DOHA: Qatar Development Bank (QDB) and Social Development Centre (SDC) signed an agreement yesterday establishing business incubator in Qatar which hosts and supports entrepreneurs here.
The project which is under the title 'Qatar Business Incubator' is the first of its kind in the country and the biggest in the region in terms of number of enterprises it will support.
Designed to develop the skills of SMEs in Qatar in terms of the number of companies that will receive the support, business incubators are set to promote local enterprises to cater the needs of major development projects in Qatar in alignment with Qatar National Vision 2030 and World Cup 2022.
The initial investment to establish and operate the Incubator will be around QR70m which will be shared equally between the two parties.
The project will be implemented in two phases, where phase one will be established at Al Bidda Park as small incubator incubating 35 companies and pre-incubation of up to 50 entrepreneurs in 2012, while phase two at Industrial Area with nearly 14,000sqm built up area, incubating 209 companies and pre-incubation of up to 103 entrepreneurs- expected completion after two years.
Also the project purposes Enhancing survival rate and sustainability of local start-up SMEs and to further utilise the developed know-how, to support Qatar's private sector (New economy).
According to the agreement the incubators will build competitiveness of SMEs by strengthening the value chains through horizontal, vertical and clustered linkages, besides promoting efficient and best business practices that lead to sustainable business eco-system, as well as providing outreach programs to raise awareness and attract all potential entrepreneurs.
Mansoor bin Ibrahim Al Mahmoud, Chief Executive of QDB has signed the agreement on behalf of the bank, while Amaal Abdullatif Al Mannai, Executive Director of SDC, signed for the Centre.
The programme enables entrepreneurs to benefit from other services provided by the Centre that include advisory, financial, and administrative services along with financing facilities.
Al Mansoor affirmed that the incubators are designed to accelerate the successful development of Qatari entrepreneurial companies through an array of business support resources and services, developed and orchestrated by incubator management and offered both in the incubator and through its network of contacts.
Successful completion of a business incubation program increases the likelihood that a start-up company will stay in business for the long term, he said.
Al Mannai said the main objective of the establishment of business incubators are mainly focused on economic development and creating new opportunities in Qatar through, the establishment of new projects and improve the efficiency of business performance in SMEs and to raise innovation and promote industrial projects and create a firm relationship between major industrial enterprises and small businesses, as well as help new projects to grow at an accelerated pace.
© The Peninsula 2011
