(MENAFN - The Peninsula) The Peninsula
Qatar and one of its key GCC partners have formed an innovation alliance designed to strengthen and advance the technology development ecosystems of both nations through a new partnership between Qatar Foundation (QF) and the Oman Technology Fund (OTF).
The collaboration will see Qatar Foundation Research and Development (QF R & D) and its Omani partner combine their resources and insights to drive the development and commercialization of new technologies. Such a partnership is intended to generate economic and social benefit for their respective countries and make an impact in the global tech market.
QF R & D and OTF which provides mentoring and funding for emerging technology enterprises in Oman and the region will support the creation and growth of tech startups through opening up access to investment. Each entity will work together in identifying promising technologies within Qatar and Oman that have the potential to create economic value, and will develop technology, commercialization, business models, and activities that unlock partnership opportunities. They will also conduct surveys to assess where demand for technology lies within both countries.
The partnership was launched through the signing of a Memorandum of Understanding (MoU) between the two parties at Qatar Science & Technology Park, part of QF R & D, on September 26, 2017.
'Innovation does not recognize boundaries or geopolitical shifts, said Dr. Hamad Al Ibrahim, Executive Vice-President, QF R & D. 'It is a universal and positive force that is not deterred by challenges, but thrives on the urgency of addressing them.
'Through collaboration that stretches across disciplines and nations, the development of technology that can reshape our world gains momentum and purpose. Such collaboration intensifies the capacity of research and innovation to generate true impact.
'That is why we are delighted to be partnering with the Oman Technology Fund to build a co-operative network that will be of mutual benefit to both Qatar and Oman in accelerating technology development and commercialization, and further establishing both countries as forward-thinking hubs of research and innovation excellence.
Speaking at the MoU signing ceremony, Engineer Yousuf Al Harthy, CEO of OTF, explained that QSTP has been a source of inspiration for OTF: 'We are honoured to form this co-operation with Qatar Foundation, as we have common and shared values that align so well.
'The cooperation between the two countries will focus on investment, developing business through facilitating deals with potential investors. It will consolidate relations with local business partners, which will facilitate the work of startups and expand their scope of work in the market. 'This agreement will also help our two countries conduct studies and surveys on various technology areas, a step that will enhance co-operation between Omani and Qatari companies in the fields of industry and research. These companies have promising technologies that are capable of creating added value to the economies of our countries.