Qatar Announces Giant QAR6 Billion Fund For Innovators & Startups

By Shoshana Kedem / Inc Arabia


SOURCE: Inc. Arabia - Qatar Announces Giant QAR6 Billion Fund For Innovators & Startups

A QAR6 billion fund for tech startups and multinational companies was announced by the Ministry of Transport and Communications of Qatar on Monday.

The Qatar Smart Nation project, “Tasmu” will help companies develop solutions to tech problems of the future, HE Sheikh Abdullah Bin Khalifa Al-Thani, Prime Minister and Minister of Interior of Qatar said at the opening ceremony of the QITCOM Conference in Doha.

Qatar Smart Nation aims to bridge the gap between policy-makers and society across five sectors, including transport, logistics, environment, health, and sports, Rashid Al-Naimi, CEO of Qatar Fund investments told Inc. Arabia.

“We tried to build a bridge between the people who need help, and the people who want to offer help, and aim to build this bridge using technological solutions that are cheaper, faster, and more efficient in every way,” he said.

“QAR6 billion is the money we’re expecting to spend over the next five years of implementing all these solutions, expecting it will return QAR40 billion in the country as well as a 10% year-on-year increase in terms of the number of technologically capable staff and employees.

Nuami urged companies at the implementation stage of their projects to apply for the funds from the Qatar Development Bank (QDB), who will cover 80% of costs of the feasibility study.

“The money is open to everyone as long as we realize the project is feasible, required, and doable by the counter-party.”