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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 program will enable QFZA and QSTP, which is part of Qatar Foundation Research, Development, and Innovation, to support research, development, innovation and entrepreneurship within their respective areas, based on identified and prioritized segments that will have a positive contribution to the number of innovators, specialized workforce, businesses and the start-up environment. The agreement will include a mechanism for training programs and information sharing, as well as joint promotion events to strengthen the investment sector.
Her Excellency Sheikha Hind bint Hamad Al Thani, Vice Chairperson and CEO of Qatar Foundation, said: “I am excited to see the new startups and ventures that will come out of this partnership. Providing access and building up the capabilities of our 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.”
His Excellency Ahmad bin Mohamed Al-Sayed, Minister of State and Chairman of the Qatar Free Zones Authority, said, “We are pleased to sign this agreement with QSTP, which is in line with the directives of His Excellency the Prime Minister and Minister of Interior on aligning the efforts of the concerned investment entities. The MOU will allow us to go further in our continued support of Qatar’s technology and innovation sectors, and enhance the growing technology ecosystem within Qatar.”.
He added, “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, as they benefit from.”
Since its establishment in October 2018, Qatar Free Zones has approved projects worth a total of more than three billion Qatari Riyals (approximately one billion USD) 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, and has incubated 22 technology-focused Qatari startups. Since 2008, more than 1,000 people have participated in its innovation programs.