The mention of Qatar conjures many ideas and images but, unsurprisingly for one of the world&rsquo;s most water-stressed nations, agriculture tends not to figure. In 2018, just 1.2 per cent of Qatar's land was dedicated to arable farming, and less than 6 per cent was set aside for agriculture, yet the country&rsquo;s capacity to produce food has been transformed in recent years, as Qatar has delivered on its determination to develop its homegrown food-related industries.&nbsp;Between 2014 and 2019, Qatar recorded the fastest growth rate in domestic food production in the Gulf Cooperation Council (GCC), with a compound annual growth rate (CAGR) of 15.2 per cent, compared with a regional CAGR of 4.3 per cent. Between 2017 and 2019 alone, domestic food production reportedly saw a 400 per cent increase, &nbsp;and the country recorded 82 per cent self-sufficiency in dairy products in 2018, having relied on imports for 72 per cent of its supply the previous year.

internationally in the Global Food Security Index and first among Arab nations

Qatar is becoming a food exporter to its region and ranks

Remarkably, Qatar now stands on the verge of becoming a food exporter to its region, and is now ranked first among Arab nations and 24th internationally in the Global Food Security Index (GFSI). In June, the Doha Ministry of Municipality announced that the commercial agricultural projects launched under Qatar&rsquo;s National Strategy for Food Security (2018&ndash;23) are expected to contribute more than QR300mn [$82.39mn] to the state&rsquo;s agricultural sector.Owned by the Qatar Investment Authority, Hassad Food is the Gulf state&rsquo;s agribusiness investment arm, funding projects both at home and abroad with the aim of further securing the state&rsquo;s food supply. In Qatar, the company has financial interests in key strategic sectors covering the production and marketing of fresh produce, livestock, dairy, animal feed and poultry, and aims to encourage the growth of related services such as refrigeration and warehousing.&nbsp;Hassad is also committed to funding innovation and R&amp;D (research and development) with many projects aimed at increasing production efficiency and average yields, as well as lowering water consumption via innovative technologies.

The state has a proven track record in partnering with innovative Qatari agribusinesses such as Baladna, which imported 4,000 dairy cows by air, and another 16,000 by sea in 2017 to effect a step change in Qatar&rsquo;s homegrown dairy production. Two years later, Baladna launched a QAR1.4bn ($380mn) initial public offering (IPO) and was publicly listed on the Qatar Stock Exchange. The company now meets 95 per cent of the country&rsquo;s milk demand, and is one of the largest livestock and dairy farms in the region.In a country that records an average maximum monthly rainfall of just 15mm and summer temperatures that exceed 40C, water scarcity is a permanent pressure, but this hasn&rsquo;t prevented agritech company WadiWater from turning such constraints into a commercial opportunity.WadiWater has developed a technology that produces potable water from nothing more than the humidity in the air, and its largest units are capable of producing 5,000 litres of fresh drinking water a day. The company recently signed an agreement with IPA Qatar that will enable it to provide innovative technologies to the agriculture industry in Qatar, enabling the use of high-quality irrigation solutions while reducing water waste.Another success story is Agrico, a family-owned enterprise that has been importing and exporting foodstuffs for seven decades but now operates in what its Chairman, Ahmed Al-Khalaf, calls &ldquo;agricultural manufacturing&rdquo;.&nbsp;Agrico has relied on its own research and tech to build the peninsula&rsquo;s largest and most technologically sophisticated organic farm and fisheries, enabling year-round food production and improved food security. To achieve this, the company uses hydroponics and aquaponics to support a circular farming model that is both organic and self-sustaining.

The system uses water from Agrico&rsquo;s fish tanks to irrigate crops such as salads and strawberries, and also employs bacteria to convert fish excretions into organic fertiliser. In a circular system, the crops then purify this water, which can be returned to the fisheries.&nbsp;&ldquo;It has taken many trials and failures to get where we are today. We started testing small pilot projects two years ago,&rdquo; Mr Al-Khalaf explains. &ldquo;But we now have a system and our own technology, which is not only bankable but also allows very high-tech local food production so we can remain sustainable and self-sufficient year-round.&rdquo;Following its first harvest of fresh shrimp, which Agrico currently produces at a rate of a tonne a day, the company aims to raise production to 1000 tonnes a year and to expand its technology and operations into other countries such as Oman, Malaysia, and Iraq. Agrico also collaborates with the Finnish agritech company iFarm to construct high-tech vertical farms, the first of which is due to commence operating in November 2022.iFarm has reimagined conventional farming, using technology to build highly water-efficient indoor vertical farms in unexpected locations around the world. It recently announced a long-term partnership with Qatar&rsquo;s Al Sadarah Group, a consultancy firm that owns the private farming company Agrico Organic Farm, to grow a year-round supply of leafy greens, strawberries and edible flowers using sustainable technologies.

&ldquo;We provide software, data and know-how. There isn&rsquo;t a significant difference between a crop grown indoors in Qatar and one grown indoors in Finland, once you have controlled the environment,&rdquo; says Max Chizhov, iFarm&rsquo;s Co-Founder and Chief Business Development Officer. &ldquo;But in each location, in each region in which we work, we collaborate with local partners or suppliers who can help expand the reach for each specific market.&rdquo;An added benefit is the sustainability of the growing process, powered by solar energy and recycled water. As Chizhov explains: &ldquo;If we compare iFarm with traditional greenhouse technology, the main difference is that we use 90 per cent less water and 99 per cent less land because we grow high, in layers, and the technology and data help us save water. Also, we don't use any pesticides.&rdquo;The partnership&rsquo;s ultimate aim is to help secure food production by providing iFarm technology to local entrepreneurs and so widen the circle of innovation. This follows Qatar&rsquo;s strategic National Vision 2030 to cultivate knowledge alongside homegrown food, as the country moves to diversify its economy away from hydrocarbons.&nbsp;With food demand across GCC predicted to reach 52.4mn metric tons by 2025, up from 46.8mn in 2020, and population growth halving per capita water availability by 2050, long-term food security will continue to be a strategic imperative for countries across the region, and the importance of Qatar&rsquo;s investment in its vital agritech industry is only likely to grow.

Qatar's ambition to double the value of its manufacturing sector – currently worth $11.4bn – is key to the country's strategic plans for diversifying its economy. “The industrial sector stands at the forefront of Qatar's priorities in terms of development, as it represents a main pillar of diversifying the national economy,” said Mohamed Hassan al-Malki, an Assistant Undersecretary at Qatar’s Ministry of Commerce and Industry (MoCI), at the recent launch of the Gulf state’s new Advanced Manufacturing Hub (AMHUB). “The industrial sector comprises a key element for achieving self-sufficiency, and shaping the future of younger generations, in line with the National Vision 2030.”

One of 13 launched by the World Economic Forum as a partner, AMHUB has been conceived as a collaborative platform via which multinationals, academia and industry can work together with SMEs. Several clearly defined targets for achieving this economic transformation are set out in the Gulf state’s strategic plan, National Vision 2030. These include planned investment worth $27.5bn, growing the sector's workforce by 77,000, adding more than 400 new private-sector businesses with a focus on SMEs, and targeting a GDP growth rate of 4.5 per cent per annum, figures that are predicated on the growth of a number of strategic economic sub-sectors, including additive manufacturing, plastics, pharmaceuticals, aluminium and polymers. It is intended that, by 2030, these will comprise more than half of Qatar’s manufacturing sector.In step with diversification, Qatar is working hard to build its own national healthcare infrastructure as Qataris increasingly seek world-class, insurance-funded healthcare at home, rather than in the US and Europe. A government target mandated more than doubling the number of healthcare facilities from 38 public sector facilities in 2013 to 92 in 2022, with the private sector providing an important role in running primary care facilities, providing mental health services and end-of-life care, and developing around half of Qatar’s medical infrastructure.With sustainable economic growth in mind, one quarter of Qatar's public bus fleet will run on electricity by the end of this year, with plans to electrify the entire fleet by 2030; Qatar signed a memorandum of understanding with the Swedish-Swiss company ABB to produce electric chargers for the fleet. Qatar is also in the process of building a network of rapid charging stations for cars, while Fiat launched its new electric 500 (RED) model there, such is the interest in high-spec EVs.

of Qatar's public bus fleet will run on electricity by the end of this year.

With sustainable economic growth in mind

The Gulf state has a strong presence in the aerospace sector, with its commercial airline and the world’s largest cargo carrier, Qatar Airways, as well as a well-equipped military air force. Today, with a growing emphasis on the knowledge economy, Qatar's aviation sector is embracing new technologies such as augmented reality 3D printing, which enables specialist parts to be designed, tested and manufactured at low volume.

The Ras Bufontas Free Zone is connected to Hamad International Airport, recently voted the World’s Best Airport for the second year in a row, with Qatar’s second free zone, Umm Alhoul, adjacent to Hamad Port, one of the largest green ports in the world, for optimal access to shipping routes. Both are administered by the Qatar Free Zones Authority (QFZA), which is tasked with attracting manufacturers – from start-ups and SMEs to multinationals –by offering specialist infrastructure, 100 per cent foreign ownership, renewable 20-year tax holidays, access to a skilled workforce, and potential funding and partnership opportunities.

The Chief Executive Officer of QFZA, Lim Meng Hui, explains the rationale behind establishing the technology-driven industrial and logistics hub: “QFZA is focused on manufacturing and service sectors in which Qatar has a strong value proposition so that it can develop and offer specialised solutions for investors based on their business needs and the nature of their operations,” he says. “To support manufacturers, QFZA has created specialised clusters for high value-added economic activities including industrial and consumer, maritime and aerospace, logistics and trading, food and agritech, biomedical sciences, advanced mobility industries, and other emerging technologies. Ultimately, QFZA is interested in establishing partnerships with businesses that have real potential to contribute to the diversification of Qatar’s economy.”In December 2019, the US lithium-ion battery pack manufacturer Inventus Power established a headquarters in Ras Bufontas Free Zone to accelerate its expansion into the Middle East, North Africa and East Asia. “The infrastructure of Qatar, specifically within the Qatar Free Zones, has enabled us to expand our manufacturing footprint and establish partnerships with local research and development centres to enhance our engineering capabilities,” says Patrick Trippel, its President and Chief Executive. “Additionally, the university structure allows us to recruit local skilled graduates that are needed to support our overall business expansion.”

To date, QFZA has attracted more than 250 investors, including Wasco, which is building a world-class pipe coating facility to serve Qatar’s oil and gas industry and iLife/Prime Technologies, which is establishing Qatar’s first laptop manufacturing facility. This is in addition to leading logistics players such as DHL and UPS, and companies on the cutting edge of the advanced mobility revolution, including Volkswagen and Gaussin.This is another example of the QFZA’s determination to build a diverse and creative manufacturing ecosystem with a wide knowledge base to attract investors to Qatar. With the natural gas resources to support the energy-hungry manufacturing sector, keen emphasis on innovation and ambitious growth goals, it would be foolhardy, perhaps, to underestimate the Gulf state’s global reach.

When two telecommunications firms successfully trialled and launched the first commercial 5G networks in the world in Qatar in 2018, the results were a boon, not only for Ooredoo and Vodafone Qatar’s customers, but also for the Middle Eastern state’s plans to upgrade its digital capabilities.One year later, when Ooredoo partnered with the communications giant Ericsson to enhance its 5G infrastructure, its Group Chief Executive Officer, Sheikh Saud Bin Nasser Al Thani, said: “ Our partnership with Ericsson will provide the 5G foundation for our Ooredoo Supernet to enable Qatar’s Smart Cities, digitally competitive Internet of Things industries, and immersive mega-events and virtual reality experiences. As 5G becomes mainstream across Qatar, we are dedicated to transforming industries and enhancing people’s digital lives.”

Qatar’s sense of mission was further boosted in 2019 when it was ranked fourth in the 5G Leadership Index by specialist technology consultancy firm Arthur D Little, closely trailing South Korea, the US and Australia; the state can also boast nearly 100 per cent internet penetration.

Post-pandemic, technology remains a vital strand in the emirate’s strategy for economic diversification: information and communications technology spending will reach an estimated US$9bn by 2024, at a compounded annual growth rate of 9.2 per cent, according to the data analytics company Global Data. This is alongside a $200bn government programme to invest in technology, attract foreign investment and international talent.

The Qatar Science and Technology Park (QSTP) is at the forefront of the country’s ambitions. A technology and business start-up hub, QSTP has already attracted established names such as Cisco and Microsoft to its free zone, as well as innovative start-ups and rising tech ventures operating across the IT, energy, environmental and health science sectors.

government programme to invest in technology, attract foreign investment and international talent.

“By building sustainable partnerships with industry-leading companies and global conglomerates, QSTP has helped bring international expertise to Qatar, which has successfully contributed to the development, implementation and commercialisation of new technologies, products and services,” says Yosouf Al-Salehi, Executive Director of QSTP. “Owing to our free zone status, large firms have found QSTP an attractive base from which to conduct innovative technology development initiatives, and we continue to develop incubation, acceleration and funding programmes to attract start-ups from the local ecosystem, as well as from across the region, which now form the critical mass of activities within QSTP.”According to Al-Salehi, QSTP’s ability to leverage strategic funds and investments, and its wide network of partners from across government, corporations and academic institutions, coupled with its provision of professional mentors and state-of-the-art, customisable infrastructure, allows tech companies to develop products and services that address national and global market needs.

One start-up whose evolution highlights the success of QSTP’s network is Snoonu, an online shopping, grocery and food delivery service founded in Doha in 2019. Named after the agile swallow bird, the company began offering logistics services for start-ups before offering its shopping and restaurant delivery services, including a round-the-clock grocery delivery service to consumers via a single app. At the end of May 2022, Snoonu expanded its operations beyond Qatar with the $10mn acquisition of the Omani delivery platform Akeed.Snoonu was founded by Hamad Mubarak Al Hajri, who hopes to turn Snoonu into a super app of the Middle East, much like Rappi in Colombia, Grab in Singapore or WeChat in China. The CEO credits Qatar’s business-friendly ecosystem with Snoonu’s successful evolution from a postgraduate capstone project to a successful and expanding ecommerce platform. In April last year, Snoonu partnered with Microsoft to utilise its cloud computing services. “The ecosystem of Qatar is very good for start-ups,” Mr Al Hajri explains. “For example, our tech team is located in Qatar Science and Technology Park; it’s one of the world’s best technology and innovation centres. You don’t need a VC culture here as there are so many people willing to invest.”

Qatar’s cloud computing sector is booming. As part of its commitment to speed up Qatar’s digital transformation, the Qatar Free Zones Authority signed an agreement with Google Cloud to open a cloud data centre. And in 2021, Google Cloud launched a training Center of Excellence in partnership with the Ministry of Communication and Information Technology (MCIT). The centre, which shares cloud technology expertise through online courses, as well as more general training to help businesses and entrepreneurs sharpen their tech skills, welcomed 3,000 people through its doors during the first seven months of operations.

As Ghassan Kosta, Qatar Country Manager at Google Cloud, explains, the company has responded to the state’s determination to enable the cloud to transform the country. “Since Google Cloud established a presence in Qatar, we have been working closely with our partners and customers to drive the conversation on digital transformation, and share our expertise to support businesses locally.“Our main mission is to break down barriers and cultivate an innovation mindset, with Qatar as a regional hub, while nurturing talent to embrace digital performance, to enhance operation and to respond to business challenges.”

Qatar will be in the spotlight of the world&rsquo;s media when the 2022 FIFA World Cup opens in Doha in November. Thanks to its unique position in the world&rsquo;s energy markets and its recent strategic efforts to create a business and investment-friendly environment, the Gulf state is already accustomed to attracting attention.The World Bank has forecast the Qatari economy to grow by 4.8 per cent this year, bolstered in part by its hosting of the FIFA World Cup. And, in November 2021, S&amp;P Global Ratings affirmed Qatar&rsquo;s long- and short-term foreign and local currency sovereign credit ratings at AA-/A-1+, with a stable outlook.

According to the World Economic Forum&rsquo;s Global Competitive Index, Qatar already possesses the second most competitive economy in the Arab world, while the US-based Global Entrepreneurship and Development Institute ranks its economy as the Arab world&rsquo;s most entrepreneurial. In 2020, Qatar was ranked third in the World Bank&rsquo;s Doing Business report for impact of tax on business.While Qatar is often associated with headline-grabbing investments of its own &ndash; the Qatar Investment Authority is reported to have strategic assets worth $366bn under management &ndash; the country has also worked hard in recent years to increase its appeal to international entrepreneurs and investors.

Qatar’s economy forecast to grow by

<h2>Attractive to investment</h2>Prior to the global economic crisis triggered by the Covid-19 pandemic, foreign direct investment into Qatar generally followed an upward trend, buoyed by the country&rsquo;s political and financial stability, its highly efficient corporate tax system, and the absence of personal income tax.According to the UNCTAD 2021 World Investment Report, Qatar&rsquo;s total stock of FDI stood at $28.6bn in 2020, with the largest inflows of FDI coming from the US, Japan, South Korea and Singapore. In recent years, Qatar has also introduced a series of reforms that are designed to create a competitive, pro-business environment while assisting in the country&rsquo;s transformation.&nbsp;

In 2016, Qatar became the first Gulf Cooperation Council (GCC) country to implement a Data Protection Law, and has also introduced reforms to its foreign investment and foreign property ownership laws. Since 2019, these have allowed up to 100 per cent foreign ownership of businesses in most sectors alongside real estate in newly designated areas. In 2020, the government also enacted legislation to regulate and promote public-private partnerships, and introduced a new minimum wage law the following year.&ldquo;Our focus is on attracting quality investments that will allow us to build a knowledge economy, that will allow us to diversify away from hydrocarbons, and also allow our people to develop the skills that will help them thrive,&rdquo; says Sheikh Ali Alwaleed Al-Thani, Chief Executive Officer of Investment Promotion Agency (IPA) Qatar.The IPA Qatar works closely with businesses and investors to understand their objectives, connect them with the right strategic partners, stakeholders and resources, and support them through the investment process. &ldquo;FDI also plays a really important role in the diffusion of knowledge,&rdquo; Mr Al-Thani adds. &ldquo;When you attract highly skilled workers and enterprises in innovative sectors, their tacit knowledge diffuses throughout society.&rdquo;<h2>A major new digital hub</h2>As Microsoft Qatar&rsquo;s Country Manager Lana Khalaf explains, the tech giant&rsquo;s decision to host its latest cloud services in Qatar is a case in point. Microsoft has operated there for more than 15 years, and announced in December 2019 its intention to open its first data centre cloud region on the peninsula. Microsoft is also launching its complete cloud computing platform in Qatar, starting with Microsoft Azure, followed by Office 365, Dynamics 365 and Power Platform.

According to Khalaf, the data centre will further establish Qatar as a major digital hub, driving innovation for a range of comprehensive cloud services, from SAP to VMware to the internet of things and artificial intelligence. “For companies who wish to expand into the region, the data centre’s cloud services will help lower costs and remove entry barriers, while enabling global companies who want to offer low latency services in the region to host their services closer to their customer,” says Khalaf.

people across all demographics by 2025.

Qatar’s National Skilling Program will train

<h2>Developing local talent</h2>The increased adoption of cloud services is predicted to contribute $3bn to the Qatari economy by 2024, while generating more than 24,200 new jobs. &ldquo;To make this investment sustainable, we need world-class talent, world-class technology and world-class infrastructure,&rdquo; Khalaf continues. &ldquo;That&rsquo;s why we are contributing to developing the talent pool in the country and empowering people across different demographics with the digital skills they need to thrive in the jobs of the future.&rdquo;To this end, Microsoft worked with the Ministry of Communications and Information Technology to establish Qatar&rsquo;s National Skilling Program, aimed at training 50,000 people across all demographics by 2025. As part of this, the Digital Center of Excellence has been launched in partnership with Elev8, offering role-based learning tracks to skill, upskill and reskill current and future workforce on AI, cybersecurity, cloud computing and data science. The programme will also partner with INSEAD, HEC Paris in Qatar and MIT xPRO.As well as accelerating Qatar&rsquo;s financial and technological transformation, the development of local talent is also central to recent agreements signed between IPA Qatar and UBS, Credit Suisse and FLYR Labs.

In October 2021, IPA Qatar and Credit Suisse signed an agreement regarding the establishment of a Global Technology Innovation Centre in Doha, which will act as a repository of knowledge, and as a resource pool for multiple business areas within Credit Suisse. The centre will also develop local talent, and support innovation research and development through specialised programmes.In January, UBS confirmed plans to open a Business Solutions Hub in the country, in addition to the newly created UBS Wealth Management Office in Doha. While expanding UBS operations in Qatar, and supporting its growth in the Middle East, the Hub will also employ up to 200 digital experts.Following this, in February, IPA Qatar and FLYR Labs agreed to launch the first artificial intelligence hub for the transportation sector in the Middle East and GCC, creating dozens of jobs in Qatar across FLYR&rsquo;s engineering and advisory organisations.With the development of these facilities and Microsoft&rsquo;s data centres operational in time for the FIFA World Cup, Qatar will be able to present itself as one of the most digitally advanced nations in the world, capable of delivering multiple secure, cloud-based services, from digitally enhanced business solutions to smart, connected stadiums, intelligent transit and smart city urban developments.

Qatar’s Nation Skilling Program will train

Ranked second only to the Gulf state's hydro-carbon industry, Qatar&rsquo;s financial services sector is a major contributor to its economy and reflects the sector&rsquo;s prominence in shaping Qatar&rsquo;s economy as one of the world&rsquo;s most stable, resilient and competitive. Continuous economic growth has seen demand for financial services growing accordingly, cementing the country&rsquo;s position as one of the major financial hubs in western Asia and beyond.Two of the key institutional players in Qatar&rsquo;s financial services ecosystem are the Qatar Financial Markets Authority (QFMA), which started operations in 2007, and the Qatar Stock Exchange (QSE). QFMA is an independent regulatory authority responsible for supervising the state&rsquo;s financial markets, granting licences to practise financial activities, and conducting inspections and investigations to ensure compliance with applied laws and regulations.

and was ranked as the best-performing exchange among emerging and developed markets worldwide.

QSE attracted net foreign inflows of

Established in 1995, the QSE is the first in the region and one of the pioneering exchanges globally to promote environmental, social and corporate governance (ESG) standards. In 2018, QSE attracted net foreign inflows of $2.5bn, and was ranked as the best-performing exchange among emerging and developed markets worldwide.Alongside a robust network of regulation, the Qatari government has worked hard to attract international partners to help promote the growth and depth of the financial services sector; these include global investment banks and financial services firms such as Credit Suisse, HSBC and UBS, as well as the professional services firm Ernst &amp; Young. Their presence in Qatar is testimony to the country&rsquo;s determination to provide an attractive landscape for foreign investment and a matrix of opportunities for contracts in the public and private sectors.&nbsp;

of fintech entrepreneurs in the MENA region were either seeking or already benefiting from partnerships with financial institutions.

Wamda revealed that

<h2>Fostering Innovation</h2>As a key part of Qatar&rsquo;s financial services sector, fintech also plays a fundamental role in Qatar&rsquo;s wider strategic plan to promote innovation while diversifying its economy. This strategy is actively promoted by the Qatar FinTech Hub (QFTH), the second largest fintech venture investor in the Middle East and north Africa (Mena) region in the first quarter of 2021. The Hub is an initiative managed by Qatar Development Bank (QDB) under the leadership of Qatar Central Banks (QCB).

&ldquo;Financial technologies have grown to become a true disruptive force and a crucial tool to achieve the long-term development for Qatar&rsquo;s financial industry and consequently the country&rsquo;s economy,&rdquo; says Abdulrahman Hesham Al Sowaidi, Qatar Development Bank&rsquo;s Acting Chief Executive Officer. &ldquo;It is critical for us in Qatar to have a robust financial sector powered by advanced technologies that cater to the needs of the continuously evolving markets, because it is essentially required for the foundation of our targeted knowledge-based economy.&rdquo;In line with Qatar&rsquo;s National FinTech Strategy, QFTH aims to provide a competitive business ecosystem to local and international fintechs to encourage them to consider making Qatar the base for their regional and global operations. A recent survey by start-up platform Wamda revealed that 88 per cent of fintech entrepreneurs in the MENA region were either seeking or already benefiting from partnerships with financial institutions. Since its inception, QFTH has brought in some 1,800 applications from across the globe, graduating more than 50 fintechs with an estimated valuation of $500mn.<h2>Enabling Change</h2>In February, the Qatari fintech startup Karty announced its plans to launch an app-based, digital-first, prepaid mobile wallet in the Gulf state and beyond. Describing itself as a &ldquo;lifestyle solution that offers a unified experience while complementing basic banking products&rdquo;, Karty has been developed to suit individuals who struggle to analyse their spending and budget, especially when engaged in peer-to-peer payments with friends and family, and who often have multiple bank accounts or cards.The app is being launched in partnership with the Silicon Valley-based i2c Inc, a global provider of payment and banking solutions, and is also backed by Visa, QFTH, Qatar Financial Centre (QFC), QDB and Qatar Foundation. In 2021, Karty was the winner of the 2021 Qatar Science &amp; Technology Park Accelerator programme.Once it is fully operational, Karty will be regulated by the QCB&rsquo;s FinTech Regulatory Sandbox, a testbed that allows startups and other fintech initiatives to conduct &ldquo;live&rdquo; experiments under regulatory supervision. As such, Karty is just one of the latest steps in a process that began with the formation of the Qatar National FinTech Taskforce in 2017, comprising the QCB, QDB and QFC, which aimed to promote a thriving fintech ecosystem.<h2>A Knowledge-Based Economy</h2>The growth of QFC, which launched in 2005 to provide legal, taxation and business services to local and international companies, is another marker of the growing maturity of the country&rsquo;s financial services sector. In 2019, business registration grew by a third, with more than 800 fintech, IT, tax and investment consulting firms on the platform. What is more, QFC surpassed its goal to register 1,000 firms by the end of 2022 a year early, recording more than 1,280 registrations at the end of December 2021.

&ldquo;As a main licensing platform and fintech enabler for local and international firms in Qatar, the QFC has increased the number of fintech activities being conducted by companies while introducing a FinTech Services Providers Licence,&rdquo; explains the QFC Chief Executive Officer, Yousuf Mohamed Al-Jaida. &ldquo;This allows firms in areas including cybersecurity, application programming interfaces (API), cloud computing, blockchain technologies and artificial intelligence to operate as non-regulated entities.&rdquo;A home-grown mobile payment startup that offers greater convenience for consumers and merchants alike by enabling digital payments using proprietary QR codes, SkipCash is one of the many initiatives to have benefited from QFCs assistance. Launched in December 2020, it now partners with more than 250 local brands in various sectors, has some 26,000 users and has exceeded 9,000 successful payment transactions. Next are plans to explore markets across the Gulf region.&ldquo;Our strategy is aligned with the Qatar National Vision 2030,&rdquo; says Mr Al-Jaida. &ldquo;Qatar Financial Centre is an integral part of Qatar&rsquo;s strategic initiative to build, develop and diversify the business environment and transform Doha into a leading global financial and commercial capital.&rdquo;