Qatar launches ‘fund of funds’ for tech sector

Matthew Taylor's avatar
Matthew Taylor
A large stage viewed over the heads of a packed audience. The Web Summit Qatar logo is visible on a large screen that dominates the back wall of the stage. In the centre of the stage stands His Excellency Sheikh Mohammed bin Abdulrahman Al Thani, the State of Qatar's prime minister and minister of foreign affairs

With a focus on economic diversification and an ever-rising standard of living, Qatar has launched a US$1billion “fund of funds” to be invested in the tech sector across the MENA region. 

“It should be our collective goal to open access to [technological] advancement, especially for developing nations.” 

That’s according to the State of Qatar’s Prime Minister and Minister of Foreign Affairs, His Excellency Sheikh Mohammed bin Abdulrahman Al Thani, speaking on Opening Night of Web Summit Qatar. 

Having recently launched Startup Qatar – a one-stop shop and online platform for startups – as part of the Invest Qatar foreign direct investment organisation, the prime minister announced that the sovereign wealth fund would invest more than US$1billion in international and regional venture capital funds. 

The prime minister highlighted the importance of “coming together to forge the future in a region with unlocked potential,” adding that “we’ll plant seeds from which the technologies of tomorrow will grow”.

Qatar is well positioned to be at the forefront of developing technology in the MENA region, which has “US$8.5 trillion in combined GDP within a 2,000-miles radius, and 80 percent of the world’s population within six hours of flight,” according to His Excellency.

Boasting “entrepreneurship leadership across the Middle East”, Qatar is “the perfect backdrop for Web Summit with its commitments to technological advancement, and its vibrant community of thinkers and creators,” he said. 

The Prime Minister also believes that there should be a moral dimension to this new fund, seeking to improve living standards and open access to previously ignored or technologically and economically underserved people across the region: “Innovation is not an end, but a means to an end.” 

The strategic investment programme’s fund of funds aims not only to foster innovation domestically within Qatar, but to build greater economic ties on a global scale.

“Let our goal be to ensure that technology is shared with all, and wielded with wisdom, enhancing the lives of people around the world,” concluded the Prime Minister.  

Main image: Web Summit Qatar/Web Summit (CC BY 2.0)

Three smiling people facing the camera raise their arms above their heads in apparent celebration. The person in the middle is holding a wooden trapezoidal trophy with the word PITCH laser cut in it. These are the winners of PITCH at Web Summit Qatar. In the centre is Breshna founder and CEO Mariam Nusrat. On the left is Breshna VP Joanna Kurylo. On the right is Blockchain Founders Fund managing partner Aly Madhavji, an investor in Breshna.
Press releases

US-based Breshna wins PITCH, powered by Jusour

Breshna has been named winner of Web Summit Qatar’s startup competition, seeing off dozens of internatio...

February 29
Text reads 'Web Summit Qatar 2024. 15,453 total attendees'

Behind the numbers of Web Summit Qatar 2024

More than 15,000 people came to Web Summit Qatar, with startups,...

February 29