(MENAFN- The Peninsula) Qatar Development Bank (QDB) has launched an integrated consultancy programme 'Isteshara' to provide different types of advisory services to small and medium-sized enterprises (SMEs).
The subsidised professional consultancy services are available to all Qatari entrepreneurs and SMEs. QDB has announced that it will bear 70 percent of the consultancy service cost, while the entrepreneur, or SME, will pay the remaining 30 percent.
Delivered in partnership with accredited service providers, there are currently four services within the Isteshara (consultancy) platform. They are: Jadwa (consultancy services), Oqood (legal services), Tadqeeq (bookkeeping, audit and taxation services) and Eyada (SMEs clinic).
The programme aims to support local entrepreneurs on their journey to success by validating the commercial feasibility of their business opportunities and ideas, enhancing operational efficiency, competitiveness and profitability.
QDB's initiative is expected to help contribute to the economic diversification by providing business consultancy services pertaining to legal, financial and advisory initiatives designed to support business opportunities, startups and existing SMEs.
"We at QDB are providing all the possible support to Qatari entrepreneurs and SMEs to ensure that they are able to compete in the local as well as international markets," said Abdulaziz bin Nasser Al Khalifa, CEO of QDB. "Under the programme we are providing specialized training to make them well-equipped with the best possible knowledge to make their businesses competitive and sustainable," he added.
Al Khalifa, speaking at a press a conference yesterday, said: "We also provide them incubation facilities through Qatar Business Incubation Centre and easy access to finance directly through QDB as well as through our partner banks by extending them guarantee."
He further said that QDB helps SMEs in getting ISO certification and match-making by providing them market information to many local companies that are looking forward to overseas expansion.
In addition, QDB has also launched an SME rating programme. Under the rating scheme, the development bank identifies certain SMEs and helps them overcome gaps related to finance, human resources and others.
Referring to government statistics, Al Khalifa, said data show that there is an adequate growth in the non-hydrocarbons sector's contribution to the GDP. "We do not claim that we are the only contributor to the sector but we are of course a major contributor to the economic diversification. QDB is helping the private sector to increase its contribution to the GDP, and our programmes speak on our behalf."
He further added that last year QDB took some 150 SMEs to the international market where they managed to sign deals worth about QR250m.
Other QDB officials who addressed the media were Hamad Al Kubaisi, Executive Director of Strategy and Business Development, and Ibrahim Abdulziz Al Mannai, Learning and Development Manager.
"We are building new programmes focusing on the SMEs sector, especially for those involved in the manufacturing industry, to make them more innovative to sustainable," added Al Mannai.
"Last year we trained nearly 200 entrepreneurs by spending some 120 learning hours. And this year (during the first quarter) we have supported over 70 companies, and another 60 have already been registered for the second quarter that will be provided similar services under the Isteshara programme."
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