Doha: Qatar Development Bank has released the fifth edition of its annual Venture Investment Report 2024, in collaboration with MAGNiTT Research. The publication is part of QDB's ongoing commitment to supporting Qatar's investment sector and strengthening its foundations. The report provides a comprehensive analysis of Qatar's investment landscape, enhances transparency, and offers access to data on the venture capital industry, including the activities of investment funds that foster entrepreneurship and bolster the contribution of the private sector to Qatar's economic growth.
According to Qatar News Agency, Abdulrahman bin Hesham Al Sowaidi, CEO of QDB, stated that Qatar Development Bank remains at the forefront of enabling venture capital investments in Qatar, marking a nine-year journey of support for the industry. He highlighted the important role QDB plays in empowering Qatar's entrepreneurship ecosystem and expressed pride in the sector's growth, with the increasing participation of private and international investors accounting for more than 50 percent of total investments. Emphasizing the importance of future planning, Al Sowaidi mentioned ongoing efforts to attract investors to innovative projects, particularly those aligned with the Third National Development Strategy 2024-2030.
Philip Bahoshy, CEO and Founder of MAGNiTT, expressed satisfaction in publishing the annual report in collaboration with Qatar Development Bank. He noted that Qatar has experienced remarkable growth over the past year, with notable events such as the Web Summit and the launch of a new fund of funds. The emergence of several venture capital funds in the country has contributed to positive momentum, with transactions increasing by 24 percent year-on-year. The report highlights Qatar's growing role as an attractive investment hub in the Middle East and North Africa, with venture capital deals increasing by 24 percent year-on-year in 2024. Despite regional challenges, Qatar's total deal value reached QAR 115 million, a significant 135 percent increase in direct investment.
Fintech emerged as the leading sector in Qatar, accounting for 29 percent of deals in 2024, reflecting a 12 percent increase from 2023. This success is attributed to initiatives driven by QDB's Qatar FinTech Hub. QDB remains committed to strengthening the venture investment landscape through collaborations with partners in Qatar and the region, fostering investments, and attracting innovative startups.