Qatar Free Zones Authority to Work with QSTP to Promote Sustainable Economy in Qatar
Qatar Free Zones Authority (QFZA) and Qatar Science & Technology Park (QSTP) signed a Memorandum of Understanding (MOU) to oversee, regulate and support the research development and entrepreneurship efforts to foster the establishment of a sustainable knowledge-based economy in Qatar.
The collaborative programme will enable QFZA and QSTP, both under Qatar Foundation, to support research, development, innovation and entrepreneurship within their respective areas, based on identified and prioritised segments – innovators, specialised workforce, businesses and the start-up environment.
The agreement will include a mechanism for training programmes and information sharing, as well as joint promotion events to strengthen the investment sector.
HE Sheikha Hind bint Hamad Al Thani, Vice Chairperson and CEO of Qatar Foundation, said she is excited to see the new startups and ventures that will come out of the partnership.
Providing access and building up the capabilities of home-grown talent is even more critical in this current climate. We must continue to explore new ways of thinking and innovate in order to build a truly sustainable and resilient nation.
HE Ahmad bin Mohamed Al-Sayed, Minister of State and Chairman of QFZA, said they are pleased to sign the agreement with QSTP, which is in line with the directives of the government on aligning the efforts of concerned investment entities. He said that the MOU will allow them to go further in their continued support of Qatar’s technology and innovation sectors, and enhance the growing technology ecosystem within Qatar.
We look forward to welcoming innovative international businesses, SMEs, entrepreneurs and start-ups to explore all that Qatar Free Zones and QSTP have to offer.
Since its establishment in October 2018, Qatar Free Zones has approved projects worth over QAR3 billion (approximately US$1 billion) from a wide range of leading local and global companies focused on the new economy, sustainability, IT, communications, transport, logistics, medical services, aviation, cybersecurity, and agritech.
Over QAR4.3 billion has been invested in research, development and innovation activities by international companies registered at QSTP. The technology, innovation and entrepreneurship hub is currently home to over 50 companies, including 20 multinational companies. It has so far incubated 22 technology-focused Qatari startups. Since 2008, more than 1,000 people have participated in its innovation programmes.