Qatar announces $2.47 billion AI incentive package

Arab AI project 'Al-Fanar' launched to develop Arabic large linguistic models
Qatar announces $2.47 billion AI incentive package
On the sidelines of the Web Summit, Qatar launched the 'Start in Qatar' project to attract startups globally to the country

Qatar has allocated a significant artificial intelligence (AI) incentive package worth QAR9 billion ($2.47 billion) as it moves towards a comprehensive digital transformation. During his speech at the 4th Qatar Economic Forum, Sheikh Mohammed bin Abdulrahman bin Jassim Al Thani, Prime Minister and Minister of Foreign Affairs, announced the package in addition to other major projects.

Advancing tech ecosystem

In addition to the AI incentive package, Al Thani announced that Qatar will be hosting the Web Summit for the first time in the Middle East and Africa. He also highlighted that this summit falls in line with the country’s digital transformation efforts. Moreover, it will open the door for Qatar to partner with major investors and exchange experiences with technology pioneers from around the world.

On the sidelines of the Web Summit, Qatar launched the “Start in Qatar” project to attract startups globally to Qatar. Al Thani stated that over 250 startups have already registered in the project.

Read: Seamless Middle East 2024 begins today, to navigate the future of digital commerce

Arab Artificial Intelligence Project

In addition, Al Thani launched the Arab artificial intelligence project ‘Al-Fanar’, which mainly relies on collecting high-quality data in the Arabic language. This will contribute to “enriching the large linguistic models and preserving the Arab identity”, he added. In line with its Qatar National Vision 2030, the country will continuously expand its investment in emerging markets and support the private sector.

The forum convened under the theme ‘A Changing World: Navigating the Unknown’. It brought together over 1,000 business leaders from all over the world. The forum’s discussions revolved around key sectors including globalization and trade, energy transition, technological innovation, and business and investment projections. It also shed light on sports and entertainment.

For more news on technology, click here.

The stories on our website are intended for informational purposes only. Those with finance, investment, tax or legal content are not to be taken as financial advice or recommendation. Refer to our full disclaimer policy here.