Doha: Chairperson of Qatar Investment Authority (QIA), Abdulla Mohammed Al Ansari, announced that the debut Fund of Funds program (FoF), launched in February 2024, has successfully attracted a variety of regional and global fund managers.
According to Qatar News Agency, Al Ansari highlighted that the program is set to invest USD1 billion in international and regional venture capital funds, focusing on the technology and healthcare sectors. He emphasized that the FoF operates in alignment with partners to foster an economic system that integrates with the broad objectives of the Qatar National Vision 2030. This initiative aims to transform Qatar into a key destination for entrepreneurs and new ventures globally.
Al Ansari stated that FoF is committed to engaging with venture capital funds to offer alternatives for investors and startups, thereby cultivating a dynamic environment for bold investments within Qatar. The initiative aims to attract both domestic and international entrepreneurs, addressing funding-related challenges by leveraging venture capital to develop a robust system for startups and capital ventures in Qatar.
He further explained that the program will provide capital to startups and establish mechanisms to enhance the labor climate, thereby maximizing the potential benefits from the vast talent available to startups. This initiative is part of a broader plan under the Qatar National Vision 2030, which includes the third National Development Strategy. Al Ansari noted that the program’s three-pronged approach focuses on achieving financial revenues and positive developmental impacts on Qatar’s capital venture ecosystem.
Al Ansari also outlined the program’s accomplishments, emphasizing the clear criteria set for fair engagement with applicants. Fund managers undergo a strict selection process involving three phases: application review, qualification based on achievements and commercial criteria, and evaluation of potential development benefits to Qatar’s economy. Additionally, commitments to opening offices in Qatar and developing a domestic system for capital venture are required.
He stressed the importance of Qatar in supporting startups and partners, noting that the early success of major international firms was driven by capital venture funds.