Q Life Magazine Q Magazine December 2017 | Page 64

| Issue 3 Qatar Development Bank Developing a Successful Economy In its twentieth anniversary year, Qatar Development Bank (QDB) embodies many of the goals of QNV 2030, empowering Qatar’s private sector entrepreneurs and SMEs to play a greater role in the country’s dazzling economic growth. These successful SMEs, able to both thrive locally and compete in global markets, will stimulate a vibrant, robust, and diversified private sector. They will contribute to an integrated, sustainable, knowledge- based economy. QDB has worked with and inspired thousands of Qatari entrepreneurs and enterprises, providing investment and guidance to brand- new start-ups and well-established corporations. Its aim is to accelerate the growth and economic diversification of Qatar’s private sector. Growing with the economy Initially focused on strengthening Qatar’s manufacturing sector, QDB’s mandate has rapidly expanded. As a reflection of its past and potential success, in 2008, the bank’s authorised working capital was increased from QAR 200 million to QAR 10 billion. The bank’s focus is on growing SMEs in key sectors by offering a wide range of financial and advisory support services under one roof. To more effectively support Qatar’s development, QDB has segmented its private sector backing in line with the eight industries that are most vital for Qatar’s diversification: 64 manufacturing, healthcare, education, tourism, agriculture, livestock, fishing, and services. In 2014, QDB established the Qatar Business Incubation Centre (QBIC) in a joint venture with the Social Development Center in 2010. As one of the largest incubator facilities in the Middle East, it supports and finances innovative start-ups. In late 2017, QDB will launch the very first Rowad Qatar – National Entrepreneurship Award & Conference. It aims to stimulate the private sector by recognising SMEs in five distinct categories: Best Micro Business, Best Export Business, Best Start-up Business, Best Scale-up Business, and Entrepreneurship Award to Support Self-sufficiency in the Local Market.