(MENAFN- The Peninsula) The Peninsula
The Investment Promotion Agency of Qatar, the State of Qatar's national FDI promotion agency, has signed a Memorandum of Understanding (MoU) with Swiss-based sustainable tech giant iQ International AG (iQ) to introduce its eco-friendly energy-generation pyrolysis technology to Qatar, through a QR365m investment.
The 2-year agreement was signed recently by Investment Promotion Agency's CEO Sheikh Ali Alwaleed Al-Thani and iQ's Director of Operations, Nick Crawley, at the Ministry of Commerce and Industry.
Under the terms of the MoU, Investment Promotion Agency will support iQ in establishing its subsidiary in Qatar, where the latter is set to allocate a QR365m investment fund for building and operating new facilities to produce value-added products from end-of-life tires (ELT) and other municipality waste. The agreement could potentially put Qatar on the map of the multi-billion-dollar pyrolysis industry, while supporting the Swiss company in claiming a bigger share of a rapidly growing market.
Areas of support will include providing the iQ subsidiary with valuable market insight, assisting in the company incorporation process in Qatar.
Commenting on the occasion, Sheikh Ali Alwaleed Al-Thani said: 'Our agreement with iQ marks another fruitful step in bringing innovative technologies across a wide spectrum of industries and sectors to Qatar's robust market, all while developing export capabilities and facilitating integration with global value chains for all parties involved.'
'iQ's presence in Qatar not only aligns perfectly with our long-term vision for the region's future and its sustainable development, but to the country's FDI roadmap and the prospects of further bolstering our economic ties with Switzerland as well. We look forward to supporting our newest partner to build a second home in Qatar and achieve our mutual long-term goals.
Nick Crawley said: 'iQ's subsidiary is honored at the opportunity to collaborate with Qatar, Qatari businesses and the Qatari people in order to invest in, and ensure that, Qatar remains at the forefront of environmental sustainability and responsibility. The introduction of our ELT technologies and municipal waste solutions for generating new value from previous end-of-life goods will represent our first step in contributing towards Qatar's long term environmental and economic goals.
The Agency's recent outreach efforts are undertaken in the framework of connecting investors around the world to sustainable, high-value investment opportunities in Qatar.
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