Doha, Qatar–On the sidelines of Qatar Web Summit 2024, Qatar Development Bank signed two memoranda of understanding with international investment fund Global Ventures and Saudi investment company Raed Ventures.
The new partnerships fall in line with QDB’s efforts to propel the private sector and create promising investment opportunities, and QDB’s strategy to bolster Qatar’s investment landscape and empower entrepreneurs to access new financing solutions by engaging with leading international investment funds across the region.
Commenting on the agreement, QDB’s Senior Investment Manager Mohammed Al Emadi said the MoU reflects the bank’s commitment to the development of Qatar’s entrepreneurship and venture capital ecosystem. “It also reflects our responsibility towards developing the private sector and providing the best financing and advisory solutions for entrepreneurs and startups.”
Co-founder of Global Ventures Nour Sweid said the cooperation with QDB will enhance access to Qatar’s entrepreneurship ecosystem. “The agreement represents a continuation of our efforts to operate across the region by focusing on cooperation with regional partners to empower entrepreneurs through investments while enhancing the role of venture capital.”
Co-founder of Raed Ventures Omar Almajdouie said, “Through this initiative, we aim to foster the entrepreneurial ecosystem and contribute to the industry’s remarkable growth in Qatar and across the region in line with our efforts to promote development.”
These new initiatives will facilitate the exploration of future joint investment opportunities between QDB and private sector entities on one hand, and companies within the investment portfolios of the international investment fund ‘Global Ventures’ and the Saudi investment company ‘Raed Ventures’ on the other.
Additionally, this collaboration will enhance the provision of training programs, field training, and experience exchanges to equip investors and fund managers in the investment sector with essential skills. Through these partnerships, QDB aims to organize investment events that offer entrepreneurs a cooperation platform, while also promoting the exchange of knowledge, experiences, and collaborative efforts in the venture capital sector and startups.
The MoUs were ratified at the Web Summit Qatar 2024, where QDB announced the launch of its latest Startup Qatar Investment Program, which provides support for tech startups seeking to establish a presence in Qatar or to expand their operations in the country. The program was launched under the umbrella of the Startup Qatar platform, which was recently announced by the Investment Promotion Agency in Qatar.
Building on the success of its previous initiatives, QDB continues to provide innovative solutions to empower Qatari entrepreneurs to boost their competitiveness, contribute to the diversification of the Qatari economy, and bolster their exports of local products and services, through access to financing and capacity-building programs.