Web Summit draws startups to Qatar in search for fresh funds
More than 25,000 participants are milling around Doha this week for Web Summit Qatar as the Gulf state competes with neighboring Saudi Arabia and the UAE to attract promising tech startups.
Sheikh Mohammed bin Abdulrahman Al Thani, the Qatari Prime Minister, kicked off the four-day extravaganza at the Doha Exhibition and Convention Center on Sunday by announcing that six prominent venture capital firms are opening offices in the country.
The VCs – which include U.S.-based B Capital and Human Capital, and London’s Utopia Capital – are partners in the Qatar Investment Authority’s Fund of Funds program that was set up last year to spur growth of the country’s startup ecosystem.
The QIA said it is evaluating eight more VC firms for inclusion in the program.
“Being a small state like Qatar is similar to being a startup in this exciting digital age, where an entrepreneur with a brilliant idea can change the world,” Sheikh Mohammed said.
Among the headliners at Web Summit are Mozilla CEO Laura Chambers, Dow Jones CEO Almar Latour, B Capital Co-Founder and Co-CEO Eduardo Saverin – a Co-Founder of Facebook – writer Malcolm Gladwell, and actor Will Smith.
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.
Qatar makes bid for young tech firms ahead of Web Summit
As Qatar prepares to host next week’s Web Summit extravaganza, government planners are trying to attract early-stage tech companies to set up shop in the country.
One of those efforts, Startup Qatar, was rolled out on Wednesday, offering free visas, tax waivers, licenses, office space and funding to promising tech firms.
All the services are described and accessible through the campaign’s website and will be promoted heavily at Web Summit Qatar.
The conference, which opens Feb. 26 at the Doha Exhibition and Convention Centre, expects more than 1,100 startups from 80 countries. Tickets are already sold out.
