Qatar Development Bank Funds $410 Million to SMEs

Small and Medium Businesses (SMEs) in Qatar received a boost in 2024 as Qatar Development Bank (QDB) on Sunday said that it has provided $410 million in direct financing to them, marking a 33% increase compared with 2023. This brings the total outstanding direct financing facilities to $1.76 billion so far.

The bank further revealed that the volume of indirect financing facilities currently stood at approximately $200.52 million, with over 1,400 SMEs benefiting from both direct and indirect financing.

QDB also highlighted that its investment portfolio in Qatari start-ups exceeded $82.41 million last year, reflecting a growth rate of 23.5% compared with 2023. Additionally, more than 450 start-ups have benefited from QDB’s diverse incubation programs, having been nurtured and trained in the bank’s business incubators and accelerators.

Besides, QDB also provided advisory and guidance services to over 360 entrepreneurs and SME owners in 2024. Furthermore, more than 6,000 start-ups, SMEs, and new entrepreneurs participated in workshops, training sessions, capacity-building programs, and other initiatives offered by the bank throughout 2024.

QDB facilitated export financing and insurance totalling $800 million, conducted over 180 specialised workshops and training courses, trained more than 630 exporters, and hosted 18 support events, including participation in international exhibitions and bilateral meetings. The bank also published more than 30 reports, publications, and specialized studies in the business field.

Contribution to Non Hydrocarbon Revenues

These initiatives were supported by QDB and contributed to $740 million in non-hydrocarbon private sector exports, which have reached 108 markets across the world, a 55% increase compared to 2023. The bank recently announced the opening of regional offices for Qatar Exports, its new brand aimed at supporting and enabling the growth of Qatari exports.

QDB also worked last year to establish partnerships and facilitate bilateral meetings and joint workshops between companies and national institutions to localise procurement opportunities and enhance collaboration in the local market. The bank assisted over 740 local companies in gaining essential knowledge about localising supply chains and procurement opportunities, achieving a 45% growth in beneficiaries compared to 2023.

QDB contributed to localising new opportunities for entrepreneurs by providing them with local procurement opportunities, resulting in contracts worth approximately $310 million with SMEs last registering a growth of 135% this year, compared with 2023.

QDB CEO Abdulrahman Hesham Al Sowaidi emphasised the bank’s commitment to supporting the private sector, start-ups, and SMEs through various means, in line with the Third National Development Strategy and the Third Financial Sector Strategic Plan.

He added: “These achievements represent fundamental steps toward QDB’s goals of developing local businesses, supporting innovation, and investing in it to achieve a diversified economy that aligns with Qatar National Vision 2030.”