IPA Qatar Launches Qatar's Cyber Security Investment Opportunities Report

 

 

Doha, May 03 (QNA) - The Investment Promotion Agency Qatar (IPA Qatar) highlighted Qatar's digital economy investment opportunities in the cyber-security landscape. 

It did so through launching a joint report titled 'Securing the Digital Future - Investment Insights and Opportunities' in collaboration with Microsoft and EY-Parthenon.

The report underlies a comprehensive analysis of the cyber security landscape in Qatar and globally, as well as highlights the importance of cyber security investment for economic growth. It also offers in-depth insights into current and future areas for investment as part of Qatar's rapidly growing digital ecosystem. 

The successful completion of mega projects has led to significant investments in digitization and digital security, creating new opportunities for foreign investors. In parallel, cloud-enabled technologies offered by Microsoft's Cloud Datacenter Region in Qatar play a crucial role in helping organizations respond to modern cyber threats.

HE CEO of IPA Qatar Sheikh Ali bin Alwaleed Al-Thani commented on this partnership by saying: "Qatar's progress in cyber security readiness is crucial for the country's economic growth and the broader region." 

"We are proud to build on our partnership with Microsoft and EY-Parthenon to produce this joint publication, which highlights the importance of cyber security investment and the promising investment opportunities available in Qatar's digital economy," he added. 

For her part, Microsoft Qatar General Manager Lana Khalaf said: "Qatar's robust digital infrastructure and thriving economy have created an attractive investment environment for businesses. Cyber security is a priority with the accelerated digital transformation to protect mission critical workloads and ensure business continuity and resilience. Our collaboration with IPA and EY-Parthenon on this report brings out key insights that showcase the potential for innovation and business growth in the cyber security industry."

EY-Parthenon Partner Samay Mishra said: "Qatar has one of the fastest growing digital economies in the region, and both public and private sector entities are investing in robust digital transformations to capitalize on this growth. However, rapid digital growth creates risk requiring a strong focus on enhanced digital security measures. As such, Qatar has made robust efforts to develop and implement a comprehensive cyber security policy landscape. These efforts showcase the country’s commitment to innovative and sustainable solutions and will also encourage cross-industry collaboration and foreign investment opportunities."

With digital transformation, the need for enhanced cyber security measures has become increasingly critical as the cost and depth of cyber attacks rise exponentially. Recent high-profile cyber security attacks and the 66 per cent of SMEs globally that experienced cyber attacks in 2021 point to the urgency for organizations to ward off cyber security risks. Amidst these challenges, the global cyber security market is poised for significant growth, with revenues expected to reach USD 376 billion by 2028.

Qatar's commitment to enhancing its cyber security and digital space has established a resilient cyber ecosystem with compelling market opportunities for foreign investors. With a budget of over USD 1.64 billion and the fastest growth in cyber security spending in the Middle East, Qatar provides significant investment opportunities for cyber security companies. The country's strong focus on developing its digital infrastructure is attracting international companies and investors, positioning Qatar as a global leader in cyber security initiatives. With a thriving technology sector and supportive government initiatives, including Qatar National Vision 2030, National Development Strategy II and the National Cyber Security Strategy (NCSS), Qatar offers a favorable environment for businesses looking to invest in the cyber security market.

The Investment Promotion Agency Qatar (IPA Qatar) oversees investment promotion activities under the Invest Qatar brand and acts as the country's umbrella organization for FDI attraction.

Through its close coordination with Qatari licensing platforms, it helps businesses advance their ambitions and achieve long-term success by delivering the support, advice and expertise needed. (QNA)