Tribune News Network
Doha
Qatar Development Bank (QDB) has launched its 2024 SME Directory as part of its ongoing efforts to strengthen the private sector and promote economic diversification, with the aim of achieving a self-sufficient circular economy. This initiative is a key part of QDB’s strategy to localize supply chains by connecting Qatari small and medium enterprises (SMEs) with local buyers.
Initially focused on manufacturing, the SME Directory has now expanded to include over 399 service sector companies in addition to the 556 manufacturing companies already listed. This expansion reflects the growing importance of the service sector in Qatar’s economy, which plays a critical role in fostering innovation and enhancing the quality of life and services for the community.
By supporting both sectors, QDB seeks to drive balanced development across the economy, bolstering national competitiveness both locally and internationally.
QDB CEO Abdulrahman Heshem Al Sowaidi emphasised the directory’s significance in the national entrepreneurship ecosystem. He highlighted that this initiative aligns with Qatar’s Third National Development Strategy, which focuses on empowering the private sector and SMEs with the necessary tools for growth.
He said, “The SME Directory facilitates access to Qatari companies and their services, supporting efforts to localize supply chains, reduce reliance on imports, and promote collaborations within national supply chains.”
The SME Directory serves as a comprehensive platform that provides detailed information about Qatari companies, their products, and services. This enables local buyers to easily source Qatari-made products, thereby supporting the growth of local businesses and fostering their expansion into international markets.
To further stimulate localisation, QDB offers competitive financing to local companies at profit rates not exceeding 2.5 percent, helping them to purchase national products and services. QDB, in collaboration with the Ministry of Finance and the Ministry of Commerce and Industry, has also launched other initiatives such as the 2024 Government Procurement Forum, bilateral meetings, and various support programs. These initiatives have collectively helped Qatari SMEs secure deals worth over 500 million Qatari riyals.
By championing SMEs, QDB is playing a critical role in enhancing the competitiveness of Qatar’s economy and ensuring sustainable development. Through its diverse support measures, QDB is cementing its position as a key partner in the achievement of Qatar National Vision 2030, driving the country’s economic future towards a more self-sufficient and sustainable model.
