Qatar Science And Technology Park Invests QAR750 Mln Per Year-QNA

Thursday, Feb 23, 2012

DOHA (Zawya Dow Jones)--Investments by the Qatar Science and Technology Park, or QSTP, and its affiliated companies are worth around 750 million Qatari riyals ($206 million) a year, the state-run Qatar News Agency said, citing remarks by the park's chairman Tidu Maini.

QSTP, a unit of the not-for-profit Qatar Foundation run by the country's ruling family, is a government funded research hub home to a number of large corporations, including Microsoft and Exxon Mobil.

Qatar is investing billions of dollars into scientific research as it looks to wean its dependency away from oil and gas and diversify its economy.

QSTP currently hosts 48 local and international companies, employs nearly 800 staff and invests in everything from energy, health, information technology and communication, Maini said.

-By Alex Delmar-Morgan, Dow Jones Newswires; +974 6659 9818; alex.delmar-morgan@dowjones.com

(MORE TO FOLLOW) Dow Jones Newswires

23-02-12 1254GMT