Qatar Development Bank announced the launch of the updated version of the “SMEs Guide”, one of its integrated initiatives within its efforts to strengthen the private sector and achieve economic diversification to reach a sustainable and self-sufficient Qatari economy.
The bank explained that the new update included adding service sector companies alongside the manufacturing sector, with the aim of localizing supply chains and promoting Qatari services in a way that contributes to supporting the national economy, as the guide now provides comprehensive information about small and medium-sized Qatari manufacturing companies, to provide them to local buyers, and facilitate their access to local contracts and purchases in the government and private sectors.
He stated that in addition to 556 companies from the manufacturing sector, the directory now includes companies operating in the services sector, with more than 399 companies from this sector, adding that the importance of supporting the services sector lies in its vital role in enhancing the competitiveness of Qatari companies at the local and international levels; as the services sector acts as a major catalyst for innovation, and contributes significantly to improving the quality of life and services provided to the community. By supporting companies in this sector, Qatar Development Bank seeks to achieve balanced development that includes all economic sectors, which positively reflects on the national economy as a whole.
“Our initiatives in the field of localizing businesses and opportunities and accelerating their growth in cooperation with the relevant authorities are an essential part of the third national development strategy based on empowering the private sector and small and medium enterprises and providing them with the necessary tools to achieve their growth,” said Mr. Abdulrahman Hisham Al-Suwaidi, CEO of Qatar Development Bank.
He added that providing financing comes at competitive profit rates with the aim of localizing supply chains and urging local companies to direct part of their purchasing expenses to the local economy to enhance the interconnectedness between national supply chains, which complements efforts aimed at increasing the competitiveness and sustainability of the private sector.
He explained that the Small and Medium Enterprises Guide was developed as part of the efforts made in this regard, as it constitutes an important reference for localizing supply chains for buyers, by facilitating access to Qatari companies and introducing them, their products and services, as well as providing information on the availability of raw materials and the extent of their interconnection with local industries to spread awareness and educate about what can be purchased locally instead of importing.
The SME Directory represents a unified platform that facilitates local buyers’ access to locally available Qatari products, enabling them to generate new business and expand into international markets, and enhancing their competitiveness in terms of quality and cost.
In continuation of this step, Qatar Development Bank provides competitive financing for local companies to purchase national products, raw materials and services at a profit rate not exceeding 2.5% in order to stimulate the localization of supply chains. All companies can also refer to the Small and Medium Enterprises Guide to find out and view the products and services provided locally.
Qatar Development Bank, in cooperation with the Ministry of Finance and the Ministry of Commerce and Industry, has achieved remarkable progress in its support for the localization of small and medium-sized enterprises. In 2023, it launched several initiatives such as the Government Procurement Forum 2024 and bilateral meetings, and increased the number of beneficiaries of the bank’s financing and advisory services, capacity development and incubation programs. The value of deals achieved by Qatari companies through opportunities localization initiatives amounted to more than 500 million riyals.
Qatar Development Bank considers supporting local companies an essential step towards achieving a sustainable economy, which helps reduce dependence on imports, increase local job opportunities, and enhance economic sustainability.
It is worth mentioning that supporting small and medium enterprises is part of the bank’s comprehensive strategy, which aims to enhance the competitiveness of the Qatari economy and achieve sustainable development. This comes through multiple initiatives that include providing financing, developing capabilities, and expanding markets, making Qatar Development Bank a key partner in achieving Qatar National Vision 2030.
It is noteworthy that Qatar Development Bank, formerly known as Qatar Industrial Development Bank, was established in 1997 by Emiri Decree No. 14 as a development institution that aims primarily to promote industrial development and drive economic diversification in the private sector.