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DOHA (Reuters) – Qatar’s sovereign wealth fund on Monday pledged more than $1 billion to international and regional capital funds as part of a strategy to develop the venture capital and start-up sector in the gas-rich Gulf state and neighboring states. announced that it would invest in
Qatari Prime Minister Sheikh Mohammed bin Abdulrahman Al Thani announced the launch of the fund, but the Qatar Investment Authority (QIA) said in a statement that the fund will only invest in venture capital funds. I wouldn’t invest in private equity or debt.
The so-called venture capital “fund of funds” will aim to generate market-level commercial returns for sovereign wealth funds, in addition to developing Qatar’s venture capital sector.
According to QIA, it also aims to attract international venture capital firms and entrepreneurs to Qatar and other Gulf Arab countries to develop Qatar’s emerging sector.
QIA Chief Executive Officer Mansour said: “QIA is launching this program to make it easier for innovative companies to access capital and support from VC funds, in Qatar, across the GCC and ultimately “This will enable us to expand our business to the international stage and expand our market presence.” Ebrahim Al-Mahmoud said in his statement:
QIA has accelerated its technology investments in recent years. Sheikh Mohammed made the announcement at the opening of the Qatar Web Summit, the first Middle East edition of one of the world’s largest technology conferences.
(Reporting by Andrew Mills; Writing by Muhammad Al-Ghebari, Adam McQuarrie, Alexander Cornwell; Editing by Jean Harvey, Emelia Sithole-Matarise)
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