Doha, August 09 (QNA) - The Ministry of Communications and Information Technology (MCIT) celebrated 10 promising technology companies' completion of the third cycle of "Wasel" program, coinciding with the launch of the fourth cycle of the program with the participation of 12 new companies.

This comes within the framework of the Ministry's commitment to promoting the growth of scalable technology companies and consolidating the State of Qatar's position as a regional center for innovation and digital entrepreneurship.

The companies that completed the third cycle presented innovative solutions in several vital sectors, including industrial technologies, health technologies, media technologies, agricultural technologies, e-commerce, enterprise technologies, and logistics, reflecting the diversity of the innovation and digital entrepreneurship environment in the State of Qatar, and the program's role in supporting companies that provide technological solutions that meet the needs of different markets.

Over the course of three cycles, Wasel program has achieved qualitative results that reflect its impact on supporting the growth of scalable technology companies. Participating companies were able to raise investments of approximately USD 13.8 million, conclude 388 business deals (B2B), achieve an average revenue growth of 32 percent, and benefit from 569 hours of mentoring. The program recorded a satisfaction rate of 89 percent, reflecting the value it provides to participants and the quality of the experience it offers them.

The third cycle also witnessed WareOne company achieving a remarkable milestone by expanding its operations to the Kingdom of Saudi Arabia, a move that embodies the impact of Wasel program in enabling promising technology companies to transform their potential into tangible commercial success.

In this context, CEO of WareOne, Khalifa Al-Thani, said that expanding with a logistics platform across markets not only requires funding, but also a strategic network of relationships and a deep vision of the target markets, pointing out that Wasel program provided the practical framework and guidance necessary to consolidate the company's operations and accelerate its successful expansion into KSA.

The results achieved across the three cycles of the program confirmed the importance of this type of support in enabling companies to transform their innovative solutions into sustainable business opportunities.

With the launch of Wasel program's fourth cycle, MCIT continues to support more high-potential companies, thereby enhancing their contribution to the growth of the digital economy and supporting the achievement of the goals of the Digital Agenda 2030.

Director of the Digital Economy Department at MCIT, Faraj Jassim Abdullah, said that the completion of the third batch of Wasel program reflects the tangible results achieved by the program in supporting promising technology companies and enabling them to grow, expand and reach new markets.

He pointed out that the Ministry provided participating companies with specialized support that included capacity building, guidance, enhancing investment readiness, and connecting them with investors and strategic partners, in addition to helping them develop growth plans, expansion strategies, and entry into new markets.

In turn, Director of Business Development at the Ministry of Commerce and Industry, Ali Al Mawlawi, highlighted the cooperation with Wasel program within the framework of joint efforts to accelerate the growth of promising Qatari companies.

Through this partnership, the Ministry of Commerce and Industry will work to support entrepreneurs in the areas of capacity building, market entry strategies, and regulatory and financial guidance, opening new horizons for their success and growth, Al Mawlawi said, stressing the Ministry's commitment to empowering startups, promoting innovation, and supporting the implementation of the Digital Agenda 2030, which contributes to consolidating the State of Qatar's position as a leading center for the digital economy.

Wasel program, which currently includes 29 companies, continues to attract promising technology companies through a competitive selection process, with the support of strategic partners, including the Ministry of Commerce and Industry, Qatar Development Bank, Qatar Research, Development and Innovation Council, and the Investment Promotion Agency (Invest Qatar).

The program is considered a national platform that supports scalable technology companies, enhances their institutional value, and consolidates their operations in the State of Qatar, contributing to the achievement of the Digital Agenda 2030 goals and supporting the path of sustainable economic diversification. (QNA)