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Posted On: 15 September 2014 11:42 am
Updated On: 12 November 2020 01:52 pm

Middle East’s largest business incubator facility launched in Doha

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The largest business incubator in the Middle East was officially launched on Thursday, 11 September at a high-level ceremony in Doha. Qatar Business Incubation Center (QBIC) is a project worth over QAR 100 million and will operate under the patronage of HE Sheikh Abdullah bin Nasser bin Khalifa Al Thani, Prime Minister and Minister of Interior of the State of Qatar, who was joined by statesmen and dignitaries from across the public and private sectors.

HE Sheikh Abdullah bin Nasser bin Khalifa Al Thani said: "Through Qatar National Vision 2030, His Highness Sheikh Tamim Bin Hamad Al Thani, Emir of Qatar, has provided our nation with a clear roadmap for the future that balances economic growth with national and human development priorities. I cannot think of a better example of our leader’s vision being put into action than the launch of QBIC - a project that will enable upcoming Qatari entrepreneurs to achieve their dreams.”

HE added: “QBIC’s inauguration is a new milestone in the overall development effort of the State of Qatar in the field of entrepreneurship and private sector support. It is also aligned with the Qatar National Vision 2030 pillars of economic, social and human resources development.

HE Sheikh Abdullah bin Saud Al Thani, Governor of Qatar Central Bank and Chairman of the Board of Directors of Qatar Development Bank, added: "Qatar Development Bank has been delighted to partner with the Social Development Center throughout the establishment of this important national project. We are confident that QBIC will now take its place in the front rank of incubators around the world, and provide a major boost to Qatar’s economic development."

He added: “We are confident that QBIC will be a valuable addition to the entrepreneurial landscape, which is essential to economic development and the overall development efforts of the State of Qatar in line with Qatar National Vision 2030."

Abdulaziz bin Nasser Al Khalifa, Chief Executive Officer of Qatar Development Bank and Chairman of QBIC, said: “We are proud of our joint efforts with the Social Development Center to equip and launch the largest incubator in the Middle East and North Africa, which will add tremendous value to Qatar’s entrepreneurial ecosystem. In addition to funding the construction of the incubator, we allocated another QAR 27 million to support the incubated projects and offer all the facilities and services entrepreneurs need from a project’s inception to its operation - providing office space, industrial workshops, administrative and technical support, and a 20,000 square meter project space.”

Al Khalifa added: "Through QBIC’s flagship Lean Startup program, we have supported and launched more than 21 projects that truly showcase entrepreneurs’ potential and progress in Qatar. We will continue to work closely with our partners across the entrepreneurial landscape to achieve the utmost benefit for these great innovators.”

Based at a 20,000 square meter site in the New Industrial Area, QBIC has been established as a joint effort between the Qatar Development Bank and Social Development Center. It is a flagship project in the government’s wider effort to support and encourage entrepreneurs in Qatar to set up and establish businesses.

QBIC’s launch marks the fulfillment of an important development target for the private sector and SMEs in Qatar, which will now receive vital, integrated support through office space, workshops, laboratories, production services, technical and administrative support, and mentoring programs.

The QAR 100 million QBIC project fulfills entrepreneurs’ requirements by offering world-class, integrated support. In May, QBIC announced that it will incubate 15 projects of entrepreneurs who participated in its Lean Startup program. Accordingly, the 15 projects will be offered office space and financing, with incubation services, for two years. This is in addition to initial conditional seed-funding worth QAR 100,000. Additionally, four scale-up projects will be offered QBIC’s services for two years with potential funding opportunities.