QDB launches 2024 SME directory, includes services sector; offers short-term funds at 2.5% profit rate
Continuing its efforts to bolster the private sector and achieve economic diversification, aiming for a self-sufficient circular economy, QDB’s directory aims to connect manufacturing Qatari SMEs with local buyers to support the localisation of supply chains.
“Our initiatives in localising businesses and accelerating their growth in collaboration with the relevant authorities are integral to the Third Qatar National Development strategy, which focuses on empowering the private sector and SMEs with the tools necessary for their growth,” said Abdulrahman Heshem al-Sowaidi, QDB’s chief executive officer.
Expanding the directory to include service sector companies in addition to manufacturing sector, thereby contributing positively to supporting the national economy, the directory now includes over 399 service sector entities alongside the 556 manufacturing companies already listed.
“Supporting the service sector is crucial as it plays a vital role in enhancing the competitiveness of Qatari companies both locally and internationally,” QDB said, adding the service sector serves as a key driver of innovation and significantly improves the quality of life and services provided to the community.
By supporting companies in this sector, QDB seeks to achieve balanced development across all economic sectors, which positively impacts the national economy as a whole.
QDB views the support of local companies as a fundamental step towards realising a circular economy. This support helps reduce reliance on imports, increases local employment opportunities, and enhances economic sustainability.
The directory plays a pivotal role in improving the efficiency of local business operations by providing comprehensive information about Qatari companies and their products and services.
“Additionally, the SME directory highlights the availability of local raw materials, emphasises the interconnectedness of domestic industries, and ultimately promotes a shift from imports to locally sourced products,” al-Sowaidi said, adding providing financing at competitive profit rates serves the purpose of localising supply chains.
QDB offers competitive financing to local companies to purchase national products of raw materials and services at a profit rate not exceeding 2.5% in order to stimulate the localisation of supply chains.
QDB, in cooperation with the Ministry of Finance and the Ministry of Commerce and Industry, has made significant progress in supporting the localisation of SME businesses by launching initiatives as the 2024 Government Procurement Forum and bilateral meetings, and increasing the number of beneficiaries of its financing and advisory services and capacity development and incubation programmes. The value of deals achieved by Qatari companies through localisation initiatives amounted to more than QR500mn.
