Business as Usual: Business and Tech Opportunities in Qatar

Transcription: 

So good afternoon, everyone. And really good evening, and I'll tell you about why Good evening in a moment. So this is Audrey Russo president and CEO of the Pittsburgh Technology Council. And we have been doing this daily noon update every day since, um, since the middle of March. We are pretty excited about today's show as we are every day, but you're gonna, I think you're really going to be in for a treat in terms of our guests today, as well as the conversation around international because just because it's COVID doesn't mean that the world isn't tightly connected. And today, we will demonstrate that in terms of new relationships that we're building, and helping the tech community and the ecosystem become more prosperous and more connected around the world.

So but before I do that, I want to remind everyone that we are sponsored by Huntington Bank, they have been amazing partners for us, right from the beginning. And they have been strong supporters in terms of the issues that have affected businesses since the onset of COVID. And I want to thank them for their belief in us. And then I also want to give a shout out and to Jonathan Kersting has joined us today, he's on our team. He oversees marketing and media, and he's going to keep the chat alive. So if we have conversations that are starting to occur, he will make sure that we bring those issues to end questions to our guests. So we launched the series just to stay connected. And today is no different except it's special in my heart because we're connected outside of Pittsburgh and outside of the United States. And for those of you that know the work that we've done at the tech council over the many years, being international citizens and partners with all people around the world is an important part of the work that we do.

And today we are going to dive a little bit deep. In terms of our guests, let's hear from Qatar. So we've muted your microphones. And we do that on purpose. But the other thing we do is we have a chat, this is not an opportunity to sell your wares. But this is an opportunity for you to stay connected and to ask some questions and see where we go from there. Because this is only the first of many, many conversations and people that you will have a chance to meet and be connected with. Because the only way for us to create prosperity and the companies that are being built here is to make sure that we have pathways around the world and the world to us. So I am very, very thrilled. And I am introduce all the news she is here. She's a special guest she is I've had a chance to talk to her once a few weeks ago. And as a result of our sister cities initiative that's right here in Pittsburgh, thanks to Kathy Risko. But we are very excited because of the possibilities. So we are before we jump in and really talk with Sheikha Alanoud al-Thani, I really want to just get to know a little bit everyone to get to know a little bit about her. She has a tremendous background. And what she brings to the table is really noteworthy. So the other thing is it is 8pm there. So she is joining us right at the end of her day. So I deeply appreciate that. So she got all in it. Thank you so much for being with us today. And it was really lovely to meet you. And I like to think of you as a new friend. And I think when people hear from you, they're gonna feel the same exact way. So tell us a little bit about who you are, what you do, and what your journey has been up until the state just a little bit so we get to know about yourself professionally. Sure. Well, thank you, Audrey. And thank you to the Pittsburgh Technology Council for having me and for organizing this event. I'm really delighted and especially pleased to be with you all. Good morning. Good afternoon. Good evening, depending on where you're joining us from.

My name is Alanoud al-Thani. I was born and raised and educated in the UK. And I'm an economist or a development economist by trade. I'm fortunate in my career to have worked in roles that have further young people on women's progress and beyond. I worked at selecttech I nonprofit organization founded by Her Highness Sheikha Moza bint Nasserin, dedicated to improving and or creating employment of entrepreneurship opportunities for young people throughout the world. Now if we look at the demographics, youth unemployment in the region is the highest in the world. And the aim of the organization was to really combat unemployment, extremism and marginalization of young people and women, especially through economic empowerment initiatives.

Today, I work at the Qatar Financial Center, which I'll be referring to as the QFC, throughout this interview, and my current role focuses on attracting foreign direct investment, both inward and outward to and from the State of Qatar. We as a state, as an organization, and me as a public servant, as well, are cognizant of the need to prepare our future generations for an era where we can't really rely on natural resources alone. And we are simultaneously aware that to ensure our status as a regional leader, and global player and the fourth industrial revolution, we need to really adapt and take lead, and promoting our country as a regional hub, as an incubator for the tech business. Out of all the other main industries we're working towards building as part of the economic diversification mandate, and the entrepreneurs are spearheading it. So that's a quick introduction about myself.

Fabulous, that is fabulous, beautiful job explaining that in terms of, can you tell us a little bit about what is going on in Qatar? So, you know, for entrepreneurs when you talk about some of your success, are there incubators are there? You know, can you talk a little bit about the the sort of what's referred to as the ecosystem?

Sure, I mean, before talking about, you know, the ecosystem, I thought, I think, as in most countries around the world, COVID has really forced the local digital market, but also the global want to go off property. And although there have been untold hardships and challenges as a result of the pandemic, in many ways, it has been a very effective catalyst for change and other and with our populace becoming increasingly digitally connected and aware and will be pandemic prompting, and new investments across several verticals. You know, digitalization is really here to stay, it will continue to touch every area of our lives. And if we look at Qatar itself, it has been undergoing rapid digitalization as part of our national vision. But but it has been spearheaded by the pandemic. And this has been enabled by strategically focused government programs, which account for the bulk of digital spending and, and then, of course, adopted and implemented by large organizations. But most importantly, it has also been organically developed by small to medium sized enterprises and startups, looking for new ways to survive and grow their businesses and this new post pandemic reality environment. So to answer your question, I think before talking about, you know, the accelerators and the environment that enables these businesses to come and flourish in a market like that, I would like to talk about our role as the Qatar Financial Centre, because I think that would set the scene for what we have been trying to do in this space.

Wonderful. But let's just pause for a second though, because COVID is a global pandemic. And there was something that you shared with me before we came on that I think is noteworthy that I think I'd like to share with others in terms of you the rules, you've been able to get the pandemic, pretty much more under control than compared to where we are. We're in our second wave right here in in Pittsburgh, Pennsylvania, with the highest numbers that we had, even at the March levels. And I think that you have an app that is actually used, and can you just talk about that, and then we'll get right into what you've just articulated?

Sure. So the app is called Etheraz, which means precaution and English, and it has been supported by the government and then implemented with our basically telecommunications companies. So every individual and regardless of the type of phone you have, will need to download the application in order for them to access public spaces. And it's color coded, which means that if you mean you're healthy, and you go anywhere, of course, good precautionary measures and face social distancing wearing masks. And then if you're yellow, it means that you have basically interacted with someone who might have had COVID or has COVID. And until you get COVID test, and are basically cleared, you will not be able to access these public spaces. And then of course, the color codes go down all the way to an individual having COVID. And this is where it's wrapped and you cannot basically go anywhere, but it's a way to basically help protect, you know, the vulnerable groups or the population at large.

I mean, we've seen a very balanced approach to how we dealt with COVID. Like, if we're looking at today, eight months, since the onset of the pandemic, and data, we are at 80% capacity of individuals going back to work. You know, it's business as usual, the digitalization process has been accelerated. We as an organization have tested this, and we were able to, you know, do our work from home fully 100%. But of course, I mean, the pandemic is not here to stay long term, there is light at the end of the tunnel, we are seeing, you know, vaccines, especially the Moderna one, and the German one, reaching 95% viability or it's working, which means that hopefully, we can then you know, go back to what business as usual means for our industry, being able to travel, being able to interact with individuals, and I think the human factor is very important, especially when you're closing deals, and it's part of the trust, understanding the person in front of you, but we weren't, we are blessed to have that. And I think our role as a state as well, as beyond, you know, just thinking inwardly, you know, Qatar has supplied a lot of the, you know, masks of the PPP products to other countries that need it. And I don't know the number off of my head, but it's over 15 countries, and the number keeps growing.  That's the multilateral approach, right? It's how can we support other countries. How can we support others. Just because we're blessed doesn't mean that we don't look beyond our own borders.

Yeah, thank you so much for sharing that. And I actually had asked, asked if she could share with me the app, to see if there's any way that we could leverage that. So really, really appreciate that. So that so now let's, let's reel back a little bit, and let's just talk about the Financial Centre and some of the ecosystems and, you know, the mission is so important, and it's very clear in terms of what your intentions are. And we are hoping that we solidify our relationship with you here in Pittsburgh and and hopefully for you all around the US. So could you talk about that?

Sure. So if we look at the role of the financial center, our government has established us back in 2005, as an accessible platform for investors, which provides certainty for their investments. And while the platform initially catered for financial services as the main points up to today, our platform extends far beyond financial services. And in line with our national vision and the goal of diversification, we offer solutions to companies and professional services and business services, including digital companies.

You know, we offer these companies services that allow investments and companies to prosper without concerns. The platform and as a quick summary provides a streamlined and transparent company registration and licensing process, you can own the company up to 100% and operate in an onshore environment. So we are a special economic zone, we're not a free zone, which means that companies can do business throughout the State of Qatar and out of the State of Qatar and benefit from the other value propositions that we offer. Companies can repatriate up to 100% of their profits, they can treat in any currency. English common law is our legal environment. And we have independent courts for that, that enforce the law. We do tax our companies 10% on corporate tax on sourced profits, but we also have double taxation agreements in place with 81 countries, which means that if companies choose Qatar as a hub to access other markets, then they could be exempt from being taxes because of that. And our unique platform facilitates business setup. We have a business community today of over a 1000 firms from all over the world. Companies like Oracle, Palo Alto Networks, Tech Mahindra from India, Airbus, have registered through the QFC and of the Qatar financial platform. And being located in partners, onshore business and financial sector allows businesses to get a foothold and one of the world's fastest growing emerging economies. And if we look at some of, you know, statistics or data patterns workforce, for example, we have a multinational workforce and the ability to attract and retain talent from within the region and globally, allows companies to build diverse teams. It's ongoing efforts to provide tech training, for example, such as Microsoft's plan to train 20,000 partners.

We have these kinds of agreements in place today. And we are ranked fourth in attracting talent by the NCR global talent competitiveness index in 2020. If we look at our education system,  Qatar has an impressive education system with 15 universities, including well, Cornell Medical College, and Carnegie Mellon University. Now, if we look at Carnegie Mellon, specifically, it was established in 2004 under the auspices of the Qatar foundation. And basically the the mandate was to bring CMU creative, visionary approach to help others strive for knowledge and advancement, become achievable. Today, Carnegie Mellon offers undergraduate programs in biological sciences, Business Administration, computational biology, computer science, and IT. And we have more than 400 students from 52 countries, that call Carnegie Mellon at our home. So if you look out, you know, the education, the talent, the ability to attract talent, and the environment, it's all here in Qatar. And I think that gives, you know, a very unique perspective to companies that are looking to go global, and I mean, ideas driving places where it's easy to collaborate and do business, immigration is simple, access to financing and talent is enabled, the market is unsaturated, and it's full of opportunities. And the government is very supportive. I've really checked all of these boxes.

Well, you know, last year, Carnegie Mellon, when they have their graduation ceremonies, I actually zoomed in into Qatar's graduation, because a friend of mine and one of our members, was speaking at the commencement services. I was just blown away by the number of women that were represented in the graduating class, which is something that apparently has a tremendous focus there and has been tremendously, you know, capable. And it was not the first year that it was elected.

I think, definitely more than half the grads, if not 70% were women could act and this is part as well of Qatari woman seizing the opportunities to play a role in the country's future. As you correctly stated 63% of students at Carnegie Mellon University are women, right? If you look at Texas A&M Engineering, it's 50%. And you know, these figures demonstrate that women have to better themselves and forge careers. And this is all thanks as well to her Highness to support to ensure you know, that women have equal opportunity in terms of human and community development and access.

You know, through that vision, right, I saw that I saw that firsthand. And and that's fabulous. I think there's a question though, Jonathan, from Jim Moore. That's maybe all you know, would like to answer, but it may have another one from Lou Camerlengo as well. So several years ago, Jim was looking at advertising on Al Jazeera. Does the QFC look at that media vertical? And does it leverage all the Al Jazeera platform?

So I mean we leverage media and advertising because that's how we can reach a mass audience and reach the right types of audiences for the industries we're looking to develop just as a national or an independent media agency and platform operating out of the State of Qatar. We don't have a relationship with Al Jazeera. We mostly have a relationship with media agencies that can put, you know the investment and the business word out there. So we have partnerships with Bloomberg. We have partnerships with the Wall Street Journal, and other media agencies. I mean, it depends on the region we're trying to target and so on, but very recently, as well, the government launched the Investment Promotion Agency Qatar, which acts as the commercial arm, basically branding arm on behalf of all the existing platforms. Licensing platforms have caught up to put the word out there, but as a financial center, we do cater for that industry. So if there is a company that would like to access a market like that, then yes, it is a permitted activity on they can benefit from the propositions I have mentioned.

Lou Camerlengo has a question here. He said he's been fortunate to have visited Doha. He says, Are there specific sizes or types of businesses that QFC is seeking to attract?

So as a financial center, we attract all sizes, and any type of company that fits within the remit of our limited scope of activities. We are our mandate is basically to attract the world's most vibrant and innovative companies to come to consider Qatar as their hub for doing business within the Middle East. And on the wider Asian continent. As I mentioned, our mission is to facilitate the strengthening of our international economic partnerships as well by providing an effective and efficient framework for any company's commercial enterprises to come and do business in this region. We have launched our five accelerator and incubation programs in partnership with the Qatar Development Bank, and other players depending on the industry. One of them is this sports tech accelerator. And this provides funding and mentorship, and basically a licensing and a commercial solution for companies that you know, enter into that program. And this is where we welcome you know, companies that require this type of support to look into these programs. Another accelerator is around FinTech.

Same approach, the third is around digital. The fourth is around localization. So as you know, Qatar is heavily reliant on the oil and gas industry, when it comes to the economy, and we are working as well, with all the cue companies and the main cue players, such as UI to our telecommunications companies, such as, you know, our sovereign wealth funds, such as, you know, the banks, etc, to help localize the entire supply chain, and these are valued at around overall 100 and 60 billion US dollars of opportunities. So companies can access those opportunities, if they choose to, you know, come establish presence and, and, you know, bid for these projects, and perhaps win them.

Alright, so when in in terms of the conversations that we've had in Pittsburgh, where do you see some natural alignments? Are there some things that sort of come to the top in terms of the information that we've shared with you and your research?

I mean, short of looking at the growing digital sector, that already provides a ready opportunity for Pittsburgh tech companies, such as the winners, for example of the Tech 50 competition to expand to the Middle East market. But any company that's joining us today, that is in the industry, that would like to basically, you know, access a market like ours, access the opportunities, we invite them to participate, whether or not accelerator programs and you know, sport, digital, FinTech, etc, or to come and benefit from the opportunities that are available. We also invite, you know, everyone watching to come and visit and explore it for themselves and explore the opportunities for themselves.

But maybe I think it would give a clear idea to those, you know, joining us today why I thought, you know, even though small in size, could act, you know, as an enabler for companies to access a wider regional market. And at the end of the day, we've spoken about this. It's always about profit, right? Access is important. And sustainability and marketing companies within those environments is crucial... I'm not just saying this because I work in this organization, but we do provide a world class legal regulatory tax and business environment. And we allow companies, you know, to come and benefit from this, through establishing and we look at the numerous advantages that we offer, which allows us to act as a regional hub, you know, 60% of the world population is within eight hours of flying time from our Airways. Our national airline carrier with more than 160 direct destinations provides links both regionally and globally, allowing us to become an effective hub to serve the Middle East, Africa, Asia and Europe. You know, our 5G connectivity and 4G networks allows companies amidst this crisis to also continue business as usual through connectivity and so on, with English as the working language in Qatar as well.

To allow for ease of transactions in our multinational workforce, which I've touched upon earlier, adds to the language and cultural skills available in our tax environment with low corporate taxes and zero personal taxes. We offer an attractive hub for company headquarters and talent relocation, when compared to peers in the region that are sharply raising taxes of all kinds. And our legal framework basis is English common law which offers a very well understood and stable environment in which companies can trade with confidence. We're also very aware of that, you know, for this for our success as a country, and for the success of our digital industry, both homegrown and international, as solid legal and policy regime around digital is essential. And we have made key steps in this regard to its to our promotion and development of digital economy enablers. And these are supported by the strong regulatory and governance framework to a digital adoption enabled via Open Data policy, IP rights, which are widely considered to be the best in the region, and the ease with which companies are able to export IP, a participation policy, digital privacy, cybersecurity law and the National AI strategy. And, you know, we look at all of this, the environment is enabling for tech companies to come and establish presence in a sound environment. You know, that does not mix politics with economics, right?

Yeah, no, that's beautifully put in that perfectly aligns with the work that we do here at the Tech Council. That's why I'm pretty excited. Jonathan, there's one more question.

This is a really great one from Peggy McGarry. She says hello from California University of Pennsylvania. She says they have the only 100% online Arabic bachelor's and master's degree in the world. It has students from around the world and are required to do internships. Would QfFC  have internship opportunities for students?

Ah, definitely. I mean, if you look at the composition of the QFC and we are four entities under the umbrella of the financial centre, one of them is the finance and business academy.  Internshia have been embedded as part of our core values to develop your talent, and to ensure that, you know, our return to the community is far beyond just attracting business and retaining talent. So we will be happy to talk I mean, I cannot promise anything during this, this webinar, but students are welcome to look at the opportunity and then to apply and if they fit, the forum of what we're looking for then definitely that is an opportunity. And, you know, individuals are welcome to seize opportunities beyond the financial sector.

So we've come to the end of this fabulous discussion, and it makes me miss travel. And it makes me wish that I could I could be there. And I know we will one day. So what are some of the ways like right now starting today? What are some of the ways that we can help facilitate connections, introductions with businesses and continue to foster our relationship? I'm confident that I know that you and our team will. But how do we take that and take it to the next level?

Well, we have a website that's accessible by everyone. We are happy to work with you, Audrey, to anyone who is really interested in tapping into these opportunities. We are happy to host close webinars with targeted companies in certain verticals within the Digital industry in the tech industry. You know, time is of the essence for a country like Qatar. We are hosting the 2022 FIFA World Cup. And this is in less than a year and a half. That's right. And that, you know provides a unique opportunity to develop new growth sectors and to demonstrate but there's commitment to development and innovation and hospitality on a global scale. And we offer a vast investment opportunities across a variety of other sectors as mentioned. So until travel is permitted again, which I hope will be soon.

I mean, we are happy to continue the discussion online. My contacts I mean, I have a public profile in almost every social media account. Companies are and individuals are more than welcome to reach out to myself to any individual from the QFC. Our website allows for companies to basically register their interest and book appointments. But our accelerator programs have not been hindered by the pandemic. And this is where I invite companies that fits the portfolio over these accelerators are looking for, to go online to basically apply if they're interested.

Well, we are going to make sure that we're sharing the information. And we're going to stay connected to shake all mood, and make sure that these partnerships are actually very, very strong and consistent. Because we can't you know, just because there is COVID, we can't travel and, and Qatar Airlines is, by the way, is a fabulous airline. So if you've never flown on that it's a amazing service. And my point here is that we are here to ensure prosperity, we're here to ensure growth. And the only way that we can do that is not just sell inside Pittsburgh the same thing as what's happening in Qatar, they need to make sure that they are part of the world. And as you can hear, by all new today, she has brought an immense amount of professionalism and passion around prosperity that we share. And I cannot thank you all for joining. And I can't thank you enough for joining us today.

This is really important, but it's only the beginning. It's only the beginning. And if you want to know more, and if you want to think about other ways that we can stay connected to already shared with you all the ways that she is accessible or organization accessible. And we are going to work together with her and her team. And that is our proclamation and commitment. And you can tell that I'm pretty honored to have, you know, forge this relationship again, thanks to Kathy Risko, from our Sister Cities to help who has connected us. But we have we have new friends and these friends are interested in the same thing that we're interested in. Its prosperity, its customers, its business development, and its access to the world. Thank you so much for being with us. People are asking us questions, we will stay connected to you. I appreciate you spending it's now 8:30pm your time. So I know you hopefully you're winding down your day, but know that we are only a zoom call away. And everyone knows where to reach out to her. But we this is just the beginning of our relationship. So thank you so much. It's always wonderful to talk to you and as everyone can hear, she has a wealth of information and she has lots of people around her that helps support make this magic work. So thank you. Thank you everyone.

Transcribed by https://otter.ai