Qatar Science & Technology Park (QSTP) has announced its new partnership with Qatar Development Bank (QDB) with the aim of boosting RID within the private sector, support the nation’s start-up community and improve the economy of Qatar.

Through specialized seminars, bootcamps, hackathons, and investor pitching sessions, QSTP and QDB will use both organizations' incubator and accelerator efforts, aimed at start-ups, entrepreneurs, and small and medium-sized enterprises (SMEs).

For innovative start-ups wanting to launch solutions locally and grow up globally, co-investment opportunities will be explored.

Access to workspace, machinery, and infrastructure, as well as top-notch mentoring and professional coaching, will be provided to participating start-ups, entrepreneurs, and SMEs.

QSTP and QDB will collaborate to grow and promote RDI, nurture entrepreneurship initiatives, and provide co-investment opportunities for entrepreneurs in a variety of industries, including technology and FinTech.

Thanks to programs like QSTP, the number of start-ups in Qatar and the amount of money invested in the technology and FinTech industries are fast increasing.

Qatar's present strategic FinTech goals and National Fintech Strategy are closely aligned with global investment hotspots, such as digital banking and digital payments.

Commenting on the partnership, QSTP’s Executive Director, Yosouf Al-Salehi, said: “At QSTP, our key focus is to foster and grow an environment that advances innovation and entrepreneurship in Qatar, and to support aspiring entrepreneurs every step of the way as they turn their innovative ideas and passions into successful businesses. QSTP offers a full-spectrum value chain of acceleration, incubation, funding, and investment programs.

“Our partnership with QDB further bridges the gap between industry and RDI, and will bring tangible benefits to those at the forefront of technology development. Together, we play a crucial and complementary role in fostering a thriving technology, innovation and entrepreneurship ecosystem here in Qatar. It’s through partnerships like this that we are actively positioning Qatar as the destination of choice for local, regional and global innovators across the research and innovation spectrum to help them succeed.”

Executive Director of Advisory and Incubation at QDB, Ibrahim Abdulaziz Al-Mannai, said: “We are pleased to sign this MoU with QSTP, which will further help nurture the SME ecosystem in the country. The agreement will also allow us to extend additional support to this important sector in line with QDB’s mission to improve the economic development cycle by providing entrepreneurs and SMEs with a wide range of financial and advisory products under one roof.

“We hold to great esteem our partnership with Qatar Foundation and all its various arms and look forward to sharing fantastic accomplishments with this respected organization that will further help bolster Qatar’s position as a global economic force,” he added.

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Cover Image Credit and Source: The Peninsula