Qatar can develop world-class business clusters dedicated to emerging technologies such as AI. You have a strategy and infrastructure, you need to support these with the right policies and monitor the results. The latest generation of artificial intelligence (AI) models are transforming entire sectors of the economy. An economy with much of its wealth based on the fossil fuel industry, Qatar has the opportunity and need to foster start-ups and growing businesses in AI and other emerging technologies. Building an ecosystem of tech start-ups and growth companies requires the public and private sectors to work together. The national strategy for AI in Qatar’s economy uses the concept of AI+X, envisioning optimal integration of AI into all aspects. of the economy. The Ministry of Communications and Information Technology has launched the ‘Smart Qatar’ (Tasmu) program aimed at developing the digital economy as part of Qatar’s National Vision 2030. enterprise. Google Cloud will establish a Gulf regional office in Qatar in May 2022. A network of partnerships has been established including key stakeholders such as Qatar Science and Technology Park, Invest Qatar, Ooredoo, Meta, Microsoft and Qatar Free Zone Authority. Hamad bin Khalifa University is another of his strategic partners, along with Innovation Lab, Digital Incubation Center, Tasmu Accelerator and Tasmu Digital Valley. Tasmu Digital Valley is an innovation cluster. We identified 15 priority areas with high growth potential, including Internet of Things (IoT), big data analytics, cybersecurity, and systems integration. Qatar Development Bank’s investments in SMEs will exceed QR 100 million for the first time in 2021. The top three sectors were sports tech, internet of things projects and fintech. In March of this year, the bank launched a co-investment product for startups. This includes an investment of $1 million per bank transaction and investments from local and global funds. All of these developments are promising, but announcing partnerships is the easy part. The bigger challenge is ensuring that partnerships pay off and that at least some startups effectively scale and thrive. It is worrisome that several technology start-ups that started in Qatar in the past decade have had to relocate to neighboring countries in order to grow. We have seen neighboring countries advance in the technological field and successfully establish the right ecosystems to enable entrepreneurs to thrive. Qatar needs to update his AI strategy. Drafted in 2019, four years is a long time in the AI world. Since then, a new generation of language model AI products such as Chat-GPT has become mainstream. The strategy should also address other challenges in establishing Qatar as a tech hub, such as the ability to hire the best talent, which is highlighted by entrepreneurs. We need an effective fast-track visa system that prioritizes attracting top talent from around the world based on AI expertise and targeted technology priority areas. Another strategy to help build local ecosystems is the concept of domestic value (ICV). Other Gulf countries stipulate that about 30-35% of the public sector contract value must be paid to local businesses. Qatar’s ICV metrics could be reformed to create appropriate incentives for companies to develop in strategically important sectors with guaranteed contracts from the government. signifies stable earnings for start-ups from contracts of Physical geography is also a factor in building high-tech and innovative business clusters. The Qatar Science and Technology Park (QSTP) is a good initiative, but given the creative nature of the entrepreneur and his employees, Mushe Leb Downtown his Doha might be a better fit. Common areas, coffee shops, restaurants. Google Cloud has chosen his Msheireb for its headquarters in Qatar. Governments have started to win data-centric infrastructure projects, which is a good strategy, but they need to have bolder ambition for the economy as a whole and see the building of world-class AI. Business ecosystem as a strategic priority. It requires significant investment, support for talent, the ability to scale and thrive, and rigorous oversight to assess commercial interest and benefits to the broader economy. One of the ways to attract top-tier entrepreneurs is for the Qatar Investment Authority to set up a $5 billion to $10 billion fund for investing in Qatari start-ups. To ensure a proper vetting process for investment and exit strategies, you should partner with a US venture capital fund with a strong track record of backing successful companies. It makes no sense that funds from Qatar are investing millions of dollars in the United States and Europe without requiring that some or all of their operations be moved to Qatar. technology company. In a mature economy, venture capital can fund each stage of business growth, including seed capital for promising startups. We also offer funding at levels A, B, and C as companies prove their success and scale. Series C investments can reach tens or hundreds of millions of dollars once the business is established and globalization begins. The next stage for many companies is an initial public offering (IPO). Snoonu is a success story, he raised $12 million in Series B funding led by the Qatar Development Bank. Given the large amount of capital in the Gulf States and the problem of funding in the West after the collapse of Silicon Valley Bank, there is a historic opportunity. Qatar is set to become a global leader in the world’s next industrial revolution powered by AI. Future articles will explore how AI is impacting different industries, with a focus on finance, healthcare, and oil and gas respectively.
