Encouraging entrepreneurship

 29 Jan 2018 - 10:58

The Peninsula

Steps taken by the authorities in Qatar are playing crucial role in encouraging entrepreneurship the country. Small and Medium Enterprises (SMEs) in the country have benefitted by the several initiatives taken by the government. Local SMEs have bagged business opportunities worth QR750m from the second edition of the Government Procurement & Contracting Conference and Exhibition (Moushtarayat 2017).

The latest value of the awarded contracts were announced last week by Qatar Development Bank’s (QDB) CEO Abdulaziz bin Nasser Al Khalifa during his address at the Carnegie Mellon University in Qatar (CMU-Q).

Moushtarayat 2017, which was held in April 6 to 8, at Doha Exhibition and Convention Center, was organised by QDB in collaboration with the Ministry of Finance (MoF). 
The expo offered about 2,000 job opportunities to local SMEs with an estimated cumulative value worth up to QR2.5bn.

The second edition followed the success of the first edition of this event -Moushtarayat 2016. The first edition of the exhibition saw the participation of 25 governmental and quasi-governmental entities, including Ashghal, Kahramaa, and several ministries, offering 450 jobs with an estimated cumulative value worth up to QR3bn. Contracts valued at approximately QR111m were signed as an outcome of the event.

QDB, which was established as Industrial Development Bank in 1997 with an initial capital of QR200m was renamed as QDB in 2008, and today it has grown into big organization with a capital value of QR10bn. It is serving more diversified sectors of the economy with a debt portfolio of about QR8.5bn.

QDB through its various initiatives, such as export promotion programme, loan guarantee programme, exhibitions, conferences, seminars, workshops, and Majlis, has been consistently supporting local SMEs so that the private sector may become active contributors to the diversification of the economy.

In addition to providing market information, consultancy, financial support, accessibility, and training and incubation facilities, QDB is also providing market access both at local and international levels.

Under its export promotion programme (Tasdeer) over 150 companies participated in 20 exhibitions around the world.

QDB also participate very aggressively in various exhibitions and match making events. This helps improve competitiveness and expand operations of small and medium firms to a larger scale.

The government is providing all the needed support to private companies and budding entrepreneurs, which has brought tangible results on the ground. The steps taken by the authorities will go long way to achieve the economic diversification and will further strengthen Qatar’s private sector.