Doha-based government-owned financial entity, Qatar Development Bank (QDB) has unveiled a version of its “Al Dhameen” initiative for micro-enterprises, a first in the country.
Mr. Abdulrahman Hesham Al-Sowaidi, the Acting CEO of QDB stated that the new Al Dhameen variation will strengthen the position of micro-enterprises and open new horizons for them.
The QDB Acting CEO further added that the program will contribute to the development of the national business system in terms of financial availability and will provide new financial channels for micro-enterprises to guarantee in collaboration with partner financial institutions.
Mr. Al-Sowaidi stressed that, the Al Dhameen program has achieved great success within 10 years of launch, enabling more than 350 small and medium companies to obtain guarantees worth more than $272.8 million (QR1 billion), and that the program has been able to develop updates in line with the aspirations of entrepreneurs.
The Al Dhameen program for micro-enterprises is identified by a profit margin and a variety of conditions, the most important of which are; guaranteeing 100 percent of the value of the funding, and enabling micro-enterprises to create their own credit history without the need for a contribution percentage from entrepreneurs.
According to QDB statement, the updates are being introduced to the “Al Dhameen ” program for ‘Small and Medium Enterprises’ with the aim of attracting SME companies seeking funding to develop businesses.
The updates were based on reviews involving entrepreneurs and partner banks, after reviewing best international practices for identifying aspects of development in the interests of both parties, streamlining procedures and improving the terms of guarantees.
Al Dhameen
The QDB Al-Dhameen is a guarantee program, which encourages banks to offer financing to startups and SMEs that are unable to provide the necessary financing guarantees or collateral.
