Qatar Investment Conference Explores Digital Innovation

(MENAFN- The Peninsula) Deepak John | The Peninsula

Doha, Qatar: Qatar is working to diversify its Economy beyond hydrocarbons, embracing sectors such as finance, technology, and tourism. This diversification drive is underscored by a commitment to nurturing start-ups, fostering entrepreneurship, and attracting foreign direct investment.

The Business Year, a global leader in economic intelligence, hosted the 'Qatar investment conference 2023', yesterday. The event served to assess Qatar's journey post-FIFA World Cup 2022, aligning with the ambitious Qatar National Vision 2030.

Ioana Popa, Regional Director, The Business Year delivered the welcome address.“In this year's edition we are looking at how legacy of the World Cup will impact Qatar's investment and tourism. Qatar Investment Conference gathers many business leaders shaping local economy; it is a great opportunity to network. We will be delving into aspects of diversification, innovation and sustainability and subjects from finance, tourism, ICT and infrastructure,” she said.

Qatar Central Bank Assistant Governor, Financial Instruments and Payment Systems, H E Sheikh Ahmed bin Khalid Al Thani addressing the Qatar Investment Conference 2023, yesterday.

Delivering the keynote speech, H E Saad bin Ali Al Kharji, Chairman, Qatar Tourism highlighted the remarkable success of FIFA World Cup Qatar 2022 and opportunities the country's tourism sector offers through collaboration and coordination across private and public entities.

Al Kharji said Qatar is a destination where visitors can experience authentic Middle Eastern history and hospitality.

“The FIFA World Cup Qatar 2022 strongly demonstrated this unique aspect of Qatar and our nation continues to move ahead. Qatar today is known in the Middle East as largest and fastest growing economies and tourism destinations. Over the past few decades our country's tourism landscape has changed. Although Qatar has witnessed transformation in tourism, it has done so while holding on to its roots, heritage and culture,'' he added.

Also, addressing the conference, H E Sheikh Ahmed bin Khalid Al Thani, Assistant Governor, Financial Instruments and Payment Systems, Qatar Central Bank shared the recent advancement of digital financial services in Qatar and the opportunities they create in the local and global market.

There is a clear global growth trend from the financial transformation and the State and Qatar is actively engaged. The financial services sector has reached a critical point in its digital innovation journey as the vast majority of the financial institutions are engaging in different types of digital transformation activities, he noted.

Sheikh Ahmed said, basing the five year digital transformation strategy“we are seeing interest in block chain based trade finance and global based finance. Also, the digital payment landscape is growing. Qatar has over 70,000 point of sales machine and the number is growing at almost 14 percent annually. The quarter sales transactions amount is around QR8bn a month and the e-commerce transactions is QR4bn each month with a growth of around 12 percent yearly.”

Highlighting some of the key advancements and initiatives in the digital finance service space, he said, Qatar has developed a clear vision for digital transformation recognising the importance of digital assets to drive innovation across various sectors of the economy.

“On Fintech strategy we are aiming to regulate more than 40 fintech companies. Since the launch of Fintech Strategy we have made significant progress in regulation guidelines, for example 'Buy Now Pay Later', crowdfunding and a lot of others are coming.”

“We are actively working to create an authentic ecosystem attracting startups and innovative companies with digital innovation space. We are also looking at transforming our market infrastructure and by the beginning of next year we are hoping to launch our 'Instant Payment System' in Qatar. With these initiatives we are bringing a new era for innovation and transformation for our financial sector. As we prepare to build on these advancements we welcome collaboration with the global and regional players, Sheikh Ahmed added.

For his part, Sheikh Mansoor bin Khalifa Al Thani, Chairman, MBK Holding discussed the importance of innovation for a better sustainable future, future economy and creation of the next generation knowledge economy. Vanessa Rameix, Country Manager, The Business Year delivered the closing remarks.

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