Thursday 25 April 2024

Qatar digital investments to soar to $5.7bn

DOHA, February 25, 2024

Qatar’s digital investments across key priority technologies are expected to soar to $5.7 billion by 2026, up from $1.65 billion in 2022, according to a new report.
The Investment Promotion Agency Qatar (Invest Qatar) has announced the launch of a joint report with the Ministry of Communications and Information Technology (MCIT), titled ‘Smarter Qatar: Embracing Emerging Technologies and Innovation, Improving Lives and Driving a Sustainable Digital Economy.” 
The report showcases Qatar's commitment to harnessing cutting-edge technologies for its smart country transition and emphasizes initiatives to capitalise on the growing global smart city market, projected to approach $7 trillion by 2030.
Released ahead of the inaugural edition of the world’s largest technology event in the region, Web Summit Qatar, the report underscores Qatar's conducive ecosystem, which fosters the development of emerging and advanced technologies. This supportive environment is bolstered by significant direct government investments and comprehensive incubation and acceleration programmes designed to support entrepreneurs and small and medium enterprises (SMEs). 
Qatar’s dedicated efforts in digital transformation are demonstrated by various initiatives, such as MCIT’s TASMU Smart Qatar, which fosters a digitally enabled economy. With a focus on stimulating innovation across key sectors, 15 priority technologies have been identified for development, including Artificial Intelligence (AI), Internet of Things (IoT) and cybersecurity. 
This initiative spearheads the transformation of vital economic sectors, encompassing transportation, healthcare, tourism and education, unlocking key opportunities for sustainable growth across these pivotal domains.
Reem Al Mansoori, Assistant Undersecretary of Digital Industry Affairs, MCIT, said: "Qatar is a vibrant ecosystem for startups and global businesses, serving as a launch pad for innovating and piloting digital solutions. Positioned as a strategic gateway to international markets, we consolidate vital resources in this report for entities aiming to root their digital operations in Qatar. Emphasizing quality of life, we welcome partners sharing our vision to foster a smarter and more connected Qatar.”
Sheikh Ali Alwaleed Al-Thani, Invest Qatar CEO, said: “Qatar’s digital transformation journey has been remarkable; the country has achieved global recognition, leading the Global Entrepreneurship Index in the Arab world and developing world-leading digital infrastructure. This joint report stands as a testament to Qatar’s unwavering dedication and serves as an inspiring blueprint for other countries venturing into their own smart city and smart country initiatives.”
Building future-ready smart cities
Qatar is home to the world’s first commercially available 5G network and is also ranked first for internet adoption globally with nearly a 100% internet penetration rate. The country has also made substantial investments in areas like Msheireb Downtown Doha and Lusail City to create sustainable environments, aligned with Qatar National Vision 2030 (QNV 2030). Lusail seamlessly integrates smart technologies with energy-efficient buildings to intelligent transportation solutions, while Msheireb Downtown Doha weaves smart infrastructure into its fabric to establish a connected and environmentally conscious urban centre. – TradeArabia News Service


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