For the first time, direct investments supervised by Qatar Development Bank in SMEs has exceeded QR 100 million ($27 million).
The total amount of direct and indirect investments in the bank’s portfolio has reached QR 220 million, supporting nearly 100 companies operating and providing highly skilled jobs and innovative services for various entities and companies in Qatar, local media reports said.
The year 2021 witnessed a growth of 11 percent over the previous year in the capital invested by Qatar Development Bank in small and medium-sized companies.
The Bank held the 4th edition of the Investment Forum, in which it launched the first investment platform of its kind in the State of Qatar where 10 start-up companies presented their projects to investors, bringing the total initial deals during the forum to QR 8 million.
As part of its efforts to enhance its integrated project to support the financial services sector, the bank was keen to provide a specialized investment portfolio emanating from the main portfolio to support financial technology projects amounting to QR 12 million.
Fintech ranks third among the most invested sectors with a score of 18 percent, after sports technology is ranked first with 24 percent, Internet of things projects are in second place with 21 percent of the total investments of Qatar Development Bank.
The Acting CEO of Qatar Development Bank Abdulrahman Hesham Al Sowaidi said that the bank will continue to advance the level of progress in the venture capital sector in Qatar.