QDB offers comprehensive SMEs package to support economic development: Al-Khalifa
May 20 2019 09:09 PM
Al-Khalifa: Comprehensive package of services for Qatari entrepreneurs.
Al-Khalifa: Comprehensive package of services for Qatari entrepreneurs.

QNA Doha

The CEO of Qatar Development Bank (QDB), Abdulaziz bin Nasser al-Khalifa has said the QDB is making efforts to promote economic development by providing a comprehensive package of advisory, financing and training services for entrepreneurs as well as small and medium enterprises (SMEs) in the country.

He urged SMEs to register for the second edition of ROWAD Award 2019 that seeks to promote innovation and entrepreneurship among SMEs in Qatar.

In a speech at a QDB Ramadan meeting with a number of entrepreneurs and SMEs business owners, al-Khalifa said QDB aims to develop the capabilities of entrepreneurs to expand their knowledge and skills to ensure the development of this sector and contribute to empowering entrepreneurs and encouraging them to expand their business. This will lead to the development and diversification of local economic resources to build a knowledge-based economy, he said.

Qatar Business Incubation Center's (QBIC) senior incubation officer, Khaled Alrayes reviewed the efforts of the QBIC to build a strong community of entrepreneurs.

He pointed out that the QBIC launched programmes to support entrepreneurs in which more than 500 people participated over the past years.

The QBIC undertook more than 160 projects during the past five years, explaining that the 13th Lean Startup Programme will be launched next year.

Last month, the QDB announced the opening of registration for the second edition of Qatar Entrepreneurship Award "ROWAD 2019", which aims to promote the spirit of innovation and entrepreneurship among SMEs in Qatar.

"ROWAD 2019" will provide an ideal platform for entrepreneurs to showcase their creative ideas and innovations which will play a vital role in developing the economy.

The award seeks to highlight the pivotal role SMEs play in the national economy, promote transparency and competitiveness among companies, and help motivate SME owners to work to improve and improve their current level.

The first edition of ROWAD Award selected 25 projects among 500 applicants. The categories for this year include 'Best Microbusiness Award' for those businesses that have been successfully operating for more than two years with a growth vision, has a specific action plan, and a proof of financial performance; 'Best SME Award' is to recognise businesses operating for three years or more with a clear and specific growth plan, have demonstrated its financial performance for two years, and adopted innovative ways to reach customers, product development or production process; 'Self Sufficiency Award' is for SMEs that have made significant contributions to Qatar's self-sufficiency, by meeting the local market needs and reducing dependence on imports; and "Best Exporting SME Award" will be awarded for successfully exporting products for a defined period of time.

The event will also see a new category, "Innovative Solution Award" for businesses that provide innovative products and services to support Qatar's economic growth.

Only Qatari citizens can apply for these awards with no age restriction.

The evaluation criteria for the entries will be based on parameters such as entrepreneurial spirit; innovation; financial health; sustainability; and growth potential.

The applications will be screened by two teams of internal and external judging panels and the winners will be announced during a special ceremony to be held during the Global Entrepreneurship week.

Last updated: May 20 2019 10:42 PM

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