Author

Thursday, March 28, 2024 | Daily Newspaper published by GPPC Doha, Qatar.
 Peter Alagos
Peter Alagos
Peter Alagos reports on Business and general news for Gulf Times. He is a Kapampangan journalist with a writing career of almost 30 years. His photographs have been published in several books, including a book on the 1991 Mt. Pinatubo eruption launched by former Philippine president Fidel V. Ramos. Peter has also taught journalism in two universities.
Andrew Edward
Qatar
Snoonu sets success example via collaboration with innovative partners

A Qatari tech company and ultra app is actively collaborating with new enterprises and innovative partners in the country, fostering a supportive ecosystem and setting an example of success.Amid Qatar’s rapidly evolving digital landscape, homegrown brand Snoonu has taken an innovative approach to fostering local entrepreneurship through its unique strategy of partnering with local startups, according to Snoonu’s Product Marketing Manager, Andrew Edward.“We’re currently collaborating with several local startups, providing them with mentorship and partnership opportunities. This approach not only supports the growth of these startups but also enhances Snoonu’s service offerings,” Edward told Gulf Times in an exclusive interview.Citing Snoonu’s recent collaborations with Ooredoo as an example, Edward said the partnership has enabled Snoonu to integrate Ooredoo Money into their app, providing users with a seamless payment experience. “This is just one way of how we’re working with local businesses to enhance our app and support the local economy,” Edward said.However, Edward underscored that the company’s commitment to local startups extends beyond mere partnerships, saying Snoonu is actively involved in mentoring these startups and helping them navigate the challenges of growth and market expansion.Edward emphasised that this stems from the broader vision of Snoonu founder and chief executive Hamad Mubarak al-Hajri to support the local economy and serve as an example of a successful Qatari startup.“Mr al-Hajri is particularly passionate about this vision. One of his goals is to show everyone that a Qatari local startup can do it and can be an example to many others,” Edward stressed.As the company continues its collaborations with local startups, Edward said Snoonu is currently developing a comprehensive loyalty programme that will engage customers on a daily, weekly, and monthly basis, which is expected to further enhance user engagement and accelerate the company’s growth.“Snoonu’s initiative to partner with local startups is not just a business strategy – it’s a commitment to fostering a vibrant and innovative tech ecosystem in Qatar. As Snoonu continues to grow and evolve, it’s clear that the company is not just delivering products; it’s delivering on its promise to support local entrepreneurship,” Edward pointed out.Asked to provide an outlook for the country’s startup community for 2024, Edward said he believes that the growth of the startup culture in neighbouring GCC countries like Saudi Arabia and the UAE “will not overshadow Qatar.”“Instead, it will create a ripple effect, sparking more interest and investment opportunities in the region. The competition between these three countries is fueling growth in their respective startup cultures. This will benefit the local startup ecosystem here in Qatar, attracting more interest and investments,” Edward further explained.He added: “Snoonu is not just observing these developments. It is actively participating in them through the company’s current collaborations with several local startups and by providing mentorship and partnership opportunities.”

Qatar Chamber chairman Sheikh Khalifa bin Jassim al-Thani.
Business
Qatar Chamber chairman lauds NDS3; underscores PPPs in key areas

Qatar Chamber chairman Sheikh Khalifa bin Jassim al-Thani has underscored the importance of strengthening public-private partnerships (PPPs) in key areas, such as petrochemicals, tourism, and education, in light of the Third National Development Strategy (NDS3) 2024-2030.In the latest issue of Al Moltaqa, the chamber’s monthly economic magazine, Sheikh Khalifa stated that the launch of NDS3 reflects the country’s commitment to achieving Qatar National Vision 2030. The national vision was launched in 2008 with ambitious goals aimed at transforming Qatar into a developed nation capable of achieving sustainable development, he pointed out.Sheikh Khalifa said, “The Third National Development Strategy 2024-2030 represents the final stage in realising the objectives outlined in this ambitious vision, which focuses on four key pillars: human development, social development, economic development, and environmental sustainability.“The strategy assures the state’s interest in empowering the private sector and enhancing its role in driving economic growth. It underscores the development of the government’s role to enable the private sector to lead and drive economic growth.”According to Sheikh Khalifa, the NDS3 aims at creating highly productive, specialised, and competitive economic groupings, which includes adopting rapid reforms in the business environment.He said the strategy also encourages the active participation of leading national companies, foremost among which is the Qatar Investment Authority, to support the development of economic diversification groupings and quality innovations led mainly by businesses.Sheikh Khalifa said, “Undoubtedly, the Wise Leadership provides significant and sustained support for the private sector as a genuine partner in the country’s overall development of the national economy. Therefore, the state’s incentives to support the private sector are essential drivers of its development and its role in the development process.”Highlighting the private sector’s progress, Sheikh Khalifa noted: “In recent years, the private sector has demonstrated its capabilities and efficiency, achieving remarkable progress in industrial and agricultural projects. These projects have successfully enhanced the provision of strategic commodity needs and supported the flow of goods and products to the Qatari market.“Additionally, providing more incentives for private sector enterprises in the industrial sector is fundamental. In fact, the development of the state's infrastructure provides an environment conducive to the private sector's progress and growth. This stimulates the private sector to forge new partnerships and alliances with global technology transfer companies and implement projects that add value to the national economy.”Sheikh Khalifa added: ‘In this context, Qatar Chamber is committed to effectively engaging with relevant official and private authorities. It strives to provide all necessary facilities to private companies and institutions, aiming to create a pro-business environment. This consequently enables the private sector to pursue its active role in the development process and be an integral part of achieving the goals outlined in the Third National Development Strategy 2024-2030.”

QUBF chairperson Dr Olga Revina.
Business
QUBF prioritises tech, partners with Ukrainian innovation hub

The Qatar-Ukraine Business Forum (QUBF) is making technological advancements a key priority as part of its 2024 action plan, aligning closely with the country’s Third National Development Strategy (NDS3) 2024-2030, an official has said.“Acting in line with Qatar’s Third National Development Strategy, the QUBF intends to make its possible contribution by prioritising the potential industries in Qatar-Ukraine partnerships,” QUBF chairperson Dr Olga Revina told Gulf Times on Sunday.In a move to strengthen ties between Qatar and Ukraine’s tech sectors, Revina said QUBF has announced a new collaboration with UNIT.City, one of the largest innovation parks in Central and Eastern Europe based in Ukraine.“QUBF, in collaboration with UNIT.City – one of the biggest innovative platforms in Central and Eastern Europe – agreed to jointly form the ‘Tech and Innovation Committee’ under the umbrella of QUBF. The goal is to create a portfolio of innovative tech startups from Ukraine that will be able to realise numerous opportunities offered by the Qatari ecosystem,” Revina pointed out.According to Revina, the partnership aims to identify promising Ukrainian startups and connect them with the vibrant startup environment of Qatar, which is positioning itself as a global business hub.“QUBF’s Action Plan 2024 outlined a number of events with a primary focus on technological advancements,” said Revina, who also lauded Qatar for remaining focused on diversifying its key economic sectors, fostering a business-friendly climate, and attracting foreign investment along with skilled talent.Citing potential partnerships with startups in Qatar, Revina said Ukraine has developed an impressive startup ecosystem despite the ongoing war, producing several unicorn companies like People.ai, Grammarly, and Gitlab, among others, with massive global user bases.UNIT.City plays a vital role in nurturing this ecosystem as the first innovation park in the country, Revina noted. “As QUBF founders, we were very confident in this collaboration because we believe that Ukrainians have a lot to offer and contribute. UNIT.City helps us select attractive Ukrainian startups to be introduced in Qatar,” Revina emphasised.Revina also pointed out that the Tech and Innovation Committee will leverage resources and expertise from both QUBF and UNIT.City, whose focus has been on supporting early-stage startups through funding, facilitating access to support services, and bolstering globally competitive incubation and acceleration programmes.She also underscored the strategic partnership between Qatar and Ukraine in the technology domain holds immense potential, saying that by tapping into Ukraine’s robust tech talent pool, the collaboration could open new avenues for innovation, entrepreneurship, and cross-border investments aligning with Qatar’s economic diversification ambitions.

Sachin Dev Duggal, CEO and co-founder of Builder.ai, on centre stage during the recently held Web Summit Qatar 2024. Photo by Stephen McCarthy/Web Summit Qatar via Sportsfile.
Business
Tech entrepreneur underlines Qatar’s potential as R&D hub and talent pool

The government’s focus on education and the drive of Qatar’s young, ambitious workforce is an opportunity for the country to position itself as a research and development (R&D) hub in the region.Sachin Dev Duggal, CEO and co-founder of Builder.ai, lauded the world-class institutions and visiting professors at Education City, which reflects Qatar’s commitment to creating a knowledge-based economy.In an interview with Gulf Times, Duggal emphasised that these factors create an ideal environment for Builder.ai, a London-based next-gen app development platform, to establish an R&D service that can contribute to the growth and development of the local talent pool.Following Builder.ai’s announcement of a Qatar Investment Authority-backed Series D funding of over $250mn, Duggal shared with this paper that the firm’s ambitious expansion plans in the region by establishing an office in the country.“We want to also think about Qatar as an R&D hub. What I really found very different here compared to many other countries that I have visited is the country’s strong focus on education,” explained Duggal, adding that Builder.ai aims to leverage the local talent pool and contribute to its growth, taking advantage of Qatar’s focus on nurturing a world-class educational ecosystem.According to Duggal, Qatar can leverage the use of AI to tackle complex challenges, such as in healthcare and other sectors through advanced technologies like large language models analysing DNA data.Citing Qatar’s small local population and large ambitions, Duggal pointed out that Qatar can utilise AI to bridge the gaps between supply and demand, as well as boost productivity across different sectors.The country’s strong educational framework combined with an “outsized ambition” approach to AI gives Qatar an edge over other regional AI hubs, reiterated Duggal, adding that AI is viewed as pivotal for Qatar’s economic diversification and cultivating a new generation of globally impactful entrepreneurs.“Ultimately, AI would allow Qatar to overcome population constraints and foster not only Qatari entrepreneurs but a new breed of global entrepreneurs operating at a different technological scale,” he noted.Amid plans to establish an office here, Duggal emphasised that Builder.ai could play a crucial in fostering entrepreneurship and in facilitating comprehensive digital transformation across Qatar’s businesses and other sectors, such as banking and healthcare, among others, as well as with small and medium-sized enterprises (SMEs).“What’s most impressive in this country is that there’s a real drive to build a knowledge economy, or almost an AI economy, a non-energy economy,” Duggal pointed out.

Professor Lorenzo Marconi of the University of Bologna is one of the co-founders of FieldRobotics. PICTURE: Thajudheen
Business
Italian tech firm showcases use of robotics during Expo 2023 Doha

An Italian technology company has showcased a revolutionary autonomous field robot at the International Horticultural Expo 2023 Doha Qatar, including its versatile applications beyond agriculture.Professor Lorenzo Marconi of the University of Bologna, who is co-founder of FieldRobotics, presented the ‘HammerHead’, an autonomous ground rover vehicle designed for agricultural applications in orchards, vineyards, and even in remote environments with poor GPS signals.“The HammerHead is like a small tractor, where we could attach, plug any kind of conventional or even futuristic implements aimed at bringing robotics and industrial automation into the field, and not only in indoor settings,” Marconi told Gulf Times.Marconi explained that the idea is to bring indoor automation utilised in industrial, logistics, and manufacturing settings, among others, to outdoor applications. “And so we put a lot of emphasis and attempts in creating a platform that is reliable, robust, and attractive to enable all these technologies outdoors,” Marconi said.According to Marconi, the HammerHead is equipped with AI algorithms, cameras, laser scanners, and sensor fusion for robust environmental mapping and precise autonomous navigation, further describing it as a “perfect example of a mechatronics system.”He noted that one of the advantages of the HammerHead is FieldRobotics’ focus on smaller, distributed robotic solutions rather than larger, single vehicles, reducing environmental impact and increasing efficiency.Instead of making larger tractors, Marconi said deploying teams of HammerHeads reduces soil compaction by spreading the load over a larger area using multiple small robots.He also emphasised that the electric, emissions-free design makes the HammerHead suitable for greenhouse operations and aligns with sustainability goals. “It offers a flexible, open platform like a ‘power bank in the field’ that can accommodate future robotic implements and technologies,” Marconi said.Asked about the HammerHead’s other potential uses, especially in Qatar’s hydrocarbon industry, Marconi also explained that the innovative robot, while designed for agriculture, can also have immense potential in sectors like oil and gas, logistics, military, and search/rescue operations. Its autonomous capabilities, high payload, and remote operation can also be utilised in hazardous environments that pose a safety risk for humans, he stressed.“We are also trying to push the idea of ‘cobotics’ and human-robot interaction, where humans have a central role in the task and not necessarily all the robots. And then, of course, in terms of search and rescue, which is not by chance; this idea of field robotics started in the search and rescue setting.“I was the coordinator of a few big European projects in the past dealing with search and rescue, and so again, field settings, settings that are hostile and unfriendly, and with a certain kind of features that ask for new technologies to be robust and industrial,” Marconi stressed.

Sachin Dev Duggal, CEO and co-founder of Builder.ai.
Business
Builder.ai eyeing expansion plans in Qatar, says chief executive

Builder.ai, a London-based next-gen app development platform, is charting an ambitious expansion strategy in Qatar, according to the company’s top executive.The plan promises to revolutionise Qatar’s entrepreneurial landscape and drive digital transformation across various sectors in the country, Sachin Dev Duggal, CEO and co-founder of Builder.ai, told Gulf Times.Duggal, who believes in the country’s potential to become a global hub for innovation and economic diversification, emphasised that Builder.ai is poised to forge strategic collaborations with local entities, thus contributing to the realisation of the Qatar National Vision 2030.He said, “We’re building a customer case study here across different markets and that’s immensely important. We want to get involved with the small business and I think that’s powerful because we can make an impression and support the country’s development plans.”Duggal believes that establishing a local office presence in the country will help the company become better at serving customers in the market, citing Qatar as an additional home for Builder.ai in the region.But the company’s aspirations extend far beyond mere customer support, noted Duggal, adding that Builder.ai not only aims to collaborate with small businesses, but to foster the entrepreneurial ecosystem and develop applied academic skills.According to Duggal, Builder.ai understands that entrepreneurship is vital in driving growth and economic diversification. He pointed out that the company aims to support entrepreneurs and startup founders in Qatar to realise their growth plans by providing them with accessible technological solutions.“Among the challenges that we want to address is how Builder.ai could help the local entrepreneurial ecosystem realise their vision and dreams faster and how to build the relevant applied academic skill. ‘Applied’ is the key here: to investing in students, graduates, and PhD candidates in Qatar,” explained Duggal, who highlighted the importance of developing practical, industry-relevant skills.Duggal also explained that this approach aims to open more avenues for Qataris pursuing higher education abroad to return to Qatar and address local challenges by utilising Builder.ai’s platform.“There’s problems to be solved here. We’re here also trying to solve those problems,” Duggal emphasised.

Khalifa al-Haroon, the founder and CEO of Store974 and ILoveQatar.net.
Business
Esports, gaming help forge career frontiers for Qatar’s youth

Esports, including gaming, can open multiple career paths for young people who are looking to explore or immerse themselves in this fast-growing industry.In Qatar, gaming and the esports industry have steadily evolved over the years, according to Khalifa al-Haroon, the founder and CEO of Store974 and ILoveQatar.net, who noted that this LNG-rich Gulf nation “has always been a country of gamers.”Speaking to Gulf Times in an exclusive interview, al-Haroon said some of the factors that contributed to the growth of these industries in Qatar include a young and tech-savvy population, robust government support and investment, collaborations with international gaming companies and events, and the emergence of different groups and roles in the gaming community.“I definitely see that we have been evolving. Today, there are more groups in all shapes and forms that are starting to develop in the country, which include not just gamers and esports players, but people investing in hardware or those who want to become content creators, game designers, storytellers, TV scriptwriters, or movie producers, as well as people wanting to be announcers for esports events, among others. That’s the beauty of this medium,” al-Haroon explained.However, esports and gaming are not only a source of entertainment, but also a platform for learning, innovation, and collaboration in Qatar’s education sector, underscored al-Haroon, citing Store 974’s partnership with the International School of London (ISL) to include esports in its curriculum.Al-Haroon explains the motivation behind Store 974’s tie-ups with educational institutions to offer esports and gaming courses, saying it is part of his vision to be as inclusive as possible for everyone, regardless of age, ability, or nationality.“Just as you would have physical athletes that represent a school, now there are digital athletes, as well. But then you also have individuals that might want to be involved in becoming game developers one day,” he noted.Similarly, al-Haroon said his mission is to educate the public about the benefits and opportunities of gaming and to prepare the country for the digital economy.“Educating parents that gaming is so much more than just a waste of time is crucial. It’s about encouraging kids that they can pursue a professional career in something that they are passionate about.“But then they also have to be trained and developed to understand that being a professional esports athlete requires more playing skills. You also need social and communication skills, as well as to be presentable and business savvy, so that’s why it was very important for us to make sure that we get the schools involved because whether we like it or not, the world is going to evolve into a hyper-digital economy. And we need to make sure that everyone in the country is prepared,” he pointed out.Citing an experience that Store 974 had while working with a specific institution, al-Haroon said they discovered that gaming played a key role in helping children overcome certain social challenges, such as the difficulty of physically interacting and participating in team-based activities.“When we gave them virtual reality glasses, the children who typically would not talk to each other physically had started engaging and talking to each other digitally. They’re sitting in the same room, but because they feel like they’re in a virtual world, it took away the social anxiety and encouraged them to be slightly open to trying new things,” said al-Haroon, adding that the experience provided a glimpse of how gaming can cater to everyone, especially when utilised as a tool for social interaction and therapy, aside from just entertainment.Al-Haroon also pointed out that Artificial Intelligence (AI) could benefit Qatar’s gaming scene, particularly for players, content creators, and the public and private sectors.“One of the benefits I see is having AI coaches that could review gaming footage and then provide the gamer with advice on areas of improvement. That would be amazing. On content generation, AI can select the best scenes and simplify a creator’s workflow.“Government support will also play a great role whether in attracting companies specialising in AI to set up in Qatar, investing in global firms, encouraging startups to create their own AI solutions, or simply training people on how to utilise AI better and more efficiently,” al-Haroon added.

Khalifa al-Haroon, the founder and CEO of Store974 and ILoveQatar.net.
Business
Esports, gaming help forge career frontiers for Qatar’s youth

Esports, including gaming, can open multiple career paths for young people who are looking to explore or immerse themselves in this fast-growing industry.In Qatar, gaming and the esports industry have steadily evolved over the years, according to Khalifa al-Haroon, the founder and CEO of Store974 and ILoveQatar.net, who noted that this LNG-rich Gulf nation “has always been a country of gamers.”Speaking to Gulf Times in an exclusive interview, al-Haroon said some of the factors that contributed to the growth of these industries in Qatar include a young and tech-savvy population, robust government support and investment, collaborations with international gaming companies and events, and the emergence of different groups and roles in the gaming community.“I definitely see that we have been evolving. Today, there are more groups in all shapes and forms that are starting to develop in the country, which include not just gamers and esports players, but people investing in hardware or those who want to become content creators, game designers, storytellers, TV scriptwriters, or movie producers, as well as people wanting to be announcers for esports events, among others. That’s the beauty of this medium,” al-Haroon explained.However, esports and gaming are not only a source of entertainment, but also a platform for learning, innovation, and collaboration in Qatar’s education sector, underscored al-Haroon, citing Store 974’s partnership with the International School of London (ISL) to include esports in its curriculum.Al-Haroon explains the motivation behind Store 974’s tie-ups with educational institutions to offer esports and gaming courses, saying it is part of his vision to be as inclusive as possible for everyone, regardless of age, ability, or nationality.“Just as you would have physical athletes that represent a school, now there are digital athletes, as well. But then you also have individuals that might want to be involved in becoming game developers one day,” he noted.Similarly, al-Haroon said his mission is to educate the public about the benefits and opportunities of gaming and to prepare the country for the digital economy.“Educating parents that gaming is so much more than just a waste of time is crucial. It’s about encouraging kids that they can pursue a professional career in something that they are passionate about.“But then they also have to be trained and developed to understand that being a professional esports athlete requires more playing skills. You also need social and communication skills, as well as to be presentable and business savvy, so that’s why it was very important for us to make sure that we get the schools involved because whether we like it or not, the world is going to evolve into a hyper-digital economy. And we need to make sure that everyone in the country is prepared,” he pointed out.Citing an experience that Store 974 had while working with a specific institution, al-Haroon said they discovered that gaming played a key role in helping children overcome certain social challenges, such as the difficulty of physically interacting and participating in team-based activities.“When we gave them virtual reality glasses, the children who typically would not talk to each other physically had started engaging and talking to each other digitally. They’re sitting in the same room, but because they feel like they’re in a virtual world, it took away the social anxiety and encouraged them to be slightly open to trying new things,” said al-Haroon, adding that the experience provided a glimpse of how gaming can cater to everyone, especially when utilised as a tool for social interaction and therapy, aside from just entertainment.Al-Haroon also pointed out that Artificial Intelligence (AI) could benefit Qatar’s gaming scene, particularly for players, content creators, and the public and private sectors.“One of the benefits I see is having AI coaches that could review gaming footage and then provide the gamer with advice on areas of improvement. That would be amazing. On content generation, AI can select the best scenes and simplify a creator’s workflow.“Government support will also play a great role whether in attracting companies specialising in AI to set up in Qatar, investing in global firms, encouraging startups to create their own AI solutions, or simply training people on how to utilise AI better and more efficiently,” al-Haroon added.

Snoonu Product Marketing Lead Andrew Edward.
Business
'Tapping Qatar’s home-based businesses to grow local economy'

A Qatari startup that offers delivery and e-commerce services has partnered with home-based and micro businesses, providing them with a platform to reach more customers and showcase their products.This partnership also aims to support owners of home-based businesses with their business plans and growth strategies, said Andrew Edward, the Product Marketing Lead of local company Snoonu.The decision to tap into this segment of the market was driven by the commitment of Snoonu’s founder and chief executive, Hamad al-Hajri, to support the local economy and find untapped opportunities, Edward emphasised.Edward explained that al-Hajri, along with his team at Snoonu, noticed a gap where many local businesses, despite being officially registered, lacked a platform to interact with customers and market their products effectively. Snoonu has this ability built-in within its platform thanks to its partnership with Braze. It enables them to segment and personalise interactions with customers which, in turn, can help local businesses do the same.“One of the commitments of al-Hajri is to try to support the local economy and he has this talent of always working with the team in finding these untapped opportunities in the market and determining where it can be better and how he can improve it,” Edward said.As a local startup, Edward noted that Snoonu understands the local context and sees this as an opportunity to support local businesses. “We are confident that our platform will help our audience and the Qatari population engage more with these businesses. Snoonu is aware of what our audience is looking for collaborating with home-based businesses is one way to help them engage with the Snoonu app more,” Edward said.With its quick and large growth, Snoonu is constantly exploring innovative tools like Braze to refine its customer engagement strategies, ensuring the platform remains dynamic and responsive to users' needs.Given the amount of growth experienced by these micro businesses since partnering with Snoonu, Edward stated that he has a positive outlook for home-based businesses in 2024.“I would say my outlook is also positive. So far, home businesses that are in the Snoonu app have been seeing a good amount of growth, and in how they have been marketing their products to a much wider audience,” noted Edward, who lauded the support being provided by the Ministry of Commerce and Industry to small and micro businesses.“The ministry is showing more support in terms of how it wants to collaborate more to increase the growth of these home businesses and helping them understand the next steps they can take,” Edward said.He also stressed that innovation was a key driver for success and that startups and entrepreneurs should always embrace new technologies and stay ahead of the competition. “This would help them meet their user’s needs at the right time and with the best communication, and also help them evolve in their market and future markets,” Edward added.

PayLater co-founder Khalifa al-Haroon.
Business
‘Buy Now, Pay Later’ gaining traction in Qatar, says fintech founder

The Buy Now, Pay Later (BNPL) scheme is opening up new opportunities for both consumers and businesses in Qatar, according to a Doha-based fintech firm specialising in BNPL.BNPL has become an attractive option for consumers, according to Khalifa al-Haroon, who is co-founder of PayLater. Al-Haroon, who is also the founder and CEO of Store974 and ILoveQatar.net, noted that he is optimistic about the future of BNPL in Qatar.“We haven’t even put our product out in the market yet, but we’ve already had almost 300 companies reach out to us,” al-Haroon told Gulf Times in an exclusive interview.Because of the product’s simplicity and usability, al-Haroon said he is confident that PayLater will successfully cater to the needs of consumers and businesses in Qatar. He hopes that it will be instrumental in stimulating the market and give the company the needed foothold to expand in the region.Al-Haroon explained that the company’s goal is to help people buy items within their means, without adding to their debt. He said PayLater allows customers to pay in four instalments over two salary cycles, with zero interest and minimal or no penalty fees.“We’re looking at several objectives, such as being Shariah-compliant, zero-interest, and no penalty fees because our goal is to encourage people to be mindful of their expenses and provide a very simple solution,” he stressed.Al-Haroon also underscored the significance of integration, particularly with organisations like the Qatar Credit Bureau and the Qatar Central Bank to provide quick background checks and big data for financial decisions that will benefit the economy and the country.But implementing BNPL in the country also has its challenges, al-Haroon pointed out. He is hoping that the relevant agencies could address the lack of financial insurance in the country, as well as help streamline the processing time for business licensing.On the other hand, setting up a new business in Qatar “is easier than before,” emphasised al-Haroon, who lauded the Ministry of Commerce and Industry’s efforts to automate and simplify the application process. However, there are still difficulties in working with multiple agencies and institutions that may not understand or support the vision of the entrepreneurs, he also said.Nevertheless, al-Haroon stressed that these challenges do not impede plans to expand other businesses, such as Store974, which is looking to set its footprint in other GCC countries like Saudi Arabia and Bahrain. With hopes to spread the business globally, al-Haroon said he is trying to raise QR50mn to take Store974 “to the next level.”“These are the two GCC markets I’m looking at the moment, but specifically Saudi Arabia because the country is focused heavily on esports. And I would love to have Qatar and Saudi Arabia holding hands in the development of esports in the region,” al-Haroon revealed.

HSBC Qatar CEO Abdul Hakeem Mostafawi.
Business
HSBC Qatar marks 70 years of growth and partnership

HSBC Qatar is marking its 70th anniversary by reflecting on seven decades of pioneering milestones, contributions to the nation’s economic development, and a symbiotic partnership that has fuelled growth for Qatar and the global financial institution.In an exclusive interview with Gulf Times, HSBC Qatar CEO Abdul Hakeem Mostafawi elaborated on the key achievements over the past 70 years that transformed the bank into a dominant force combining local expertise with worldwide connectivity.“Our growth story in Qatar is aligned directly to the country’s economic transformation, which has been shaped by visionary leadership – both in government and institutions, such as the Qatar Central Bank,” Mostafawi stated.HSBC was one of the first international banks locally incorporated when it received its license in March 1954, said Mostafawi, emphasising that it didn’t take long for HSBC to start racking up an extensive list of pioneering firsts and milestones.Many of the bank’s achievements are the product of combining local expertise and global connections to deliver unique banking solutions, Mostafawi explained, adding that this includes installing Qatar’s first ATM in 1986, setting off the nation’s digital banking journey.Other key milestones include introducing electronic banking for corporates (1987), opening Qatar’s first custody services (1998), acting as lead manager for the government's debut Islamic sukuk issuance (2004), launching the country’s first investment banking platform and introducing Institutional Fund Services (2005), and opening a digitally-focused branch in Msheireb (2020). More recently, HSBC has emerged as a thought leader in cutting-edge areas like digital tokenisation and generative AI applications for banking.Throughout its 70-year presence, HSBC has played a pivotal role in catalysing Qatar’s economic rise and diversification agenda. “We have supported the public and private sectors to grow with the country's ambitions, especially focusing on economic diversification,” Mostafawi said.He said HSBC helped government entities identify and invest in international opportunities outside the oil and gas sectors through pioneering investment banking services. The bank was also the first to provide custody services, facilitating foreign investment inflows.HSBC’s advisory expertise was instrumental in major transactions like Industries Qatar's historic IPO in 2009 – then the nation’s largest. “We were the adviser on that milestone IPO on the Qatar Stock Exchange,” noted Mostafawi.Today, Mostafawi said HSBC is at the forefront of Qatar’s sustainable finance drive as it transitions to a more sustainable economy: “We play a leading role in the transition to net zero by providing expert advice and supporting customers in their transition journeys. This includes establishing sustainable finance frameworks for stakeholders.”The bank’s strategic priorities align with Qatar National Vision 2030 across the economic, human, environmental and social development pillars.Economically, HSBC continues attracting foreign investors, supporting multinationals’ growth in Qatar, and identifying international investment opportunities for local entities to aid diversification.On the human development front, the bank is deeply invested in upskilling Qatari talent, with nationals comprising 37% of its workforce. Its employee policies, such as hybrid work models, are industry-leading for work-life balance.Environmentally, HSBC is the go-to thought leader for ESG and green finance solutions. “We are frequently represented at major conferences like COP28, Bloomberg’s Qatar Financial Market Forum, and the Qatar Foundation’s Earthna Summit 2023 to share our expertise. The bank has pioneered green lending in Qatar across various initiatives,” Mostafawi said.HSBC’s social development impact is through corporate sustainability activities like financial literacy programmes and volunteering as a responsible corporate citizen.Looking ahead, Mostafawi sees HSBC’s primary role as Qatar’s preeminent trade finance bank bridging local businesses with cross-border trade and supply chain solutions. We offer a full suite of products including sophisticated solutions to support the country’s economic diversification into high-growth sectors like renewable energy, tourism, healthcare, and education," he said.He said HSBC has already supported prominent Qatari family business groups in acquiring European real estate, establishing regional operations, and investing in major renewable projects abroad by connecting them with global opportunities.Mostafawi noted that HSBC aims to open up a world of opportunity for clients, which becomes a reality when they are connected to international growth prospects through digital channels.He said HSBC became the first bank globally to enable straight-through digital processing for bank guarantees issued to a Qatari client via its cutting-edge trade finance platform. Another key offering is HSBC’s market-leading securities services that give international investors access to investment prospects in Qatar’s rapidly developing capital markets.As HSBC Qatar commemorates its 70th anniversary in Qatar, Mostafawi said: “HSBC has been supporting Qatar for 70 years, providing local expertise and global connections to help customers grow their wealth. We are committed to opening up a world of opportunity for customers with international banking needs and ambitions to grow and prosper internationally.“We have the heritage and expertise, clients and connectivity, scale and successes, strength in sustainability, the people and the values that we are proud to deploy in the service of our Qatar and its people every day.”

HE the Minister of Communications and Information Technology Mohamed bin Ali al-Mannai. PICTURE: Shaji Kayamkulam
Business
Digital transformation of Qatar SMEs at the forefront, says minister

The digital transformation of small and medium-sized enterprises (SMEs) in Qatar is one of the core programmes implemented by the Ministry of Communications and Information Technology (MCIT).Speaking to the media on the concluding day of Web Summit Qatar 2024, HE the Minister of Communications and Information Technology Mohamed bin Ali al-Mannai underscored the role of SMEs as the backbone of the economy.Al-Mannai underscored the need to provide SMEs with “the right digital tools” and “the right digital transformation approach,” along with a wide range of government support in the digital transformation domain, one of the MCIT’s major programmes under the Digital Agenda 2030.Aside from the MCIT’s support for SMEs, al-Mannai also lauded the Investment Promotion Agency Qatar (Invest Qatar) for launching ‘Startup Qatar’ ahead of the Web Summit. The initiative is a one-stop online platform catering to all business requirements and serving as the single comprehensive national resource for information, support, and opportunities offered to startups.The minister also lauded Sheikh Jassim bin Mansour bin Jabor al-Thani, the director of the Government Communications Office (GCO) and Organising Committee chairman of Web Summit Qatar 2024, for a successful collaboration with Web Summit under the leadership of its CEO, Katherine Maher.Al-Mannai said Web Summit Qatar 2024 provided content to create more events and showcase the country’s capability in events management, but it also attracted thousands of startups to the country.The event also opened opportunities for entrepreneurs and innovators in the GCC and the Middle East to network with their peers abroad and learn more about the international entrepreneurship ecosystem.“Our co-operation with Web Summit enabled us to provide a global platform from Qatar for innovators, entrepreneurs, and startups from our region and beyond. We are also happy to see that many companies are coming from Africa and other parts of the region, demonstrating that the target set from the beginning was well achieved with the representation of more than a thousand startups,” al-Mannai pointed out.Earlier on the sidelines of Web Summit Qatar 2024, al-Mannai spoke during a fireside chat titled ‘Qatar’s Plan for a Digital Future’ and underscored the significance of the Digital Agenda 2030 in promoting a knowledge-based digital economy and boosting digital transformation across industries.Al-Mannai also highlighted the role of SMEs in the success of Web Summit Qatar 2024 and the role of both SMEs and the private sector in bolstering the national digital economy.

HE the Minister of Communications and Information Technology Mohamed bin Ali bin Mohamed al-Mannai during the fireside chat at Web Summit Qatar 2024. PICTURE: Shaji Kayamkulam.
Qatar
Govt to support digital innovation in pvt sector

HE the Minister of Communications and Information Technology Mohamed bin Ali al-Mannai has ensured that the government will support the private sector in driving Qatar’s digital economy.The minister made the statement during a fireside chat with Euronews bureau chief and business presenter Guy Shone on ‘Qatar’s Plan for a Digital Future’ held on the sidelines of Web Summit Qatar 2024 Thursday.During the fireside chat, the minister also focused on the key developments in the Information and Communication Technology (ICT) sector and the outlines for the digital innovation plan in Qatar for the next five years.Al-Mannai underscored the significance of the Digital Agenda 2030 in promoting a knowledge-based digital economy and boosting digital transformation across industries and highlighted the role of small and medium enterprises (SMEs) in the success of Web Summit Qatar 2024 and the role of both SMEs and the private sector in bolstering the national digital economy.Al-Mannai said, “Certainly, the digital economy is not driven by the government alone. It is primarily private-sector driven. Therefore, our relationships are built around co-operation with the private sector.“In the national digital agenda, we provide direction about our goals so that they can support us in achieving them. The delivery of the national agenda doesn’t depend solely on the government, but it relies heavily on the private sector and individuals with talent to help us achieve our targets.”The minister further said, “Therefore, the success or failure depends on three elements: the government, the private sector, and the individuals and talents that will help us achieve the set of targets for the national digital agenda...as part of the government, my role is to ensure the private sector that we’ve got your back, and we are here to help.”

(From left) Snoonu founder and CEO Hamad al-Hajri; Soumaya Ben Beya Dridje, junior partner, Rasmal Ventures; and panel moderator, Guy Shone, the bureau chief and business presenter at Euronews. PICTURE: Shaji Kayamkulam
Qatar
Qatar is ‘a haven’ for startups, says local tech expert

Qatar’s advanced educational system, robust economy, and premium customer base are collective factors that make the country “a haven” for local and international startups, according to Qatari tech startup official.Snoonu founder and CEO Hamad al-Hajri made the statement Wednesday during Web Summit Qatar 2024’s ‘Secrets of the Qatari Tech Ecosystem’ panel discussion, where he was joined by Soumaya Ben Beya Dridje, junior partner, Rasmal Ventures, and panel moderator, Guy Shone, the bureau chief and business presenter at Euronews.Citing international and local top-tier universities at Education City, al-Hajri emphasised the importance of the country’s education system and the talent it produces. He said Qatar’s graduates possess the appetite, hustle, and drive to become successful – a core value that universities in the country share.Al-Hajri noted that Snoonu’s local understanding of the market or the “founder’s factor” gives it the edge over its competitors. He also described Qatar as “a unique market,” having almost 10 customer segments. “And for each customer segment, you need a different value proposition and a different business model,” he explained.According to al-Hajri, the next six years will be exciting for Qatar as it transitions from a traditional economy to a knowledge-based, innovation-driven economy.Al-Hajri also said Qatar has a favourable legal framework, vibrant ecosystem, and most importantly, the recently announced $1bn venture capital (VC) Fund of Funds of the Qatar Investment Authority (QIA), which makes Qatar a promising launch pad for startups and entrepreneurs worldwide.Beya Dridje emphasised that the QIA’s $1bn fund-to-fund programme is a powerful indicator that Qatar is determined to attract foreign talent and international startups. It also sends a strong signal that encourages entrepreneurs, investors, and ecosystem players to be part of a robust regional ecosystem.“Being part of the ecosystem now is having the opportunity to shape it and to be part of its builders,” she said.While each region has its distinct ecosystem due to its unique characteristics and resources, Beya Dridje said the tech ecosystem in Qatar should be “uniquely Qatari.”“Qatar will also have its stamp as an ecosystem,” she pointed out, adding that Qatar could be an “interesting destination” for sports tech, as well as for energy tech.

(From left) Mohamed al-Sowaidi, Khaled Talhouni, Noor Sweid, and Zachary Karabell, on Web Summit Qatar 2024's centre stage. PICTURE: Web Summit Qatar.
Qatar
Qatar a competitive hub for fund-to-fund programmes

Qatar, which recently launched its first venture capital (VC) Fund of Funds, has the edge to foster a conducive environment for funds eyeing the Middle East region, an official of Qatar Investment Authority (QIA) has said.Speaking at one of Web Summit Qatar 2024’s panel discussion on ‘The role of Middle Eastern Funds in the Global Economy’, Mohamed al-Sowaidi, QIA’s chief investment officer – Americas, said the QIA’s $1bn investment in international and regional venture capital funds to support entrepreneurs both here and abroad underlines Qatar’s attractiveness as a destination for international funds.“We announced a sizable commitment, a $1bn commitment for fund-to-funds programme to focus on funds that want to establish a presence in the Middle East, and we believe Qatar is quite competitive for that,” al-Sowaidi said, referring to the pronouncement made by HE the Prime Minister and Minister of Foreign Affairs Sheikh Mohamed bin Abdulrahman bin Jassim al-Thani during Web Summit Qatar 2024’s Opening Night.During the discussion, which was moderated by Time contributor Zachary Karabell, al-Sowaidi was joined by Khaled Talhouni, managing partner, Nuwa Capital, and Noor Sweid, founder and managing partner, Global Ventures.Sweid highlighted the region’s strong growth, young population, and high digital penetration as key factors that also make it attractive for investment. Meanwhile, Talhouni expressed optimism on the underlying macro trends that are driving the region between demographics, overall economic diversification, liberalisation of regional economies, as well as improvements in the regulatory environment.

Web Summit CEO Katherine Maher. PICTURE: Stephen McCarthy/Web Summit Qatar via Sportsfile
Qatar
Strong focus on women in tech at Web Summit Qatar

Web Summit Qatar, the first in the country and the region, recorded an impressive participation of women during the event, according to Web Summit CEO Katherine Maher.Speaking at a press conference Tuesday, Maher said: “37% of our attendees are women and 30% are female speakers, two figures that we’re quite proud of. As you know, in all of our global events, we have a strong focus on women and technology and seek to always continue to improve those ratios towards gender parity.”One in three startups participating in the startup programme has a woman on the founding team, Maher emphasised. Also, the Women in Tech Lounge will welcome organisations, including Women of Qatar and Women Techmakers, along with thousands of women in tech attendees from all over the world.According to Maher, Web Summit had anticipated about 7,500 attendees this year. However, 15,453 attendees from 118 countries gathered at the event, which will run until February 29 at the Doha Exhibition and Convention Centre (DECC).She said Web Summit Qatar is “the largest gathering of startups in the Middle East” with 1,043 startups from 81 countries showcasing their vision to attendees on the event floor. Ten percent of attending startups come from Qatar, while 20% come from Africa, and 50% from the wider Mena region.As many as 401 investors from 46 countries and some of the largest funds in the world have attended the event to explore investment opportunities in one of the fastest-growing markets in the world and to meet the next generation of startups.Maher also thanked His Highness the Amir Sheikh Tamim bin Hamad al-Thani, who toured the venue and met some of the partners and several participating startups. Similarly, Maher lauded Qatar’s $1bn investment in both international and regional venture capital funds, which was announced by HE the Prime Minister and Minister of Foreign Affairs Sheikh Mohamed bin Abdulrahman bin Jassim al-Thani during Web Summit Qatar’s opening night.“The first-ever venture capital funds programme is meant to foster innovation in the startup ecosystem and to attract international VCs and startups to the GCC. As His Excellency emphasised, technological innovation is rapidly advancing and it is our collective duty to ensure that this progress continues to serve the greater good by balancing innovation with ethical principles and guiding progress with moral wisdom for the benefit of all,” Maher said.

(From left) Sachin Dev Duggal, Mohamed al-Hardan and Julia Sieger during the session Tuesday. PICTURE: Web Summit Qatar
Qatar
Creativity, critical thinking stressed amid AI growth

Creativity, critical thinking and adaptability are some of the key factors that both companies and employees should prioritise amid rapid technological advancements, such as automation and Artificial Intelligence (AI).This was revealed Tuesday during Web Summit Qatar’s first talk titled ‘The AI Moment’, which featured Mohamed al-Hardan, head of Tech at Qatar Investment Authority (QIA); and Sachin Dev Duggal, founder and chief wizard at Builder.ai.The discussion, which was moderated by France 24 presenter and journalist Julia Sieger, included topics, such as the impact of AI on employment and how it is expected to automate tasks of certain jobs.According to al-Hardan, structural unemployment may occur in the next decade across the globe as AI is going to further automation and the development of robotics. This also puts the gig economy at risk, he further pointed out.While repetitive tasks could be replaced by AI, al-Hardan emphasised the need for humans to evolve and the need to focus on creativity and “on EQ as opposed to IQ.”“I think jobs are at risk, but not all jobs are at risk. Humans will evolve around the evolution of AI. And I think those that are unable and are not capable of evolving will be left behind,” al-Hardan noted.Duggal, meanwhile, underscored the potential of AI to replace certain tasks and elaborated on the common misconceptions about tasks, jobs and careers, emphasising that these are “very different atomic units of work.”He said the world is “re-entering the DaVinci era,” where polymaths, creativity and critical thinking are more valuable than just having STEM skills.Asked if AI should be regulated, al-Hardan said regulators could face potential issues considering that AI is a rapidly evolving technology and that regulations could limit the further development of Artificial Intelligence.On Builder.ai’s $250mn Series D funding, which was led by QIA, al-Hardan lauded the company’s ability to reduce the cost and the time required to ship an application.“Just as Space X reduces the cost of accessing space, Builder.ai is reducing the cost for entrepreneurs, enterprises and founders to access the digital economy,” al-Hardan explained.From a due diligence perspective, al-Hardan noted that QIA is confident that Builder.ai genuinely utilises Artificial Intelligence, unlike other companies that claim to specialise in AI.

Web Summit Qatar 2024 Organising Committee Chairman Sheikh Jassim Bin Mansour Bin Jabor Al-Thani And Web Summit CEO Katherine Maher During A Press Conference Thursday. PICTURE: Thajudheen
Qatar
PM to address opening session of Web Summit on February 26 

HE the Prime Minister and Minister of Foreign Affairs Sheikh Mohamed bin Abdulrahman bin Jassim al-Thani will address the opening session of the four-day Web Summit Qatar 2024 on February 26 at the Doha Exhibition and Convention Centre (DECC). He will be joined by other key speakers, including Emmy-winning South African comedian Trevor Noah, Bollywood actress and singer Nora Fatehi, WPP CEO Mark Read, Whoop CEO Will Ahmed, astronaut and Deep Space Initiative founder Sara Sabry, Replit co-founder and CEO Amjad Masad. This was announced by Sheikh Jassim bin Mansour bin Jabor alThani, the chairman of Web Summit Qatar 2024 Organising Committee, in the presence of Web Summit CEO Katherine Maher at a press conference Thursday. For the first time, Qatar will be hosting Web Summit, the world’s largest technology conference, wherein the Prime Minister will take the centre stage to discuss Qatar’s growing tech ecosystem, and how technological developments can be used for the benefit of all humanity across the globe. According to Sheikh Jassim, 12,000 participants are expected to attend the summit but the Organising Committee is anticipating that the numbers would exceed “20,000” by the end of the event, which is Web Summit’s fi rst soldout edition in the region. The event, running until February 29, will welcome the largest and most globally diverse cohort of startups to ever gather in the region – more than 1,000 startups from 80 countries, alongside over 500 investors and LPs from around the world seeking investment opportunities in the region. The startups and partnership programmes sold out four weeks before the event.The top themes during the summit are entrepreneurship, venture capital, Artifi cial Intelligence, energy, advertising and marketing, space exploration, and fi ntech, while a wide range of topics will be discussed by a distinguished panel of speakers and industry experts at the event. Maher emphasised that the Web Summit comes out of a tradition of supporting and elevating startups that are representative of what is new and most exciting in the world of technology. She noted that the event will witness the participation of more than 1,000 startups, which is twice the number that was expected.“In fact, of those start-ups, 50% or around 500 will be attending from the broader Middle East, 10% are attending from Qatar, 30% are women-founded start-ups, and 10% are what we consider impact start-ups, that is, start-ups with a focus on improving the world and the lives of those around us. And about one-fifth or 20% of those start-ups are coming from Africa,” Maher explained, adding that gender diversity and representation “is tremendously important to us,” especially in the summit’s Women in Tech programme.She said, “The technology sector as a whole has historically been dominated more by male participants, and yet we recognise the incredible opportunity that technology affords women to participate in the economy and society, and to address very real needs across our commercial, economic, and social interests. Women in Tech is a flagship initiative of Web Summit.”Maher added: “We’re very much committed to this programme as a way of addressing improving gender ratio and participation in all of our events. And our Women in Tech programme this year is incredibly well attended. We have strong participation from across Qatar, the Middle East, and internationally, and in fact that programme, where we offer incentives for tickets for female participants in technology, sold out.”