In 1997, Qatar Development Bank (QDB) was first established as Qatar Industrial Development Bank (QIDB) in a fundamental step to expanding Qatar’s indigenous industrial infrastructure. The aim of the newly-created 100% government-owned developmental organization was to develop investments within local industries, thereby accelerating growth and economic diversification of the private sector in Qatar.
Since then, its portfolio has greatly expanded—today, QDB is a centerpiece to achieving the Qatar National Vision 2030.
To promote the private sector, QDB locally extends wide-ranging financial and non-financial support to entrepreneurs across a myriad of industries—the development organization runs a series of initiatives that promote the entrepreneurial spirit in the citizenry to create private startups on an ongoing basis. One case-in-point is Al-Fikra National Business Competition, whose fifth edition was launched in August 2016, and yet another is Global Entrepreneurship Week, the second edition of the Qatar-based instalment of the worldwide initiative, launched in November 2016. Other schemes, such as the eco-friendly Jahiz I and Jahiz II initiatives, seek to empower alreadyexisting local SMEs that are operating across a diverse range of industries, including: chemicals, electronics, plastics, wood materials as well as food and beverage. Furthermore, Al Dhameen service proves critically important in the service of entrepreneurs because these indirect loan facilities are viable by both existing companies as well as completely new startups. The purpose of these initiatives is to strengthen the non-oil and gas product manufacturers in the private sector.
Through its Tasdeer export program, QDB aims to strengthen the presence of Qatari companies on prestigious global platforms, linking Qatari specialists to international experts across the world’s production industries. In 2016, QDB took part in a number of expos from across a broad spectrum of industries—to cite a few examples, the bank recently concluded the showcasing of over 20 local manufacturers from Qatar’s agri-food, plastics and rubber industries at globally-renowned expos like SIAL Paris and K2016 in Paris, France and Düsseldorf, Germany respectively. Most notably, QDB was the sole development agency nominated from amongst the countries in the Gulf Cooperation Council (GCC) and Middle East and North Africa (MENA) region for the 2016 Trade Promotion Organization (TPO) Award, under the category of the best development agency in a developing country, in Marrakech, Morocco.
In the days to come, embracing its national responsibility, QDB will continue to empower the nation’s citizens to tap into the latest wave of economic globalization and evolve Qatar’s economy as outlined in National Development Strategy (NDS) 2017-2022.
This post is also available in: Arabic