Qatar Development Bank and Social Development Center have officially announced the launch of the region's largest business incubator.

The Qatar Business Incubation Center (QBIC), a project worth over QR100 million ($27.4 million) will operate under the patronage of Sheikh Abdullah bin Nasser bin Khalifa Al Thani, Prime Minister and Minister of Interior of Qatar, who was joined by statesmen and dignitaries from across the public and private sectors, said a statement from Qatar Development Bank.

"Through 'Qatar National Vision 2030,' the leadership has provided the nation with a clear roadmap for the future that balances economic growth with national and human development priorities," said the Prime Minister.

"QBIC’s inauguration is a new milestone in the overall development effort of Qatar in the field of entrepreneurship and private sector support. It is also aligned with the Qatar National Vision 2030 pillars of economic, social and human resources development," he added.

Sheikh Abdullah bin Saud Al Thani, the governor of Qatar Central Bank and chairman of the board of directors of Qatar Development Bank, said: "We have been delighted to partner with the Social Development Center throughout the establishment of this important national project. We are confident that QBIC will now take its place in the front rank of incubators around the world, and provide a major boost to Qatar’s economic development."

"We are confident that QBIC will be a valuable addition to the entrepreneurial landscape, which is essential to economic development and the overall development efforts of Qatar in line with National Vision 2030," he stated.

Abdulaziz bin Nasser Al Khalifa, the CEO of Qatar Development Bank and chairman of QBIC, said: "We are proud of our joint efforts with the Social Development Center to equip and launch the largest incubator in the Mena region, which will add tremendous value to Qatar’s entrepreneurial ecosystem."

"In addition to funding the construction of the incubator, we allocated another QAR 27 million to support the incubated projects and offer all the facilities and services entrepreneurs need from a project’s inception to its operation - providing office space, industrial workshops, administrative and technical support, and a 20,000 square meter project space," he added.

Al Khalifa said through QBIC’s flagship Lean Startup program, it has supported and launched more than 21 projects that truly showcase entrepreneurs’ potential and progress in Qatar.

Based at a 20,000-sqm site in the New Industrial Area, QBIC has been established as a joint effort between the Qatar Development Bank and Social Development Center.

It is a flagship project in the government’s wider effort to support and encourage entrepreneurs in Qatar to set up and establish businesses, said the official.-TradeArabia News Service