Qatar Development Bank (QDB) has introduced ‘SME Directory 2024’ to strengthen the private sector and drive a self-sufficient circular economy.
The initiative aims to connect manufacturing Qatari small and medium enterprises (SMEs) with local buyers to support the localization of supply chains. In addition to manufacturing sector, QDB has recently expanded the directory with service sector companies, thereby contributing to the national economy.
The SME Directory 2024 includes more than 399 service sector companies alongside the 556 manufacturing companies already listed. The service sector is a vital industry that strengthens the competitiveness of Qatari companies, both locally and internationally.
The sector acts as a significant contributor of innovation and enhances the quality of life and services provided to the community. Through this initiative, QDB seeks to promote balanced development across all economic sectors that benefit the whole national economy.
Local companies play a key role in attracting circular economy. The support of local companies will reduce the reliance on imports, flourishing local employment opportunities, and enhancing economic sustainability. The directory aims to improve the efficiency of local business operations by presenting comprehensive information on Qatari companies and their offerings.
Mr. Abdulrahman Heshem Al-Sowaidi CEO – QDB
“Our initiatives in localizing businesses and accelerating their growth in collaboration with the relevant authorities, are integral to the Third Qatar National Development strategy, which focuses on empowering the private sector and SMEs with the tools necessary for their growth. And providing financing at competitive profit rates serves the purpose of localizing supply chains and urging local companies to localize their procurements for strengthening the collaborations between national supply chains, which complements the efforts aimed at increasing the competitiveness and sustainability of the private sector. The SME Directory is part of these efforts, serving as a key reference for localizing supply chains by facilitating access to Qatari companies and introducing them and their services and products to buyers. Additionally, the SME Directory highlights the availability of local raw materials, emphasizes the interconnectedness of domestic industries, and ultimately promotes a shift from imports to locally sourced products.”
SME Directory enables Qatari companies to establish new business and expand into international markets. To stimulate the localization of supply chains, QDB also offers competitive financing to local companies for the purchase of domestic products of raw materials and services at a profit rate not exceeding 2.5 percent.
Through the launch of several initiatives including 2024 Government Procurement Forum, QDB has made significant advancements to contribute to the localization of SME businesses, in cooperation with the Ministry of Finance and the Ministry of Commerce and Industry.
Supporting SMEs is part of QDB’s comprehensive strategy to boost the competitiveness of the Qatari economy and drive sustainable development. From providing financial services to market expansion, the strategy includes multiple initiatives and falls in with Qatar National Vision 2030.
