Qatar announces a 10-year residency program: Who will benefit?
What's the story
Qatar is set to launch a 10-year residency program aimed at attracting entrepreneurs and senior executives. The initiative was announced by Prime Minister Sheikh Mohammed bin Abdulrahman Al Thani on Sunday. The program is part of Qatar's broader strategy to promote business development as well as economic diversification in the country.
Regional alignment
Qatar joins UAE, Saudi Arabia in offering long-term residency
With this announcement, Qatar joins Saudi Arabia and the United Arab Emirates in offering long-term residency programs to attract global talent and investment. The move is seen as a step toward making Qatar a more appealing destination for business leaders and start-ups in the region. The initiative also includes an expansion of the Qatar Investment Authority's venture capital program by $2 billion.
Program enhancement
$2B increase in venture capital program
The $2 billion increase in the Qatar Investment Authority's venture capital program is intended to strengthen the local start-up and investment ecosystem. This expansion builds on the existing "Fund of Funds" initiative, which is currently valued at $1 billion. The program was launched to attract venture capital firms to Qatar, support entrepreneurship, and reduce dependence on gas revenues.
Economic strategy
Qatar's push for economic diversification
The introduction of the residency program and the increase in venture capital funding are part of Qatar's strategy to diversify its economy. These moves are aimed at attracting skilled professionals and investors, thereby supporting business growth in the country. The decision reflects Qatar's commitment to becoming a regional hub for business leaders and new ventures.