3 May 2023, Doha – Qatar: The Investment Promotion Agency Qatar (IPA Qatar), in collaboration with Microsoft and EY-Parthenon, launched a joint report titled 'Securing the Digital Future – Investment Insights and Opportunities' today. The publication provides a comprehensive analysis of the cybersecurity landscape in Qatar and globally, highlighting the investment opportunities available in the local digital economy and cybersecurity sector.

Underlining the importance of cybersecurity investment for economic growth, the report offers in-depth insights into current and future areas for investment as part of Qatar’s rapidly growing digital ecosystem. The successful completion of mega projects has led to significant investments in digitisation and digital security, creating new opportunities for foreign investors. In parallel, cloud-enabled technologies offered by Microsoft’s Cloud Datacenter Region in Qatar, play a crucial role in helping organisations respond to modern cyber threats.

Sheikh Ali Alwaleed Al-Thani, CEO, IPA Qatar, said: “Qatar's progress in cybersecurity readiness is crucial for the country's economic growth and the broader region. We are proud to build on our partnership with Microsoft and EY-Parthenon to produce this joint publication, which highlights the importance of cybersecurity investment and the promising investment opportunities available in Qatar's digital economy.”

Lana Khalaf, General Manager, Microsoft Qatar, said, “Qatar's robust digital infrastructure and thriving economy have created an attractive investment environment for businesses. Cybersecurity is a priority with the accelerated digital transformation to protect mission critical workloads and ensure business continuity and resilience. Our collaboration with IPA and EY-Parthenon on this report brings out key insights that showcase the potential for innovation and business growth in the cybersecurity industry.”

Samay Mishra, Partner, EY-Parthenon, said: “Qatar has one of the fastest growing digital economies in the region and both public and private sector entities are investing in robust digital transformations to capitalise on this growth. However, rapid digital growth creates risk requiring a strong focus on enhanced digital security measures. As such, Qatar has made robust efforts to develop and implement a comprehensive cybersecurity policy landscape. These efforts showcase the country’s commitment to innovative and sustainable solutions and will also encourage cross-industry collaboration and foreign investment opportunities.”

Responses to a Growing Digital Economy

With digital transformation, the need for enhanced cybersecurity measures has become increasingly critical as the cost and depth of cyberattacks rise exponentially. Recent high-profile cybersecurity attacks and the 66 per cent of SMEs globally that experienced cyberattacks in 2021 point to the urgency for organisations to ward off cybersecurity risks. Amidst these challenges, the global cybersecurity market is poised for significant growth, with revenues expected to reach USD 376 billion by 2028.

Qatar's commitment to enhancing its cybersecurity and digital space has established a resilient cyber ecosystem with compelling market opportunities for foreign investors. With a budget of over USD 1.64 billion and the fastest growth in cybersecurity spending in the Middle East, Qatar provides significant investment opportunities for cybersecurity companies. The country's strong focus on developing its digital infrastructure is attracting international companies and investors, positioning Qatar as a global leader in cybersecurity initiatives. With a thriving technology sector and supportive government initiatives, including Qatar National Vision 2030, National Development Strategy II and the National Cyber Security Strategy (NCSS), Qatar offers a favourable environment for businesses looking to invest in the cybersecurity market.