(MENAFN- The Peninsula) The Peninsula
DOHA: Qatar Development Bank (QDB) Chairman H E Sheikh Abdullah bin Saoud Al Thani has said that QDB was playing a commendable role in the country's ambitious economic diversification strategy, by providing total support to the small and medium sized enterprises (SMEs).
Addressing the bank's general assembly meeting, which reviewed the bank's efforts to achieve a number of important milestones during the year 2017, Sheikh Abdullah, who is also the Governor of Qatar Central Bank (QCB), noted that the bank has focused on redoubling its efforts to support entrepreneurs through various initiatives and programs that create opportunities for local industries despite the many regional and global economic challenges. QDB also adopted unique business models based on innovation, and employs best practices and modern techniques, in addition to continuing to collaborate with its strategic partners to achieve its objectives.
Later, in a statement, QDB said that the bank's financing portfolio rose to QR8bn last year. It financed projects contribute to the added value of the local economy, especially those related to the main industrial sectors.
The value of the approved guarantees through Al Dhameen programme amounted to QR303m in 2017, an increase of 17.4 percent. The number of guarantees reached 47 and the number of projects benefiting from the program stood at 300.
QDB helped Qatari exporters to participate in the export trade fairs, with a total of 185, while the volume of contracts through bilateral meetings reached QR155m.
In 2017, QDB provided several consulting services to many of the bank's clients. It carried out 205 market research reports, 117 economic feasibility reports and 417 services to Qatari entrepreneurs and SMEs. The bank also helped through Qatar Business Incubation Center (QIBC) and Bedaya Center in providing a wide range of services and training workshops in order to develop the skills of the participants to raise awareness about the concept of entrepreneurship.
As part of supporting domestic industries, QDB supported in 2017 home-based entrepreneurs through 'Made at Home exhibition, in which 144 exhibitors took part with sales amounting to QR4m.
QDB also launched Entrepreneurship Awards and Conference for owners of SMEs and Qatari entrepreneurs who have innovative ideas. Out of 500 companies that ran for the award, 200 companies qualified to compete in the five categories of the best micro enterprise, the best nascent company, the best emerging company, the best exporting company, and the best self-sufficiency supporting company in the local market.
The final qualifications saw 25 companies reach the final stage before picking five of them for the awards in each category.
Due to the regional developments in 2017, QDB has doubled its efforts to encourage SMEs to expand their local procurement business. The bank provided opportunities for local supply to more than 700 Qatari factories, and qualified more than 1,000 entrepreneurs.
In addition to its initiatives in the industrial field, QDB launched several initiatives, most notably Jahez I and Jahez II. Jahiz I project, which includes 32 factories in the fields of plastics, aluminum and electronics and has been awarded to Qatari entrepreneurs, started production towards achieving part of local sufficiency.
Jahiz II, meanwhile, helped in equipping 16 factories in the field of food and beverages.
In order to support national products, QDB organized in 2017 three 'Buy Local Products exhibitions and was keen to be the strategic partner of the fifth edition of 'Made in Qatar exhibition. QDB also organized the second edition of the Government Procurement and Contracting Conference and Exhibition in the beginning of 2017, with the event leading to 242 deals worth around QR 700m.
MENAFN2102201800630000ID1096488884
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.