Doha: Qatar’s initiative to diversify its economy through developing Small and Medium Enterprises (SMEs) has started bearing fruit as many citizens have begun to turn their innovative business ideas into reality.
The project is attracting not only the youth, but also retired professionals. Many citizens are coming up with ideas with a dream to make something big.
A number of Qataris including youngsters and elders have established their businesses with support of Qatar Development Bank (QDB) and they are running it successfully, said a senior QDB official.
“We have a lot of success stories of entrepreneurs in many sectors such as manufacturing, tourism, hospitality, education and health. We have examples of successfully running recycling units, Doha Bus for tourists, the famous cafeteria- Flat White and many other inspiring models in health and education sectors," said Head of development (Capability Development) at QDB Sultan Ibrahim Al Kuwari, in an interactive programme on Qatar TV.
“Business culture is taking roots in the Qatari Community and it will take some more time to meet the target.”
“Citizens approached QDB with innovated business ideas in various key sectors, we supported them to make it reality by providing them with training and finance," he added.
He said QDB finances projects in all sectors except those related to hydrocarbon.
"However we do not encourage funding in projects that lack value addition like buying a villa and then renting it out for income," said Al Kuwari.
Entrepreneurs are given about QR15m under Al Dhameen scheme and other direct loans to establish their businesses.
Other services include feasible study of the projects, legal services like making a contract. Entrepreneurs are also provided with financing tools in partnership with other government organisations and local banks. QDB has plans to help entrepreneurs in marketing their products.
“We have many examples from different segments of our community including youngsters, middle aged professionals and retired people who set up their businesses like eateries and shops for services and maintenance," said Saud Abdullah Al Mannai, Head of Companies Development at QDB, who also participated in the programme.
Retired people being given practical training
“Retired people have lifelong experiences and enough time. What they need is some support to start the business. We took a batch of retired people in two different training sessions. They were also given practical training as if they are running real firms dealing with figures of loss and profit. We divided the trainees into groups on the basis of their education. At the end of the session we took five ideas from the trainees with the help of QDB officials and the General Retirement and Social Insurance Authority. The candidates who floated these ideas were given all support like office space, fund, and consultancy services for establishing business," he explained.
