Qatar’s Digital Economy Highlights – November 18, 2024
1. QCB Grants Sandbox Entry Approval to Ajyal FinTech Solutions
Qatar Central Bank (QCB) has approved sandbox entry for Ajyal FinTech Solutions LLC (Wafir) under the framework of the Third Financial Sector Strategy. Ajyal offers Rotating Savings and Credit Association (ROSCA) services aimed at simplifying financial goal achievement for individuals. This move underscores QCB’s commitment to fostering Qatar’s FinTech ecosystem. Source: Peninsula Qatar
2. Vodafone Qatar Advances Digital Infrastructure with Unlimited+ Plans
Vodafone Qatar launched Unlimited+ plans, introducing multi-SIM capabilities and dedicated social media data, providing users greater control and connectivity. These features, along with the Mute Service to block unwanted calls, align with Qatar National Vision 2030 and support the nation’s push for digital inclusivity. Source: Gulf Times
3. Digital Payments and E-Commerce Boom in Qatar
Qatar's digital commerce market is projected to reach QR26.73bn in transaction value by the end of 2024, with a CAGR of 21.7% expected through 2029. In October alone, e-commerce transactions totaled QR3.97bn, while point-of-sale (POS) transactions reached QR8.07bn, marking a 6% year-on-year increase. The number of POS devices grew to 75,979, reflecting significant expansion in the country’s digital payments infrastructure. Analysts attribute this growth to government initiatives, AI-driven solutions, and advanced payment technologies like QCB's Himyan Debit Card and the Fawran Instant Payment Service. Source:Qatar Central Bank, Peninsula Qatar
4. Increased Investment in Fleet Expansion Drives Aviation Sector
According to Boeing’s 2024 Commercial Market Outlook, the Middle East’s passenger traffic is expected to grow at 4.8% annually over the next 20 years, requiring over 3,100 new airplanes. Qatar Airways continues to lead in fleet modernization with 48 Boeing 787 Dreamliners, supporting sustainability and cost efficiency. Investments in airport infrastructure and air cargo further highlight the sector's dynamic growth. Source: Peninsula Qatar
5. Qatar’s Startups Benefit from $12mn in Funding
As part of Startup Qatar launched during Web Summit Qatar 2024, local startups received around $12mn in funding. The initiative aims to establish Qatar as a regional hub for innovation and technology, with 95% of Web Summit attendees expressing interest in returning next year and two-thirds considering relocation to Doha. Source: Qatar Tribune
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