DOHA - The Qatar Investment Authority will expand ⁠its venture capital programme by $2 billion, ⁠Qatar's Prime Minister Sheikh ‌Mohammed bin Abdulrahman Al Thani said on Sunday.

The "Fund of ⁠Funds" initiative, currently valued at $1 billion, was created to attract venture capital firms to Qatar to build ⁠a stronger environment ​for entrepreneurship in the country and help diversify its ‍economy away from gas revenues. The prime ​minister, who was speaking at the Qatar edition of the Web Summit technology conference, also said Qatar would introduce a 10-year residency programme for entrepreneurs and senior executives.

The announcement follows similar moves by neighbours Saudi Arabia and the ⁠United Arab Emirates, ‌which in recent years have launched long-term residency schemes to attract ‌skilled professionals ⁠and investors.

(Reporting by Andrew Mills; Editing by ⁠Alexander Smith and Louise Heavens)