Web Summit Qatar provides significant benefits to local economy

4 April 2024

The Government Communications Office (GCO) has released a comprehensive report outlining the remarkable success of Web Summit Qatar 2024, held at the Doha Exhibition and Convention Center (DECC) between 26-29 February. The event delivered a significant impact on the country’s economy, attracting investments and thousands of entrepreneurs while showcasing the country’s capabilities on the global stage.

Sheikh Jassim bin Mansour bin Jabor Al Thani, Director of the Government Communications Office and Chairman of the Web Summit Qatar 2024 Organising Committee, said: “Hosting the world’s largest tech conference for five years comes within the State’s economic diversification efforts. The report highlights the positive impact of Qatar’s inaugural edition of Web Summit on the economy, which is expected to grow with every coming iteration.”

He added: “The report indicated that the global event, which attracted 15,453 attendees from 118 countries, achieved many economic returns for the country. This included more than 19,000 flight segments and over 38,000 hotel nights booked. In addition, more than 200 companies were registered under the Qatar Financial Centre. The summit’s exceptional success acts as an important step toward establishing our country as a leading tech hub in the region, especially after bringing together thousands of investors, entrepreneurs, technology experts and startups from around the world.” The report also revealed that attendees spent an average of QAR 11,000 during their stay in Doha.

The influx of companies incorporated within the Qatar Financial Centre at Web Summit Qatar 2024 came as a direct result of Invest Qatar’s recently launched Startup Qatar initiative, a comprehensive online resource for startups. Launched in conjunction with the summit, the platform provides vital funding, incentives and logistical support.

On opening night, HE Sheikh Mohammed bin Abdulrahman bin Jassim Al Thani, Prime Minister and Minister of Foreign Affairs, announced a USD 1 billion investment to support entrepreneurs and startups in Qatar and beyond.

In addition, Web Summit Qatar 2024 showcased the nation’s world-class technology innovations and hospitality to an international audience, sparking interest in Qatar as a business and tourism destination. With the majority of attendees visiting Qatar for the first time, 95 percent indicated they would revisit Qatar for business or leisure purposes. Furthermore, 85 percent said they would consider doing business in Qatar due to their experience at Web Summit, while 70 percent would consider working in the country.

The summit fully occupied all five exhibition halls at the DECC, utilising 29,035 square metres of the built-out exhibition space. Over 145 partners exhibited on the floor, collaborating with numerous Qatari companies and tradespersons to create state-of-the-art experiences for attendees. Participating companies delivered services to international companies, injecting millions into the local economy.

The event also saw the signing of 24 Memoranda of Understanding between Qatar-based and leading tech entities from around the world. Notably, the GCO signed an agreement with TikTok to launch its first creative studio in the region and support content creators.

By leveraging the Web Summit platform until 2028, Qatar aims to continue accelerating the growth of its tech economy, fostering a vibrant entrepreneurial ecosystem, developing human capital and establishing itself as a leading player in the global tech landscape.

View the full report here.