(MENAFN- Gulf Times)
Qatar, whose digital sector is poised for rapid growth and expected to catalyse the economic diversification in the country, is offering lucrative opportunities for sportech companies, according to a top official of the Qatar Financial Centre (QFC).
“The digital spending in Qatar is expected to grow by $3.2bn by 2023, spreading across different industry segments,” QFC Authority chief executive Yousuf Mohamed al-Jaida told Qatar-Poland New Tech Forum, jointly organised by the Embassy of Poland and Qatar-Poland Business Council.
Qatar's government is actively pursuing opportunities in sectors like artificial intelligence (AI), blockchain, cyber security, cloud, data especially the e-sector, e-demand industries, banking, financial industry, defence industry, critical infrastructure industry, education, medical, and health.
As a crucial element of socioeconomic progress, the QFC has always supported the development of new technologies and its access into Qatari market, al-Jaida said, adding this is evident from the partnerships it builds to support technological development and innovation in sport, financial services and other sectors such as digital and media services.
Technology is the key driver for economic development and growth, he said, adding technological advances helps to implement changes that practically enhance every aspect of business commerce and industry.
“Qatar's digital sector is poised for rapid growth and is expected to catalyse the economic diversification in the country,” al-Jaida said.
He said Qatar has invested massively in developing its sport sector through the incubator and accelerator facilities to supporting local and international innovators.
“Fast becoming regional sports hub, Qatar has hosted over a 100 sporting events annually in addition to FIFA 2022, creating a market rich in tech opportunities spread across the sports landscape,” he said.
This landscape offers“lucrative” opportunities for sportech companies and various fields including sports tourism, consultancy, legal advisory, sport financing and contracting sport event management, sport promotion, according to al-Jaida.
Qatar is in the forefront of developing a $20bn sports sector ahead of the 2022 World Cup. Qatar SportsTech is a joint venture initiated by Qatar Development Bank (QDB), powered by Startupbootcamp and supported by the Supreme Committee for Delivery and Legacy, QFC, Aspire Zone Foundation, beIN SPORTS and the Ministry of Commerce and Industry.
The QFC official said Qatar also offers expansive opportunities for tech companies through its well-developed financial services sector.
QDB acting chief executive Abdulrahman Hesham al-Sowaidi said the Polish companies could look at its incubators and accelerators for the fintech, fashion and design, digital and beyond. He said its direct lending portfolio, till date, has reached QR7.5bn and guarantees reached about QR1bn.
Invest Qatar investor relations manager Fahad Ali al-Kuwari said Qatar is strongly committed to economic growth and diversification and to developing new opportunities for foreign investors to explore doing business in the country.
Highlighting the Gulf country's value proposition; he said Qatar is stable and resilient economy powered by rigorous diversification agenda, a vibrant environment for innovation and a business-friendly ecosystem.
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