Qatar launches $1 billion fund to attract venture capital firms, aiming to diversify economy.

From CNBC: 2025-02-27 08:51:08

Qatar Investment Authority launches $1 billion fund to attract venture capital firms to diversify its economy away from oil and gas. B Capital, led by Facebook co-founder Eduardo Saverin, among the first group to launch in Doha. They aim to support technology and health care investments.

Doha faces challenges in attracting financial services firms. Middle Eastern countries like Saudi Arabia and UAE offer incentives to lure firms. QIA seeks to complement regional growth by attracting businesses, innovators, and companies to scale in the Gulf Cooperation Council region.

Raj Ganguly of B Capital praises Qatar’s support for artificial intelligence and innovation. QIA’s fund of funds aims for strong commercial returns and positive impact on Qatar’s VC ecosystem. The program seeks VCs to deepen roots in the country, boosting deal flow and supporting a thriving ecosystem.

Read more: Qatar attracts VC fund managers to Doha with its $1 billion ‘fund of funds’