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Saturday, April 20, 2024 3:55 GMT
Qatar, with massive investments in the process of economic diversification of the energy-rich economy, has established itself as the start-up capital in the GCC states, said the Qatar Embassy in the USA. The vibrant Qatari economy bolstered with robust macroeconomic fundamentals, state-of-the-art infrastructure, and business friendly-environment, has been able to attract huge investments from the world’s leading companies, including Microsoft, Google, IBM, Volkswagen, Siemens, and many others, which reflects the investors’ confidence on the Qatari economy and its leadership. “#Qatar is the start-up capital of the GCC states! @QBICqa is investing heavily in Qatari start-ups and is empowering the next generation of Qataris to be global leaders in entrepreneurship and innovation”, said Qatar’s embassy in Washington in its latest Tweet. In line of the country’s long-term vision to achieve a sustainable economy and knowledge-based society, Qatar has been investing heavily in promoting small and medium-sized enterprises to establish a vibrant private sector over the last few years allay its dependence on energy revenues. The country has achieved a remarkable success in this direction with concerted efforts on the part of public and private organizations, including the Ministry of Commerce and Industry, Qatar Financial Centre (QFC) Authority, Qatar Development Bank (QDB) and Qatar Business Incubation Centre (QBIC) which was founded by two of the leading entrepreneurship institutes in Qatar— QDB and the Social Development Center. At QBIC a team of highly qualified professionals are working hard towards its mission of developing a number of next QR100 million (~US$27.3 million) companies in Qatar. It is a unique mixed-use business incubation center providing all kinds of possible support services, including easy access to finance and consultancy, to help entrepreneurs and companies who either have an idea to start a business or want to grow an existing business. The Embassy has also highlighted the support extended by QBIC, which works in close cooperation with the QDB. It supports and promotes ideas with special focus in tourism, manufacturing and ideas providing innovative digital solutions. The goal for QBIC is to ensure success of local innovative business ideas. It has several dozens of success stories to its credit and still counting. “Here, we celebrate the latest success stories from our community of thriving QBIC startups. Whether it’s the overall structure QBIC program, learning how to use specific business tools, or implementing just one key tip at the right moment, our graduates find that being part of QBIC makes all the difference,” reads a statement on QBIC’s official website. Qatar has been fast catching up to the globally trending technological developments and is shaping up well as a technology-led economy. The IBM Innovation Hub Doha, formulated by QDB, is focusing on creating and supporting fintech, sport tech, and energy tech.