QFC and Qatar Museums Sign MoU To Promote Cultural Entrepreneurship

27 Jun 2021

Qatar Financial Centre (QFC), a leading onshore financial and business centre in the region, and Qatar Museums have signed a Memorandum of Understanding (MoU) to establish cooperation in further developing and promoting ‘M7,’ a new innovation and startup hub located in Msheireb Downtown Doha.

Managed by Qatar Museums, M7 is an initiative dedicated to empowering designers to explore, collaborate, and grow into successful entrepreneurs by providing the necessary tools and expertise to enable them to take their ideas from concept to market. M7 houses an incubator, and co-working and learning space with experts offering training and workshops for new and emerging creative entrepreneurs.

The MoU was signed by Yousuf Mohamed Al-Jaida, Chief Executive Officer, QFC, and Ahmad M. Al-Namla, Chief Executive Officer, Qatar Museums. Under the agreement, QFC will become a key strategic partner in promoting the M7 initiative through the provision of services that fall under its statutory mandate. The agreement enables QFC to license companies referred by M7, accommodating them in a QFC-designated premise to benefit from its wide range of offerings.

This collaboration with Qatar Museums will elevate our collective efforts in revamping the cultural industry to become a significant contributor to Qatar’s socio-economic growth.

Yousuf Mohamed Al-Jaida, Chief Executive Officer, QFC Authority

Through this agreement, locally-based design entrepreneurs will benefit greatly from QFC’s sound business and financial acumen.

Ahmad M. Al-Namla, Chief Executive Officer, Qatar Museums

Yousuf Mohamed Al-Jaida, Chief Executive Officer, QFC

The creative economy and cultural entrepreneurship play an important role in driving sustainable economic growth and diversification. It contributes to job creation, innovation, and enterprise across a wide range of business sectors. More importantly, it accelerates human development by stimulating the overall creativity of societies and advocating for social inclusion. This collaboration with Qatar Museums will elevate our collective efforts in revamping the cultural industry to become a significant contributor to Qatar’s socioeconomic growth by supporting the development of local talent and promoting entrepreneurship.

Within the framework of the agreement, Qatar Museums and its affiliates shall also refer international vendors, suppliers, and service providers to the QFC for the possible establishment of an affiliate in the QFC, provided the activities of these companies align and fall under the activities permitted to be carried out from the platform.

Ahmad M. Al-Namla, Chief Executive Officer, Qatar Museums

M7 was established to further nurture Qatar's burgeoning creative industry through mentoring programmes that are designed to empower talented designers to pursue their passion and business ambitions. Through this agreement, locally based design entrepreneurs will benefit greatly from QFC’s sound business and financial acumen, which will ensure the seamless launch and success of their creative endeavours and, in turn, contribute to the bolstering Qatar’s cultural economy.

QFC and Qatar Museums, where applicable, also agree to promote relevant M7 programmes within their events and outreach programmes; develop joint marketing programmes to promote both their respective initiatives and products; and propose experts as advisors to boards, steering committees or working groups set up by either QFC or Qatar Museums to fulfill their joint initiatives.

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