· Prime Minister and Minister of the Interior, H.E. Sheikh Abdullah bin Nasser bin Khalifa al-Thani, attended the ceremony and distributed awards to the top 50 local companies being honoured at this event.
· Governor of Qatar Central Bank (QCB) and Chairman of Qatar Development Bank (QDB), H.E. Sheikh Abdullah bin Saud al-Thani participated in the ceremony, along with other distinguished and eminent guests from across state ministries, diplomatic missions and leading organisations in Qatar.
Doha, State of Qatar: Under the patronage of the Prime Minister and Minister of the Interior, H.E. Sheikh Abdullah bin Nasser bin Khalifa al-Thani, Qatar Development Bank (QDB), in collaboration with Qatar Chamber, honoured 50 top local small and medium-sized enterprises (SMEs) at the awarding ceremony of SME Excellence List 2016. The initiative was designed to provide a valuable platform for exceptional local SMEs, as it showcased their achievements in front of ministers of the state, heads of diplomatic missions, and distinguished private and public sector leaders in attendance at the ceremony.
Commenting on this initiative, Chief Executive Officer (CEO), QDB, Abdulaziz bin Nasser al-Khalifa said: "We are delighted to stand before you today with yet another proactive initiative: SME Excellence List 2016. To this end, QDB has shortlisted 50 outstanding performers of the local private sector from amongst a collection of more than 800 SMEs. Our team distinguished these finalists on the basis of stringent criteria – a testament of their success is that the total income achieved by these 50 SMEs amounts to nearly 1 billion Qatari riyals.”
He added: “It is our firm belief that these companies have taken tremendous strides to unlock their potentials – these 50 SMEs have demonstrated optimum operational performance and efficiency of production by adopting the highest quality of standards and following best international practices. In the days to come, we urge them to continue focusing on development and innovation in all aspects of their work, so that they may compete locally, regionally and globally with the very best in their respective industries, as envisioned in Qatar National Vision 2030. Furthermore, in future, we encourage all SMEs operating in the country and registered in Qatar to seize the opportunity and join our SME rating initiative.”
During his address, CEO, QDB, Abdulaziz bin Nasser al-Khalifa elaborated that the biennial SME Excellence List ranking program sheds light on the growing maturity within the private sector and the ability of the budding SME sector to generate large incomes. A key objective of the ranking program is to foster a culture of transparency and competition in the economic system by ranking top SME performers on a clearly established set of criteria and providing a roadmap to success for other SMEs to follow. He outlined QDB’s plans to provide detailed reports over the course of the coming weeks, which will clearly illustrate both the key performance areas of the winners of the SME Excellence List 2016 awards, as well as the weaknesses that need to be addressed, in order to successfully compete for the next instalment of the initiative.
The evaluation criteria, adopted by QDB, for determining the 50 top finalists for the SME Excellence List 2016 included: financial performance, rates of staff development and retention, innovation and use of technology, integrity and transparency, application of quality standards and certifications, and finally, commitment to environmental protection in terms of waste management and compliance with environmental legislation.
Notably, the SME Excellence Ranking Program contributes to the holistic development of the SME ecosystem by rewarding the local business community in Qatar for adopting best private sector practices and showing outstanding financial results. Through recognising the achievements of successful SMEs in front of an audience that includes top local and international industrial leaders and decision-makers situated in Qatar, QDB and its partners aim to give the winners a competitive edge in securing new business opportunities.
Additionally, SME Ranking Program serves as a platform for the exchange of ideas on best practices in the SME sector, providing a learning opportunity for all attendees.
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About Qatar Development Bank (QDB)
Qatar Development Bank (QDB) was established in 1997 as the Qatar Industrial Development Bank, a 100% government-owned developmental organization. Its primary aim was to develop investments within local industries, thereby accelerating growth and economic diversification in Qatar through support for private sector. Between 1997 and 2005, the bank expanded its portfolio, diversifying from its industrial base to include support and guidance for a range of non-industrial sectors identified as key to the development of Qatar. Shortly afterwards in 2006, the bank revisited its mission statement to reflect the successful completion of its new strategic objective and changed its name to Qatar Development Bank. In 2008, The State of Qatar, QDB 's sole shareholder, increased the bank's capital from 200 million to 10 billion riyals in 2008. Since that time, and reflecting the expansion of its mission and financial assets, QDB has launched a considerable number of strategic initiatives and programs, all designed to directly contribute to the economic growth and development of Qatar.
QDB 's strategy is entirely in line with Qatar National Vision 2030. It is focused on promoting and facilitating the growth of the private sector in Qatar within key economic channels. In turn, this support will enable the development of long term, sustainable social and economic benefits across the economy.
Aside from offering financial support, Qatar Development Bank is tasked with promoting entrepreneurship in the private sector, facilitating the development of key economic sectors through the provision of capital and advisory services. QDB has also launched several initiatives, including Al Dhameen program, an indirect loan facility to guarantee commercial bank loans to private sector companies, in collaboration with other banks and financial institutions. QDB 's export arm " TASDEER" program was created to develop and promote exports from Qatar, providing export credit guarantees in addition to financial products and solutions designed to mitigate the risks imposed on local exporters. The bank also provides consulting services in business development to help entrepreneurs to prepare for business. This will include feasibility studies, the conduct of market research and the selection of appropriate techniques; fundamentally helping to develop the capabilities of SME owners to enhance and refine their skills in the market and establish strong ties with financial and non-financial support entities.
For more information, please contact
Sarah Mahmoud
Kalimat
E-mail: sarah@kalimat.qa
Mobile: +974.7402.2174
© Press Release 2016
