QIA to invest over $1 billion in venture capital funds By Reuters

© Reuters. Qatari Prime Minister and Overseas Minister Sheikh Mohammed Bin Abdulrahman Bin Jassim Al Thani speaks throughout a joint press convention with Turkish Overseas Minister Hakan Fidan, in Doha, Qatar October 25, 2023. REUTERS/Imad Creidi/file photograph

DOHA (Reuters) – Qatar’s sovereign wealth fund on Monday stated it will make investments over $1 billion in worldwide and regional capital funds as a part of a technique to develop the enterprise capital and start-up sector within the gas-rich Gulf state and neighbouring states.

Qatar Prime Minister Sheikh Mohammed bin Abdulrahman Al Thani introduced the launch of the fund, which Qatar Funding Authority (QIA) stated in a press release would solely spend money on enterprise capital funds. It could not spend money on personal fairness or debt.

The so-called enterprise capital “Fund of Funds” would goal to yield market degree industrial returns for the sovereign wealth fund along with growing Qatar’s enterprise capital sector.

It could additionally goal to draw worldwide enterprise capital companies and entrepreneurs to Qatar and different Gulf Arab states to develop Qatar’s start-up sector, QIA stated.

“QIA is launching this program to assist make sure that modern companies can readily entry capital and assist from VC funds, enabling them to scale operations and develop market presence in Qatar, throughout the GCC, and in the end onto the worldwide stage,” QIA Chief Government Mansoor Ebrahim Al-Mahmoud stated within the assertion.

QIA has accelerated investments in expertise in recent times. Sheikh Mohammed made the announcement as he opened the Qatar Internet Summit, the primary Center East version of one of many world’s largest tech conferences.