The top Qatar official underlined the significance of the event as it takes place “at the threshold of a new era.”

Qatar’s Prime Minister Sheikh Mohammed bin Abdulrahman Al-Thani announced a $1 billion Qatar Investment Authority investment in international and regional venture capital funds on Monday at the Web Summit.

The major investment came under the directives of Qatar’s Amir Sheikh Tamim bin Hamad Al Thani to support local and regional entrepreneurs.

The senior Qatari official’s announcement came during the opening night of the Web Summit, held at the Doha Exhibition and Convention Center (DECC) between Monday and Thursday. 

The event is gathering more than 12,000 participants, 500 investors and 200 speakers from all over the world.

The Web Summit in Qatar marked the first time the event ever took place in the Middle East, making it what Sheikh Mohammed described as “a momentous occasion.” The event also added to Qatar’s profile of hosting mega-events, most notably the 2022 FIFA World Cup.

“Web Summit Qatar represents another historic event in the Middle East and once again we welcome the world in Qatar,” Sheikh Mohammed said.

The top Qatar official underlined the significance of the event as it takes place “at the threshold of a new era” where there are major technological advancements and human achievements. 

“Until relatively recently, specialised technologies remain in separate silos today, digital technologies are for the first time converging to achieve complex real-world outcomes, previously unimaginable,” he said.

Offering a positive perspective on modern-day technologies, Sheikh Mohammed pointed to such developments as making the world more interconnected than ever. He stressed that the international community must also ensure open access to such advancements particularly in developing nations.

“This inclusivity is crucial as a grand vision need no longer be bottlenecked by access, privilege or ability but can flow freely[…]we recognise that innovation is not just about creating new tools but about reimagining the possibilities of what we can achieve,” Sheikh Mohammed said.

The top Qatari official added that the event is yet another chance for attendees “to reflect” on the global technological progress.

“Each discussion, every interaction and all partnerships coming forth over the next few days is a step toward that future and will plant seeds from which the technologies of tomorrow will grow,” he said.

The tickets for the event sold out last week as partner and startup programme passes reached full capacity.

Some of the most prominent companies and agencies showcasing at Web Summit include Amazon, Meta, Shell, Huawei, Snapchat, and TikTok. Qatari entities, from the Qatar Investment Authority to Snoonu, will also have a unique presence.

Sheikh Mohammed noted that Qatar “has spared no effort or resources to create a unique platform for innovation, creativity, and a thriving human capacity.”

“Over the past two decades, Qatar has undergone tremendous development across all sectors, investing in infrastructure, modernisation and human capital development,” he said.

When listing Doha’s developments, Sheikh Mohammed pointed to Invest Qatar’s ‘Startup Qatar’, an online platform that provides information and support opportunities to back startups.

“This programme gives the start-ups a single portal to access funding, support services and incubation programs, government grants and networking events,” Sheikh Mohammed said.

Hosting the Web Summit falls under Qatar’s Third National Development Strategy which aims to enhance Qatar’s tech ecosystem. Sheikh Mohammed also hoped the event would “drive meaningful progress.”

“I invite you all to embrace the opportunities that lie ahead of you and unleash your creativity and expertise together we can and will make a lasting impact on the world,” he said.