Doha, Qatar: Over the years, Qatar and the GCC region have made huge efforts toward enhancing venture capital and startup ecosystems. Recently, the country announced to promote the region’s goal by allocating $1bn (QR3.6bn) for entrepreneurs.

During a panel session at the Qatar Economic Forum, experts including Shaikha Al Jabir, Partner at Rasmal Ventures; Mohsin Pirzada, Head of Funds of Qatar Investment Authority (QIA); Roo Rogers, CEO of Utopia Capital Management; Jack Selby, Managing Director of Thiel Capital LLC, outlined how countries can achieve sustainability and accelerate this growth in the face of increasing competition for talent.

Mohsin Pirzada said: “We are assessing potential opportunities both from commercial and development goals. We are daily looking for groups and funds that have tracked records in managing fund of funds capital but at the same time, we are committed to having help be part of that ecosystem in Qatar and helping us to connect the dots between Doha and the other capital cities in the GCC so this is an important step towards building bridges, and engaging with like-minded entrepreneurs to help meet that collective goals across the block.

He stressed that this reflects the understanding of the evolution of venture, and technology across the region and the announcement is a testament to the developments.

“When we look at demographics and the technology that is coming out of this region, from our neighbors, including Saudi, Egypt, UAE and within the vicinity, we feel that there are a number of potential gaps that QIA could play a role in filling when it comes to funding and helping kick start and contribute towards development,” Pirzada noted. The official also highlighted the initiative aligning with Qatar’s national vision by attracting venture fund of funds

He reiterated that “At QIA, we have focused over the many years of long-standing partnerships that have interest in this region in terms of portfolio companies whether that be based in the GCC. Using Doha as a springboard to allow these groups to come here and organically grow their business footprint in this region and make use of the fantastic infrastructure and digital connections that we have was a win-win in our view.”

Shaikha Al Jabir of Rasmal Ventures outlined that more investments must be carried toward the Qatari ecosystem.

“We have started to help the startups in Qatar but then we found there were not enough investments so we looked at the region and we have been more opportunistic looking at the outer world,” she said. Shaikha Al Jabir along with the partners worked closely with the Government and QFC to establish this fund.

Highlighting the challenges in the industry, she emphasised that focusing on education and programmes including STEM plays a vital part, adding that critical thinking and problem-solving are essential to enabling a successful startup.

“We need to have the VC mindset and the QIA $1bn fund of funds initiative will help startups to the region and whenever you have VC, you have prosperity in terms of innovation and entrepreneurship,” Shaikha Al Jabir added.