Eight Qatari companies are participating in the Korea Construction Week exhibition, which is being held in the capital, Seoul, from July 31 to August 3, as part of Qatar Development Bank’s initiatives to promote Qatari products in the field of construction and open new partnerships in the Korean market.
This comes within the framework of Qatar Development Bank’s keenness to support and empower entrepreneurs, both male and female, and enrich them with everything they need in order to achieve operational excellence and pioneering innovation, which contributes to entering global markets, driving the national economy, diversifying its sources and enhancing them.
In terms of access to new markets, Qatar Development Bank explained in its annual report for the year 2023 that owners of small and medium enterprises in Qatar, after their effective participation in the success of the largest tournament, the FIFA World Cup Qatar 2022, were able to reach new international and regional markets. The total value of Qatari exports supported by the bank during 2023 amounted to about 1.5 billion riyals, in addition to financing and insuring Qatari exports totaling 711 million riyals, with a growth rate of 33 percent compared to 2022. While the support did not stop at financing and insurance solutions, as the bank provided up to 110 workshops and training sessions specialized in export development, and presented Qatari products to global markets through 18 international events and exhibitions, including bilateral meetings, which resulted in the signing of initial deals worth 1.3 billion riyals.
The bank stated that the number of companies benefiting from its direct and indirect credit financing during the past year reached 1,155 small and medium-sized companies, while the number of emerging companies in which the bank invests reached more than 140 emerging companies supported by direct and indirect investments. The value of the capital invested and spent in emerging companies reached 92 million riyals, with a growth rate of 24 percent.
Qatar Development Bank’s efforts in economic development and supporting entrepreneurship in the country have been crowned with honors in various forums, where it won important awards in the banking sector in 2023, represented by the Banking Excellence Award as the Best Sustainable Bank in the Middle East and North Africa for the second time in a row, presented by the Middle East Economic Digest magazine, in appreciation of its efforts in supporting entrepreneurship and the positive sustainable impacts of its initiatives on society, the environment and the economy, in addition to receiving the Gold Award as the Best Financing Institution for Small and Medium Enterprises in the Middle East and North Africa, from the SME Finance Forum of the International Finance Corporation.
Over the past two decades, Qatar Development Bank has achieved many notable successes to become the main support arm for the private sector in the State of Qatar, and a strong catalyst for social and economic development through three pillars: access to finance, access to markets, and access to capacity development.
The integrated support system provided by Qatar Development Bank includes various financing plans and advisory services including marketing, legal advice, guidance and development, grants and accreditations, and capacity building platforms, which helped the bank to become a pivotal partner in the growth journey of small and medium enterprises from idea to export.