(MENAFN- The Peninsula) The Peninsula
In its drive to raise the scale of opportunities available to the diverse ecosystem of businesses operating in the local private sector, Qatar Development Bank (QDB), signed a memorandum of understanding (MoU) with Tawar Mall to generate a new wave of commercial opportunities available to micro, small and medium-sized enterprises (MSMEs). This agreement sees both signatories jointly identifying and promoting promising local small-scale businesses by offering them kiosks and other outlets across the shopping mall at competitive renting rates.
In a ceremony attended by top-ranking officials of both parties, the MoU was signed by Abdulaziz bin Nasser Al Khalifa, Chief Executive Officer (CEO), QDB and Jassim Jabor Tawar Al Kuwari, Chairman, Tawar Mall. Also in attendance at the event The new agreement outlined the intended scope of cross-sectoral cooperation between the two partners, including QDB's extension of assistance to Tawar Mall in identifying innovative small-scale local enterprises.
For its part, Tawar Mall's cooperation will offer specially-discounted rates to eligible local businesses to support their inclusion in the outlet facilities present at the 'Old Souq wing of mall.
'The State of Qatar increasingly needs the support and talent of its own children to support its growth if it is to truly achieve sustainable progress. Partnerships between Qatari organizations like QDB and Tawar Mall are critical in supporting an independent, self-reliant economy, said Al Khalifa.
On the other hand, Al Kuwari said: 'It is my privilege to announce the partnership of QDB and Tawar Mall. There is no doubt that this significant partnership will be a turning point for the local Qatari companies as we pledge complete support towards uplifting regional business. Tawar Mall is a modern shopping mall that will become the center of commercial life in the heart of Qatar in near future. I hope this cooperative step that we have taken will encourage other companies and investors to join us and provide the best of services for our guests.
Notably, the opportunities offered by the agreement are available to MSMEs from wide range of different sectors, such as food and beverages, fashion, aromatics, jewellery and accessories as well as handicrafts. As an integral stipulation to the agreed scheme for MSME support, only those Qatari businesses that produce their merchandise locally will be eligible.
To apply, interested businesses must submit their valid commercial registration licenses as well as project-specific business plans to QDB, clearly outlining their products and services. The submissions are to be inclusive of images of merchandise, packaging, presentation as well as pricing. In addition to raising the scale of opportunities for Qatari MSMEs, QDB and Tawar Mall's joint cooperation is expected to add to the diversity of franchises and outlets at the popular shopping destination, hence giving mall visitors more value for their visit.
Old Souq the indoor bazaar of the mall where qualifying MSMEs will be hosted is an ambient fusion of primeval and contemporary
The agreement between QDB and Tawar Mall comes as the latest in a series of cross-sectoral MoUs signed by the development agency in recent days. Last month, QDB signed a similar agreement with Merraas Real Estate at Al Mirqab Mall to support MSMEs.
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