SPOTLIGHT ON NEW FIRMS 2023 also saw Xiamen Airlines, one of China’s Qatar’s strategic location at the crossroads QFC’s platform became the pathway for Rasmal Ventures LLC, Qatar’s 昀椀rst top-ranked airlines, choose QFC as its gateway between the East and West as well as its independent venture capital company, to set up and initiate its operations in into the region. Becoming the 昀椀rst Chinese centrality in the GCC region, coupled with a the region in 2023. Led by a team of seasoned venture capital experts, Rasmal airline to operate passenger nonstop 昀氀ights robust business environment, strong economy, Ventures aspires to leverage the combined experience of its team of seasoned between Mainland China and Qatar (under and political stability, were among the top venture capital experts to actively contribute to the region’s burgeoning startup a codeshare agreement with Qatar Airways), reasons for Xiamen Airlines’ decision to establish entering Qatar’s market allowed Xiamen its operational base in Qatar. and innovation ecosystem. Airlines’ to expand its route network, reaching 110 countries and 332 overseas destinations. Rasmal Ventures on leveraging QFC’s o昀昀ering: and across the region. We worked closely with Xiamen Airlines on joining QFC’s platform: Xiamen Airlines, established in 1984, is “Whilst we recognised the strength of the Qatari Qatari private investors, institutions as well “We are pleased with our decision to have joined headquartered in Xiamen, a coastal city in as the QFCRA to lay the groundwork for the southeastern China’s Fujian Province. It is the ecosystem based on the experiences of one QFC’s platform as our 昀椀rst step into the region. 昀椀rst airline in China to operate under the modern of our local partners, choosing QFC as an entry unveiling of the 昀椀rst Rasmal Innovation Fund One of the most notable parts of our integration that will be a landmark initiative aiming to reach enterprise system. Currently, Xiamen Airlines point into the region proved to be a pivotal into the market here was the simpli昀椀ed company has a 昀氀eet of 211 aircraft and operates over 400 decision. Of course, at the top USD$100 million in investment commitments. registration process we went through with QFC. of our considerations was ensuring a seamless The fund will target investments in innovative We also appreciate the opportunities made domestic and international routes. and successful path for our establishment. and high-performance technology startups and available to us as part of the QFC community The airline serves nearly 40 million passengers The QFC team’s meticulous support and open scaleups in Qatar, the wider MENA region, and in terms of personnel recruitment, business annually, and more than 23 million people communication especially stood out during the internationally at pre-Series A, Series A, and development and business exchanges. Since have joined its frequent 昀氀yer program. Among regulatory assessments and review of Rasmal Series B stages. It will consider all technology Xiamen Airlines’ incorporation within QFC, the the more than 270 member airlines of the Ventures. Even beyond incorporation, we sectors, but maintain strategic interest in climate airline has opened two routes - Beijing-Doha and International Air Transport Association (IATA), and energy tech, 昀椀ntech, supply chain logistics, were pleased with the collaboration prospects Xiamen-Doha, with a frequency of nine 昀氀ights Xiamen Airlines ranks among the top 30 in terms B2B SaaS and Arti昀椀cial Intelligence (AI). This available to us as part of the local ecosystem. initiative is in perfect alignment with national per week.” of revenue and among the top 13 in terms Over the course of the next six months, we priorities focused on the creation of a buoyant of passenger turnover. forged a great working relationship with not tech ecosystem.” just QFC but also key stakeholders in Qatar