(MENAFN- The Peninsula) Doha Bank organised a SME customer meet related to the projects financed under Al Dhameen guarantee programme of Qatar Development Bank (QDB).
Addressing the event, the bank's CEO Dr R Seetharaman said SMEs are expected to play an important role in supporting Qatar's economic diversification. Doha Bank will participate in Qatar's diversification story by encouraging the SME sector.
"Doha Bank already enjoys a sizeable SME customer base & a strong corporate and retail business franchise with branch presence across the country to meet customers growing requirements. At Doha Bank, we know that doing business in today's economic climate is challenging - and that situations and business needs can change overnight', is what he reiterated. SME sector in Qatar is promising, and is expected to grow rapidly and will play an important role in Qatar's overall growth," Dr Seetharaman noted.
By providing financial guarantees for projects, QDB seeks to promote the entrepreneurial spirit of the private sector and offer services that will facilitate the development, growth and diversity of the national economy," said Jawaher Al Noaimi, Al Dhameen Manager at Qatar Development Bank. "Al Dhameen has helped SMEs in Qatar overcome the challenges they face when seeking commercial financing. The programme has also helped banks overcome reservations about financing small and medium-sized companies due to the high-risk ratio of some in the sector. In 2014 alone, Al Dhameen guaranteed over 69 clients with a total value of QR174m," she said.
Doha Bank is committed to continue meeting financial requirements of SME sector in Qatar and also through its offices in Dubai, Abu Dhabi, Sharjah and Kuwait. Doha Bank has started its operations in India which will help businesses coming from India to start in Qatar as well as corporates who want to do business with corporates in India.
Doha Bank has already demonstrated its long term commitment to the success of SMEs by supporting Al Dhameen guarantee programme of Qatar Development bank. The bank has recently financed five new projects under this programme such as setting up a state of the art auto battery factory, establishing a dental clinic employing the most advanced equipment, welding electrodes, bitumen unit, and tourism project. The projects are equipped with most advanced equipment & machines. The total outlay on these projects will exceed QR50m.
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