Qatar’s Prime Minister and Minister of Foreign Affairs, HE Sheikh Mohamed bin Abdulrahman bin Jassim Al Thani, announced Qatar Investment Authority’s (QIA) first foray into Venture Capital funds to help regional and local entrepreneurs.

Speaking at the Opening Ceremony of Web Summit Qatar at the Doha Exhibition and Convention Centre on Monday, the official said the country would invest $1bn into different funds.

“Based on the directives of HH The Amir Sheikh Tamim bin Hamad Al Thani, and given His Highness’s vision to develop the country’s competitive and diversified economy, I’m pleased to announce a $1bn QIA investment in international and regional Venture Capital (VC) funds to support regional and local entrepreneurs,” he said to loud applause.

“This is Qatar’s first VC Fund of Funds, a strategic investment programme aimed to foster innovation in Qatar and kickstart the technologies of tomorrow. As we forge ahead, let us carry the spirit of innovation and collaboration that brought us together today,” he added. 

We host today the Web Summit Qatar 2024 for the first time in the Middle East, which comes in line with Qatar's National Strategy to advance our technology ecosystem. This confirms the country's position as a promising regional destination for the technology & investment sectors. pic.twitter.com/3flpVWe20J

— محمد بن عبدالرحمن (@MBA_AlThani_) February 26, 2024

The Prime Minister said digital technologies were, for the first time, converging to achieve complex, real-world outcomes that were previously unimaginable.

“Through technological advancements — from robotics to Internet of Things — we are building a new ecosystem and the shift is eliminating barriers for entry and participation. The world is interconnected, and it’s finally possible for ground-breaking technologies to be shared with everyone.

“It should be our Collective goal — to open access to this advancement, especially for developing Nations. This inclusivity is crucial,” he said.

“Web Summit Qatar 2024 is a milestone in this incredible Journey of technological evolution. A moment to reflect on our progress and envision the steps we must take to chart the course ahead. It’s a melting pot of the brightest minds in our world today, coming together to forge the future in a region full of unlocked potential,” added the Prime Minister.

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