Doha, Qatar: Qatar has reaffirmed its ambition to be a global hub for technology, innovation and entrepreneurship as Prime Minister and Minister of Foreign Affairs H E Sheikh Mohammed bin Abdulrahman bin Jassim Al-Thani opened Web Summit Qatar 2026 with a strong call for global collaboration in shaping the digital future.

Addressing an international audience of founders, investors and technology leaders, the Prime Minister described innovation as “the world’s most valuable currency,” stressing that Qatar does not seek to observe the future from the sidelines but to actively build it with partners from around the world. “In just two years, Web Summit Qatar has evolved into a key reference point for the global tech community, influencing conversations, partnerships and investment priorities,” he noted.

The PM announced a series of initiatives, including the expansion of the Qatar Investment Authority’s Fund of Funds programme, which has already attracted 12 major VC firms to Doha, adding $2bn to the initial $1bn commitment.

Further incentives include a new residency programme which offers 10-year residencies for entrepreneurs and executives, inviting them to “put down roots” in Qatar.

“Qatar-based startups will also gain dedicated high-performance compute credits to fuel growth,” he said.

He said that founders registering at the summit can complete company formation, banking, and residency in days.

The Prime Minister also noted an eightfold increase in the Qatar Development Bank’s startup program for 2026, following a year where registrations doubled, and applications exceeded 6,000.

Highlighting the explosive growth of technology, the PM noted that global R&D spending is approaching $3 trillion annually, with AI startups securing about a third of venture capital in 2024. “We meet at a moment when innovation is the world’s most valuable currency,” he said, emphasising Qatar’s desire to “share the future” with international partners.

“The future belongs to those who build together with openness and trust,” the Prime Minister concluded.

The Prime Minister wrote on X, “Delighted to host Web Summit Qatar, which brings together leading business and digital technology companies. We welcome all participants to a platform that highlights Qatar’s economic standing and its role in building partnerships and future opportunities.”

In his welcome address, Founder and CEO of Web Summit Paddy Cosgrave declared the event a symbol of technology’s transformation into a truly multipolar industry, no longer dominated by Silicon Valley.

Cosgrave highlighted the rapid rise of Chinese innovation, citing advanced humanoid robots from Unitree Robotics as evidence that Western tech giants are struggling to maintain their traditional leadership. He noted that the summit, now in its third year in Qatar, has attracted attendees from over 120 countries, reflecting this global shift.

“The most striking example of this new order is Upscrolled, a social media platform that became the world’s most downloaded app within a week,” Cosgraave said.

Founded by Palestinian-Jordanian engineer Ihsan Hijazi, Upscrolled surpassed Instagram, ChatGPT, and TikTok in downloads. Hijazi is making his first public appearance at the summit as the event’s final speaker.

The conference is attracting a record 1,600 startups, with 85 per cent coming from outside Qatar. Cosgrave emphasised that the remaining 15 percent of Qatari startups represent the nation’s determination to shape its own technological future.

Cosgrave referenced recent comments by Canadian Prime Minister Mark Carney about ruptures in the traditional global order, arguing that Web Summit Qatar embodies this new multipolar reality. Rather than fearing this transformation, Cosgrave called the emerging multipolar world “the biggest global opportunity in centuries.”

© Dar Al Sharq Press, Printing and Distribution. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).