The small but mighty peninsula country of Qatar has been making big moves recently to accelerate its digital transformation. In February 2024, the Ministry of Communications and Information Technology launched Qatar's Digital Agenda 2030, which aims to transform the economy with 32 programs, helping deliver a compound annual GDP growth of 7.8% and increasing the ICT sector's contribution to non-oil GDP to 3.5%. Then, at the Qatar Economic Forum in May 2024, it announced that it is allocating a $2.5 billion investment package to support technology, innovation, and artificial intelligence. State-owned telecom operator, Ooredoo Group, is one of the country's biggest companies aligning itself with this strategy by making moves to evolve into a digital infrastructure company.
As its clients and customers increasingly rely on cloud technologies and AI, the Ooredoo Group is keen to seize an opportunity. While the telecom industry has evolved in recent years, SMS revenue-a traditional income source for telecom companies-has seen a significant decline due to messaging apps like WhatsApp and Telegram. In contrast, data usage is booming, with customers consuming 20-30% more data annually, according to Ooredoo. "Telecom companies face a challenge as data usage is rising, but revenue isn't keeping pace," says Aziz Aluthman Fakhroo, Group CEO of the Ooredoo Group. "As part of our strategy, we are focusing on a strict investment discipline while also exploring ways to improve monetization. We're well-positioned to withstand the changes in the industry and step ahead of the latest trends."
Diese Geschichte stammt aus der June 2024-Ausgabe von Forbes Middle East - English.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent ? Anmelden
Diese Geschichte stammt aus der June 2024-Ausgabe von Forbes Middle East - English.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent? Anmelden
CONSCIOUS INVESTING
VentureSouq's cofounders and general partners, Suneel Gokhale, Sonia Gokhale, Tammer Qaddumi, and Sonia Weymuller, are actively reshaping the investment landscape. With $250 million in assets under management, the thematic fund manager is forging a distinct path, with a focus on fintech and climate tech.
VENTURING BEYOND CAPITAL
In just seven years, Shane Shin and Mahmoud Adi, Founding Partners of Shoroog Partners, have turned their startup into one of the Middle East’s biggest startup investors, with 500 million in assets under management. With ambitions far beyond venture capital, they’re now expanding further into credit markets and looking at where they can be pioneers.
ROCK STAR
WHAT IF THE REVOLUTIONARY TECHNIQUES DEVELOPED TO FRACK ROCKS FOR OIL COULD BE MODIFIED TO UNLOCK LIMITLESS CLEAN ENERGY FROM THE HEAT OF THE EARTH’S CRUST?
Breaking New Territory
Moroccan-Canadian singer and 30 Under 30 alumna Faouzia is having her biggest year yet and enjoying newfound fame in China. As her stardom rises, she’s now exploring new projects and possibilities.
5 Biggest MENA IPOs of 2024
This year has been pivotal for MENA, marked by a series of high-profile IPOs that drew interest from local and international investors. Here’s a look at the five biggest IPOs that defined 2024.
TOP VENTURE CAPITALISTS
MENA has emerged as a vibrant hub for innovation and entrepreneurship, fostering a dynamic landscape for startups.
Top Funding Rounds in MENA 2024
This year has seen some of MENA’s largest-ever funding rounds. Here’s a look at five standout deals. Only startups that were founded less than 10 years ago and had disclosed their funding rounds as of November 27, 2024, were considered.
Key Insights From MENA's Funding Landscape
MENA saw a mixed performance in the first nine months of 2024.
A Look Ahead: Travel Trends Shaping 2025
What will drive wanderlust in 2025? Here’s a look at the key travel trends set to dominate the year.
Codebreakers
Backed by 200 million in funding, 28-year-old SCOTT WU and his team of competitive coders at Cognition are building an Al tool that can program entirely on its own, potentially disintegrating the whole industry. Is its 2 billion valuation the result of a true breakthrough, or just more Al hype?
