(MENAFN- The Peninsula)
Joel Johnson
|
The Peninsula
Doha, Qatar: Qatar continues to have a remarkable impact on investments across various sectors, bolstering and influencing the growing economy. This year, Qatar witnessed large-scale investments from across the globe in the Information and Communication technology (ICT) sector, aiming at its infrastructure, skill development, Technology products and services, and digitization, among other things.
The Peninsula spoke to a few investors who highlighted the robust market and addressed primary reasons for investing in Qatar. Daniel Williams, 32, a tech employee from the UK said“Qatar offers a truly magnificent IT market and I have invested in several companies after learning the prospects and benefits.”
“I came around the FIFA time and understood the market here and after two years, I could implement my goals,” he said.
According to The Economic Report 2024, the ICT market in Qatar is on a growth trajectory. Expenditures are forecast to reach $5.8bn by year-end and $6.3bn by 2027.
Qatar unveiled its Digital Agenda 2030 to harness this growth. This forward-looking initiative is set on integrating cutting-edge digital technologies, such as 5G networks, artificial intelligence, cloud computing, and big data.
Investors note that Swiss companies benefit from this momentum, positioning themselves to collaborate with private and governmental bodies in domains such as Cybersecurity, Data Centers, E-commerce, E-banking, and Artificial Intelligence (AI).
George Fritz, a businessman from Switzerland stated that Doha offers“amazing investment opportunities” paving the way for tech expansions and partnerships.
“I was here for the Web Summit this year in Qatar and got myself networking with a lot of potential companies who invited me to explore their businesses. We are also grateful to the government and the ministries here for their initiatives,” Fritz said.
In 2024, Qatar earmarked a substantial budget of $1.64bn specifically for bolstering its cybersecurity measures. Swiss enterprises are seizing the moment, actively participating in Milipol Qatar to showcase their software and services.
He said the Data Centers market in Qatar achieved a valuation of $418m in 2023. Fritz stressed,“With the surging demand for cloud computing, big data analytics, and IT services, Qatar is in the process of establishing new data centers.”
On the other hand, the E-commerce and E-banking sectors are witnessing swift growth, driven by evolving consumer behaviors. Projections indicate that Qatar's AI market will touch $58.8m by 2026, with the government eyeing AI applications in healthcare, education, and finance.
This year marked a significant milestone as Qatar hosted the first Web Summit in the region convening a broad range of participants and investors from across the globe. Notably, 13 Swiss startups showcased their innovations, actively seeking collaborative ventures.
Additionally, Qatar's steady investment in the ICT sector presents substantial opportunities for Swiss companies. By leveraging Qatar's Digital Agenda 2030 and participating in key events, Swiss firms can establish a strong presence and foster significant collaborations in this rapidly evolving market.
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