QDB, MAGNiTT Research unveil Venture Investment Report 2024
In alignment with the targets of the Third National Development Strategy 2024-2030, there has been remarkable growth in private sector participation and investment fund engagement in venture capital.
QDB's investment arm ranks fourth among the largest investors in the MENA region in terms of the number of deals.
71% of total financing in 2024 was directed towards Fintech.
Doha, Qatar: 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.
Commenting on the report's significance, Mr. Abdulrahman bin Hesham Al-Sowaidi, CEO of QDB, said Qatar Development Bank remains at the forefront of enabling venture capital investments in Qatar, marking a nine-year journey of support for the industry. 'As we review the data presented in this report, we recognize the important role we play in empowering Qatar's entrepreneurship ecosystem. We are proud of the sector's growth, particularly with the increasing participation of private and international investors, who now account for more than 50% of total investments. We also emphasize the importance of solid future planning and pursue our efforts to attract investors to tap innovative projects, which would boost venture capital investments in Qatar, especially in key clusters aligned with the Third National Development Strategy 2024-2030.'
'Our goal at this stage is to expand the base of investors and funds in Qatar. To this end, we have launched several pioneering regional initiatives, including the Startup Qatar Investment Program under the umbrella of Startup Qatar, a platform unveiled by the Investment Promotion Agency (Invest Qatar) last year, the Arab Entrepreneurs Investment Program, and the Partial Guarantee program, all aimed at boosting investment and supporting the private sector,' Mr. Al Emadi explained.
Philip Bahoshy, CEO and Founder of MAGNiTT, said his organization was pleased to publish its annual report in collaboration with Qatar Development Bank. 'Over the past year, Qatar has seen remarkable growth, with notable events such as the Web Summit and the launch of the new fund of funds. Additionally, the emergence of several venture capital funds in the country has fostered positive momentum, with transactions increasing by 24% year-on-year.'
This year's report underscores Qatar's growing role as an attractive investment hub in the Middle East and North Africa, with the number of venture capital deals in the country increasing by 24% year-on-year in 2024. The total value of deals reached QAR 115 million, marking a significant 135% increase in direct investment despite a slowdown in venture capital investments across the region and challenges in the broader investment landscape. Qatar bucked the trend, ranking fourth in the MENA with 5% of the region's total deals in 2024. QDB's investment arm also ranked fourth in the region among the most active investors in terms of the number of deals, affirming Qatar's leadership in the investment sector and solidifying its position as a hub for innovation. Additionally, Qatar ranked sixth for venture funding in the region in 2024, four times its share in 2023.
The report also underscores fintech as the leading sector in Qatar, accounting for 29% of deals in 2024, an increase of 12% from 2023, highlighting the success of initiatives driven by QDB's Qatar FinTech Hub. QDB remains dedicated to strengthening the venture investment landscape by collaborating with partners in Qatar and the region through the Qatar FinTech Hub, fostering investments, attracting innovative startups to establish their businesses locally, and developing products that enhance private sector participation in venture capital.
For more information and to view the full report, please visit Qatar Development Bank website: https://www.qdb.qa/
-Ends-
About Qatar Development Bank
Established in 1997 as a government-affiliated development institution, Qatar Development Bank aims to strengthen the national business landscape, foster industrial development and drive the economic diversification of the private sector in Qatar.
Throughout more than twenty-five years of economic development, Qatar Development Bank has achieved notable successes, cementing its position as a major contributor to the national entrepreneurship ecosystem, the private sector and a diversified and knowledge-based economy.
Qatar Development Bank's strategy is aligned with Qatar National Vision 2030, the Third National Development Strategy, and the Third Financial Sector Strategic Plan, with a focus on building a promising future for businesses in Qatar and empowering entrepreneurs to lead a sustainable and prosperous future.
Qatar Development Bank's support system rests on three integrated pillars, namely promoting innovation by embracing and accelerating entrepreneurial ideas and investing in startups, developing local businesses by providing financial and advisory support, enabling the export ecosystem to bolster Qatari exports and raise the competitiveness of Qatari products in global markets. Additionally, QDB works on national initiatives in collaboration with partners from the governmental entities.
The bank's efforts are centred around diversifying support mechanisms to foster social and economic development, leveraging available resources to advance environmental, social and institutional governance and digital transformation efforts, and promoting innovation and creativity, with a focus on forging impactful local and global partnerships.
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