(MENAFN- Gulf Times) Qatar Development Bank's 'Al Dhameen' programme has guaranteed some 69 small and medium enterprises (SME) with a total value of QR174mn last year, said QDB's Al Dhameen manager Jawaher al-Noaimi.
She was speaking at an SME customer meet related to the projects financed under QDB's Al Dhameen Guarantee programme and organised by Doha Bank in Doha.
"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," al-Noaimi said.
"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 SMEs due to the high-risk ratio of some in the sector.
"One of the most important objectives of Al Dhameen is to work with partner banks and supporting institutions, and not compete with them. Our mission cannot be achieved without strong and committed partners like Doha Bank, who remain at the forefront of powering Qatar's private sector and wider economic journey," al-Noaimi said.
The meeting began with an introductory speech by Doha Bank Group CEO, Dr R Seetharaman who underlined the role played by the bank in supporting SMEs in Qatar, in line with the Qatar National Vision (QNV) 2030.
SMEs are expected to play an important role in supporting Qatar's diversification and hence various initiatives have been proposed by QDB to stimulate them. Doha Bank would be looking forward to participate in Qatar's diversification story by encouraging the SME sector. The SME sector will play a key role in Qatar's Sustainable development, Seetharaman said.
He said, "Doha Bank already enjoys a sizeable SME customer base and 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. The SME sector in Qatar is promising, and is expected to grow rapidly and will play an important role in Qatar's overall growth," Seetharaman said. Doha Bank said it is committed to continue meeting the requirements of the 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 wants to do business with corporates in India.
Doha Bank has recently financed some five new projects under Al Dhameen programme. They include a state-of-the-art auto battery factory; a dental clinic employing the most advanced equipment; welding electrodes, a bitumen unit; and a tourism project.
The projects are equipped with most advanced equipment and machines. The total outlay on these projects will exceed QR50mn, Doha Bank said.
All these projects will not only generate local employment but will also enable consumers to meet their consumption demands from locally produced products. Such projects are seen helping the country to reduce its reliance on oil and gas-based industries and bring the know-how to the country's doorsteps.
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