QSTP continues to enhance impactful business partnerships
The Qatar Science & Technology Park (QSTP) takes great pride in its one-of-a-kind Free Zone and Incubation Centre for tech innovation. Creativity in technology knows no bounds in this thriving avenue that fosters fruitful technological discoveries and advancements, effectively growing Qatar Foundation Research, Development and Investment’s (QF RDI) initiatives to boost the tech ecosystem in Qatar.
Because of the incredibly lucrative and encouraging environment in this tech ecosystem, new high-tech products and services are continuously being developed. The programs also facilitate the commercialisation of plenty of market-ready technologies thanks to the modern facilities that are custom-made and are specifically tailor-fit for tech-based companies.
A wide range of both local and international companies are currently housed at the QSTP. These include ExxonMobil Research Qatar, Cisco, ConocoPhillips Global Water Sustainability Centre, Qatar Shell Research & Technology Centre, Microsoft, Siemens, Total Research Centre Qatar, Mitsubishi Corporation, and so much more.
According to QSTP Park & Free Zone management director Ahmed al-Said in a recent media tour, QSTP has already formed world-class business partnerships with a huge number of the biggest global companies in the world. Over QR4.3bn has already been invested in certain RDI activities from foreign business partners, including Silicon Valley-based 500 Start-ups.
“Through its Product Development Fund, QSTP has provided more than QR13mn to SMEs in Qatar to support them in developing new technology products. Through Tech Venture Fund, QSTP provides seed funding for Qatar-based start-ups through convertible notes in the range of $100,000 to $500,000,” al-Said explained. “Additionally, QSTP can be a source of follow-on capital after a lead institutional investor is firmly on board with an average ticket size of $1mn to $3mn.”
With the continuing success of the tech giants and start-ups based at the Qatar Science & Technology Park, Qatar can continue to be at the forefront of technological advancement and innovation—and continue to foster healthy and fruitful foreign business partnerships and drive lucrative investments into the country—for more and more years to come.
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