Doha Bank organized a SME customer meet related to the projects financed under AL Dhameen Guarantee program of Qatar Development Bank. (QDB)
The meeting started with an introductory speech by the bank’s CEO, Dr. R. Seetharaman who underlined the role played by Doha Bank in supporting SMEs in Qatar, in line with Qatar National Vision (QNV), 2030. SMEs are expected to play an important role in supporting Qatar’s diversification and hence various initiatives have been proposed by QDB to stimulate them. Doha Bank would be looking forward to participate in Qatar’s diversification story by encouraging the SME Sector. The SME Sector will play a key role in Qatar’s Sustainable development.”
He also said that ‘Doha Bank already enjoys a sizeable SME customer base & a strong corporate and retail business franchise with branch presence across the country to meet customers growing requirements.’
‘At Doha Bank, we know that doing business in today’s economic climate is challenging – and that situations and business needs can change overnight’, is what he reiterated. SME sector in Qatar is promising, and is expected to grow rapidly and will play an important role in Qatar’s overall growth.
“By providing financial guarantees for projects, QDB seeks to promote the entrepreneurial spirit of the private sector and offer services that will facilitate the development, growth and diversity of the national economy,” said Mrs. Jawaher Al-Noaimi, Al Dhameen Manager at Qatar Development Bank. “Al Dhameen has helped SMEs in Qatar overcome the challenges they face when seeking commercial financing. The program has also helped banks overcome reservations about financing small and medium-sized companies due to the high-risk ratio of some in the sector. In 2014 alone, Al Dhameen guaranteed over 69 clients with a total value of QAR 174 million,” she said.
She added, “One of the most important objectives of Al Dhameen is to work with partner banks and supporting institutions, and not compete with them. Our mission cannot be achieved without strong and committed partners like Doha Bank, who remain at the forefront of powering Qatar’s private sector and wider economic journey.”
Doha Bank is committed to continue meeting financial requirements of SME sector in Qatar and also through its offices in Dubai, Abu Dhabi, Sharjah and Kuwait. Doha Bank has started its operations in India which will help businesses coming from India to start in Qatar as well as corporates who wants to do business with corporates in India.
Doha Bank’s demonstrated its long term commitment to the success of SMEs by supporting AL Dhameen guarantee program of Qatar Development bank. Doha Bank has recently financed 5 new projects under this program such as setting up a state of the art auto battery factory, establishing a dental clinic employing the most advanced equipment, welding electrodes, bitumen unit, and tourism project.
The projects are equipped with most advanced equipment & machines. The total outlay on these projects will exceed QR 50 min
All these projects will not only generate local employment but will also enable consumers to meet their consumption demands from these locally produced products. Such projects help the country to reduce its reliance on Oil & Natural Gas based industries and to bring the know-how to the country’s doorsteps. Doha Bank is also working on other such pioneering projects which reflect that Doha Bank is strongly committed to promoting Qatari SMEs.