Web Summit Qatar draws more than 1,100 startups

Doha’s tech scene is in the spotlight this week as a Middle East edition of Web Summit — touted as the world’s biggest technology conference — opens today in Qatar’s capital city.

More than 1,100 startups from 80 countries are expected to attend the four-day event as the Qatari government joins its neighbors in trying to lure early-stage tech companies to set up shop in the country. Tickets sold out more than a week ago.

One of those efforts, which is expected to be promoted heavily at Web Summit, is Startup Qatar. The program was rolled out last week and is offering free visas, tax waivers, licenses, office space and funding to promising tech firms.

Among the event’s prominent participants are Qatari Prime Minister Sheikh Mohammed bin Abdulrahman bin Jassim Al Thani and Queen Rania Al Abdullah of Jordan.

Top financiers and founders include Huda Al-Lawati, founder and CEO of UAE fund manager Aliph Capital; Will Ahmed, founder and CEO of U.S. wearable tech company Whoop; Fadi Ghandour, Managing Partner at UAE VC fund Wamda Capital; Hosam Arab, co-founder & CEO of Riyadh-based FinTech startup Tabby and Edward Achtner, Head of AI at HSBC.

Qatar Investment Authority, the country’s sovereign wealth fund, will also feature prominently with Daniyal Khan, a Director for QIA’s advisory group in New York, and Head of Tech Mohammed Al-Hardan set to speak.

One topic driving the conversation will be why VC dollars are drying up almost everywhere except the Middle East – in particular, the GCC countries. A session tomorrow will tackle this directly: QIA Chief Investment Officer for the Americas Mohammed Al-Sowaidi; Noor Sweid, Founder & Managing Partner at Global Ventures, and Khaled Talhouni, Managing Partner of Nuwa Capital, will be in conversation with TIME contributor Zachary Karabell.