The largest multi-purpose business incubator in the Middle East has officially opened at a high-profile ceremony in Doha, reports Arabian Business.

The Qatar Business Incubation Centre (QBIC) -  a joint project by Qatar Development Bank and Social Development Center – is based New Industrial Area, Doha, at a 20,000 square meter site.

"QBIC’s inauguration is a new milestone in the overall development effort of Qatar in the field of entrepreneurship and private sector support,” he said in a statement.

“It is also aligned with the Qatar National Vision 2030 pillars of economic, social and human resources development.”

The initiative - worth QR100 million ($27.4 million) - was announced in May this year, with the promise to incubate 15 projects of entrepreneurs who participated in its Lean Startup programme, offering them office space, financing, and incubation services for two years.

This was offered in addition to the initial conditional seed-funding worth QR100,000.

QBIC will operate under the patronage of Sheikh Abdullah bin Nasser bin Khalifa Al Thani, the Prime Minister and Minister of Interior of Qatar.

Speaking at the launch, Abdulaziz bin Nasser Al Khalifa, CEO of Qatar Development Bank and chairman of QBIC, said that the number of entrepreneurs supported through the Lean Startup programme reached 21, all of whom truly showcase entrepreneurs’ potential and progress in Qatar.

He added: "In addition to funding the construction of the incubator, we allocated another QR27 million to support the incubated projects and offer all the facilities and services entrepreneurs need from a project’s inception to its operation - providing office space, industrial workshops, administrative and technical support, and a 20,000 square meter project space.”

Aysha Al Mudahka was recently appointed as the CEO of QBIC, after her successful post as the Executive Director of INJAZ Qatar.

Al Mudahka is also a founding member of the Roudha Centre, a female entrepreneurship and innovation centre in Qatar, and an active member of the World Economic Forum’s Global Shapers Community.

Sheikh Abdullah bin Saud Al Thani, the governor of Qatar Central Bank and chairman of the board of directors of Qatar Development Bank, also said: "We have been delighted to partner with the Social Development Center throughout the establishment of this important national project.

“We are confident that QBIC will now take its place in the front rank of incubators around the world, and provide a major boost to Qatar’s economic development.”