Qatar’s local startup scene is its infancy phase compared to its neighbor and rival Dubai and Abu Dhabi.
Local startup and venture capital industry are mostly driven by government initiatives trying to diversify Doha’s economy away from petrochemicals. Gas-rich nation’s state-owned Qatar Foundation aims to create a local startup ecosystem. Qatar Development Bank also acts as a Fund of Funds by offering $30 million to venture capital and angel investment firms including Iris Capital, Entrepreneurs Roundtable Accelerator, 212, IDG Capital, AfricInvest, and Romulus Fund.
Individual angel investors were dominant as the country had been limiting foreign ownership. However, after Saudi-led bloc imposed a boycott on the emirate, Qatar passed a law allowing foreigners to own up to 100 percent of the capital.
Juggernaut sovereign wealth fund Qatar Investment Authority is the country’s main investor both domestically and globally with $320 billion assets under management. The fund is moving its focus from traditional fields such as real estate and blue-chip banks towards technology giants and startups.