Doha: Chairperson of Qatar Investment Authority (QIA), Abdulla Mohammed Al Ansari, stated that the debut Fund of Funds program (FoF) declared in February 2024, has succeeded in drawing a range of regional and global funds managers. He added that the program will invest USD1 billion in international and regional venture capital funds with a sharp focus on technology and healthcare sectors.
Speaking to Qatar News Agency (QNA), Al Ansari emphasized that FoF consistently operates in lockstep with concerned partners to develop an economic system that integrates with the comprehensive goals to diversify the economy outlined in the Qatar National Vision 2030, thereby enabling it to constantly evolve, and ultimately making Qatar a key destination for entrepreneurs and renewed ventures in the world.
FoF will constantly engage with venture capital funds to provide alternatives for investors and startups to develop a dynamic environment for bold investments in the State of Qatar, with the objective of attracting entrepreneurs both domestically and internationally, Al Ansari underlined.
He stated that FoF was based on a study that prompted the need for having such mechanisms to navigate the funding-related challenges, the role that can be instrumentally played by venture capital, highlighting that the program intends to advance a robust system for startups and capital ventures in Qatar. Al Ansari added that the program’s support is demonstrated in providing the capital to startups and drawing the mechanism that helps develop a labor climate, emphasizing that the existence of such an initiative will maximize the benefits from massive talents available before startups.
The program comes under a significant plan currently underway in Qatar as part of the Qatar National Vision 2030, which likewise comprises the third National Development Strategy, he said, affirming that it has a three-pronged approach to function, such as achieving pretty good financial revenues and a positive development impact on the Qatari system of capital venture.
Having reviewed the most salient accomplishments made since its debut, Al Ansari highlighted that the program has set crystal clear criteria that ensure fair engagement with all applicants, highlighting that fund managers are subject to a strict selection process composed of three phases, the first one is the application criterion per se, through accessing to the official website and reviewing the ample expertise required along with the previous record and the desire to engage in building the domestic economy.
Al Ansari indicated that the early rising of major international firms was by virtue of capital venture funds, stressing the importance of Qatar’s role in supporting startups and all partners.
