Posted on February 28, 2015

Qatar Tourism Authority (QTA) hosted the signing of a contract between Qatar Tourism Authority (QTA) and Qatar Development Bank (QDB) on February 25th, under which QTA is to establish the first Corporate Incubation Zone at QBIC. The agreement falls under QTA’s initiative of supporting tourism start-ups and scale-ups.

The contract between QTA and QDB will drive QBIC’s mission to develop the next QAR 100 million companies in Qatar by encouraging aspiring entrepreneurs to become private sector investors and address gaps that exist in the country’s tourism value chain, to help position Qatar as a tourism and hospitality hub.

His Excellency Issa bin Mohammed Al-Mohannadi, QTA Chairman, said: “As the entity in charge of planning, regulating, and promoting sustainable tourism in Qatar, QTA closely works with stakeholders from the public and private sectors to support various initiatives aimed to develop a mature and booming tourism sector.” He added: “One of the ways of achieving this aim is by backing start-ups and scale-ups tourism projects, in line with the objectives of the National Tourism Sector Strategy 2030 aimed to advance Qatar’s tourism industry and help in diversifying the economy and reducing Qatar’s dependence on its hydrocarbon resources.”

Gaps in Qatar’s tourism value chain will be addressed by different means including the incubation of start-ups, scale-ups and the hosting of new international companies setting up in Qatar.Identified projects include a luxury dhow dining cruise company, a luxury coach company, a 4x4 car leasing company, Small and Medium Enterprises (“SMEs”), Meetings, Incentives, Conferencing, Exhibitions (“MICE”) companies, Events Destination Management companies ("DMC”), and integrated ticking and mobile information centers.

Qatar Development Bank CEO and QBIC Chairman Abdulaziz Bin Nasser Al Khalifa said: “We are proud to partner and work closely with our colleagues at Qatar Tourism Authority to implement an initiative that is vital for the advancement of Qatar’s tourism sector and one of starting points towards achieving tourism strategy as part of Qatar 2030 vision and this is in line with QBIC’s main mission of developing the next QAR 100 million companies in Qatar.”

These projects will be developed in collaboration with the local and international private sector and the support of QDB and QBIC. QBIC, through the Corporate Incubator Zone, will provide incubation services to scale ups, help setup of international firms, build capacity of entrepreneurs and business leaders, and support promoting QTA’s business programs directed at SME’s. Aysha Al Mudahka QBIC CEO said: “We’re delighted to establish the tourism Incubation Zone at QBIC that promote QTA’s objectives. With our purpose-built facilities and entrepreneurial expertise, QBIC is the best place for tourism businesses to get off the ground and flourish.”