By Sachin Kumar
DOHA: Qatari products made by local small and medium companies will soon be hitting global markets. Qatar Development Bank (QDB) will select 10 local Small and Medium Enterprises (SMEs) and help them in opening branches in international markets.
The bank yesterday launched ‘The Franchise Project’ under which it will identify and select local SMEs and will help them to set up branches in five countries. Assistance to these companies will be provided for three years.
“We at Qatar Development Bank strive to create meaningful opportunities to support local SMEs,” said Abdulaziz bin Nasser Al Khalifa, CEO of QDB in a press conference held at banks headquarters.
“There are several stages applicants need to go through to benefit from The Franchise Project, from evaluating a company’s readiness, to discussing next steps and requirements, and creating evaluation reports to pin point development areas,” he added.
To participate in the project the business has to be 51 percent Qatari, has to be in operation for minimum one year and should be adding value to the economy such as education, manufacturing and services food and beverages sectors.
“Any business is a franchisable business, however, some might need fine-tuning or more development to be ready to expand,” Al Khalifa said.
“In the case of QDB’s ‘The Franchise Project’, SMEs with active Qatari owners are eligible to take the Franchisability Quiz to determine if they qualify for the next stage of assessment. We will be committed to taking 10 local SMEs to expand globally in five countries in the next three years,” Al Khalifa added.
The bank has not yet identified the five countries. “The countries will be selected after selecting the companies,” said Hamad Khamis Al Kubaisi, Executive Director, Advisory Services. “There is a misconception that franchise model is restricted to food and beverages sector, which is incorrect. Franchise model can be applied to companies in other sectors such as education, healthcare and manufacturing,” he added. Entrepreneurs willing to participate, will have to register for the project after which they will have to undergo a quiz or a test. “The project will promote international growth for local brands by showcasing successful franchise models, including strategic, legal consultations, operational and marketing tools prepared by experienced consultants to give the local Qatari brands to expand globally,” said Muhannad Abdullah Al Muraikhi, Adviser, Isteshara Department, QDB.
“QDB seeks to provide tools to help develop the private sector and SMEs in line with national economic diversification to activate private sector contributors to build a sustainable and competitive local economy,” he added.
The Peninsula
