16/04/2018 07:43 AST

Qatar Development Bank (QDB) yesterday announced the launch of the first of its kind ‘SME Toolkit’ to further strengthen the SME sector in Qatar. More than just offering financial services, the tool kit will provide a holistic solution to the entrepreneurs, said Abdulaziz bin Nasser Al Khalifa, Chief Executive Officer of Qatar Development Bank; and Farah Al Kuwari, Statistics & Research Manager at the Bank.

Named as “SME Toolkit: Policies and Procedures Guidelines for SMEs owners” the solution offers entrepreneurs and SMEs all the relevant information on the governmental procedures and requirements during all stages of the business lifecycle, be it the planning or the execution stage or operational and expansion of the project such as the procedures for recruitment and export.

This Toolkit is the first of its kind because the SME community in Qatar and for the for the first time can use a single source to access and browse an online tool to find the relevant procedures and entities that they need to deal with to take their business forward. The tool takes the users through all the business phases, explaining the business documents needed and the relevant fees if any and the procedures they need to follow, the CEO said. The launch of the dedicated Toolkit follows QDB’s extensive interaction with the local SME’s during the last “Al Majlis for Entrepreneurs” forum, to understand the challenges and difficulties entrepreneurs come across during the various phases of their businesses.

Abdul Aziz bin Nasser Al Khalifa said: “QDB is committed to serve the nation’s local business community, the SME ecosystem and the economic sustainability. The role of QDB is not only to support and train entrepreneurs to transform ideas into projects, but also to finance their projects, support their growth and expansion, and help them reach local as well as global markets. By providing SMEs with access to vital information, we are optimistic that the SME Toolkit will help empower the local entrepreneurial community.”

Based on the feedback from entrepreneurs and SMEs in 2017, QDB developed the content of this guide, through a specialized legal office, with a coordinated effort with a number of governmental bodies and relevant ministries, as well as information obtained from other websites. The tool kit has been designed to guide entrepreneurs and SMEs to the procedures and policies to be adopted at different stages of development of a project, through a single source.

Farah Al-Kuwari said the SME tool kit is comprehensive and will cover all subsectors of SMEs, including micro, small and medium businesses. “All the procedures of QDB are connected with Qatar’s existing commercial laws. As we are not expecting common man to understand the legal language, we are seeking the support of an international consultancy, working with a legal firm, to simplify the relevant information”, she said.

Each ministry has its own procedures on their own platforms, but to make it easier for SMEs, QDB collected all the information and procedures in one online platform, which is the bank’s website. All information regarding the tool kit is available on QDB website.

QDB also kicked off the 4th “Al Majlis for Entrepreneurs” forum yesterday to discuss the latest challenges facing entrepreneurs in Qatar, and the main topic of the forum was to shed lights on how to access information from its right sources, and what services QDB is offering to overcome this challenge.


The Peninsula

Ticker Price Volume
QNBK 196.50 47,039
APPC 52.50 136,631
JARIR 154.40 128,461
SAICO 12.10 1,639,850
WALAA 22.60 154,172
CATERING 86.50 91,333
ALMARAI 51.10 75,356
Saudi tech startup sector rapidly evolving to help in economic expansion

10/12/2018

Saudi Arabia’s tech startup ecosystem may be nascent, but is rapidly evolving to support economic growth, a new report by Wamda, in collaboration with OC&C Strategy Consultants, shared at the Riyadh

Saudi Gazette

Leading Emirates health care, education investor eyes Saudi Arabia

10/12/2018

Since launching Foundation Holdings in 2016, Abhishek Sharma has scoured the GCC and India for investment opportunities. Now, the prominent UAE health care and education investor is closing in on ta

Arab News

Qatar Chamber, Indonesian delegation discuss promoting cooperation

10/12/2018

The Qatar Chamber (QC) has discussed prospects of promoting cooperation in different investment fields, with a visiting Indonesian trade delegation headed by Head of Investment Division at the Indone

The Peninsula

Boosting trade & investment key to GCC growth: IMF

10/12/2018

Trade and investments are key to the diversification and growth in the GCC. Diversification of the GCC economies, supported by greater openness to trade and higher foreign investment, can have a larg

The Peninsula

Economic recovery expected to improve profitability of GCC banks in 2019

10/12/2018

The GCC banking sector is set for improved profitability, better asset quality and stable balance sheet strength in 2019, thanks to a better operating environment supported by higher government spend

Gulf News