first venture studio of Qatar, operated by A-typical Ventures.Unveiled at the Web Summit 2025, the venture studio is actively seeking the region's entrepreneurs looking to scale innovations and drive economic diversification across sectors such as fintech, healthtech, e-commerce, logistics and mobility, and climatetech.The studio will act as a magnet for entrepreneurs and investors across the region, while nurturing Qataris' startup with skills and capital, al-Sowaidi said."This long-term partnership is a testament to our commitment to advancing the VC (venture capital) ecosystem through private sector enablement. This partnership is already in action," he said, adding the region is witnessing an increasing maturity in the financial ecosystem that encourages startup investments, even amidst global headwinds.A-typical Ventures will enable pre-seed, seed and pre-series A founders across the GCC (Gulf Co-operation Council), Levant, Pakistan and Turkiye to refine their business models, optimise their go-to-market strategies, and unlock powerful growth opportunities.The QIA's investment marks one of the first deployments of capital from its 'fund-of-funds' programme, which aims to develop a strong start-up and venture capital ecosystem in Qatar and attract leading venture capital funds and entrepreneurs to the region.QDB is co-building the next generation of game-changing ventures as it collaborates with Utopia and the Qatari partners, marking a bold step toward reshaping the startup landscape.By merging strategic investment with hands-on venture-building expertise, QDB aims to empower high-potential startups in Qatar and across the Middle East, helping them scale faster, break into new markets, and drive real economic impact.Mohammed al-Emadi, QDB executive director of Incubation and VC Investment, said the venture studio would be catering to the entire Mena region."Our alignment and agreement with Utopia is that we don't want to have a centre that's only dedicated for single market. We want a Mena venture studio. And the reason is that we want to serve our 2030 vision by building a knowledge-based economy. We believe that we need to draw the talents from Qatar, but we also need to attract talents to the region and to Qatar specifically," he added.