Doha: 10 January, 2016

Qatar Development Bank announced today that Abdulaziz Bin Nasser Al-Khalifa, CEO of Qatar Development Bank (QDB), and Mr. Bassel Gamal, Qatar Islamic Bank (QIB) Group Chief Executive Officer, signed a new Al Dhameen Programme Portfolio Agreement sponsored by QDB, enabling further expansion of SME financing in Qatar, on Sunday.

The agreement was attended by QDB officials Khalid Abdulla Al Mana, Executive Director of Business Finance and Ms. Jawaher Al Noaimi, Al Dhameen Programme Manager. QIB was represented by Tarek Fawzi, General Manager, Wholesale Banking Group and Mazen Al Thalathini Assistant General Manager-Corporate Banking, and Basem Shahrouri Head of Business Banking Division.

With QR100m portfolio, the new product "Al Dhameen portfolio" aims at facilitating and speeding up the approvals to guarantee the value of the funding provided by the partner bank to small and medium enterprises lacking sufficient guarantees. QDB has prepared a special portfolio guide that describes the terms, conditions, and highest international standards, due diligence, credit monitoring, applications and guidelines development, to help QIB to take the necessary decisions without referring to QDB.

Al Dhameen has contributed to an ever evolving Qatari private sector, with a record QR 846 million in guarantees to over 348 SMEs, since its initiation in 2010. Over QR 569 million have been cashed already.

On this occasion, Mr. Abdulaziz Bin Nasser Al-Khalifa, CEO of Qatar Development Bank said: "Al Dhameen program primarily aims at facilitating the financing procedures to some of the most important sectors such as industry, education, healthcare, and added-value services. The program is mainly targeting companies and start-ups, and we are delighted with this partnership with QIB, which asserts that all banks operating in Qatar to support and develop the SMEs sector, diversifying the private sector and build a knowledge-based economy."

Commenting on the agreement, Mr. Bassel Gamal, QIB Group Chief Executive Officer said: "This agreement underscores QIB's commitment towards supporting the country's economy, by enhancing the role of the private sector and contributing to a suitable economic diversification as part of Qatar National Vision 2030. It enables our existing and potential customers to get what they need swiftly and seamlessly, thus supporting the establishment of new SMEs and helping operating companies with their business expansion plans".

"We are proud of our strong ties with Qatar Development Bank, and we are committed to further enhance the mutual cooperation to achieve the agreement's objectives which will contribute significantly in speeding up the process to provide financing solutions for SMEs. Supporting the SME sector is one of our top priorities, and for that reason, we have a dedicated program,"Aamaly", designed to cater for all the financial needs of Small and Medium enterprises in Qatar" added Mr. Gamal. 

SMEs can benefit from the new program by visiting their nearest QIB branch and inquiring about applications in accordance with the QIB program.

In enhancing and improving the Al-Dhameen program, QIB relied on the survey of partner banks and all concerned parties to expand the base of beneficiaries and allow the partner banks to determine the appropriate small and medium enterprises to be financed and to fund them more flexibly.

-Ends-

About Qatar Development Bank (QIB)
Qatar Development Bank (QIB) was established in 1997 as the Qatar Industrial Development Bank, a 100% government-owned developmental organisation. 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, the bank revisited its mission statement to reflect the successful completion of its new strategic objective and changed its name to Qatar Development Bank. The State of Qatar, QIB'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, QIB has launched a considerable number of strategic initiatives and programs, all designed to directly contribute to the economic growth and development of Qatar.

QIB'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. QIB 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.

QIB'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.

© Press Release 2016