Qatar’s government is actively funding a number of programmes aimed at turning the country into a digital hub.
Investor trust in Qatar’s thriving digital sector has been revealed by the Qatar Financial Centre’s mid-year growth report, which described the Gulf state as a major onshore financial and commercial hub in the region.
25% of the 152 businesses that were registered on the QFC platform during the first half of the year were digital businesses.
The platform has a relatively large number of newly registered digital businesses. A second QFC focus cluster, finance, also experienced considerable growth, accounting for 16% of the total number of enterprises that came on board over the same period.
According to the Qatar Development Bank’s 2021 Qatar Venture Investment Report, venture capital in Qatar reached a new high of QAR 69 mn in 2021 after increasing by 92% from the previous year.
In keeping with the nation’s digital transformation and the creation of a knowledge-based economy – as outlined in the Qatar National Vision (QNV) 2030 – Qatar has seen significant investment in the digital industry.
Additionally, research by the Economist Intelligence Unit shows that the investment drive is anticipated to generate more than QAR 11.3 billion in new revenue over the next five years and establish the nation as a digital hub.
In order to increase Qatar’s attractiveness and competitiveness on a regional and international scale, the government is actively funding a number of programmes aimed at turning the country into a digital hub.
A plan for integrated communications and information technology (ICT) is being developed by the ministry, and will be available in the first quarter of 2023.
The half-year growth record also supports QFC’s ongoing initiatives to boost foreign investment and diversify the nation’s economy. The enterprises registered with the QFC from 1 January to 30 June 2022 represented 48 nations in total, primarily those from the Middle East, Asia, and Europe.
In addition to technology and finance, they also work in the fields of media, sports, real estate, retail, logistics, health, education, and energy.
QFC also launched the first sustainable framework for Sukuk and bonds in the GCC is a noteworthy achievement for the company in the first half of 2022.
The Qatar National Vision 2030’s environmental and social goals are integrated with international standards under the QFC Sustainable Sukuk and Bonds Framework. It encourages best-in-class capital market practises that support a sustainable economy.
Additionally, QFC inked a non-binding Letter of Intent with Atlas Merchant Capital to build a worldwide investment platform that will offer liquidity to financial institutions and credit markets for the resolution of distressed assets.