Qatar Science & Technology Park (QSTP), part of Qatar Foundation Research, Development and Innovation (QF RDI), has today announced a pioneering new partnership with Qatar Development Bank (QDB) which aims to enhance Qatar’s economy, boost RDI within the private sector, and support the nation’s start-up community.
The partnership – which is targeting start-ups, entrepreneurs, and small and medium-sized enterprises (SMEs) – will see QSTP and QDB leverage both organizations’ incubator and accelerator initiatives through specialised workshops, bootcamps, hackathons and investor pitching sessions. Co-investment opportunities will be explored for tech start-ups looking to deploy solutions locally and scale-up globally.
Participating start-ups, entrepreneurs and SMEs will be supported via access to workspace, machinery and infrastructure, alongside top-class mentoring and professional guidance. Collaboration between QSTP and QDB will foster and promote RDI, nurture entrepreneurship programs, and provide co-investment opportunities for entrepreneurs across a range of industries, including the technology and FinTech sectors.
The number of start-ups in Qatar and the level of investment in the technology and FinTech sectors are rising rapidly, thanks to programs such as those offered by QSTP. Qatar’s current strategic FinTech interests and National Fintech Strategy are closely aligned with areas which are seeing the most investment globally, including 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, Mr. 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.”