Enterprise Qatar and Doha Bank ink pact to support SMEs

Al-Kuwari and Seetharaman shake hands after signing the partnership agreement.

Small and Medium-sized Enterprises (SMEs) development company Enterprise Qatar (EQ) and Doha Bank have signed a partnership agreement to further support entrepreneurs and SME owners.

The agreement is part of the activation process of the Rating and Accreditation programme launched earlier by EQ to help entrepreneurs and SMEs improve commercial and financial processes.

The signing ceremony, which was held on July 21, was attended by senior representatives from the two organisations led by EQ chief executive officer Omran Hamad al-Kuwari and Doha Bank Group CEO Dr R Seetharaman.

Under the agreement, Doha Bank will provide a comprehensive package of services and facilities to the companies rated by EQ. The package offer to approved companies includes credit enhancement, discounts for debt arrangement and loans processing fees, preferential handling upon submitting requests for services, reduction of security requirements, and competitive pricing.

Al-Kuwari said the agreement is the first “practical step” towards the activation of EQ’s Rating and Accreditation programme and shows “real promise” following the partnership with Doha Bank.

He also said the partnership will enable all EQ-approved companies to benefit from quality banking services, which will assist them “in being both successful and competitive” in the Qatari market. “There is no doubt that EQ’s initiative and the subsequent co-operation agreements with major economic institutions within Qatar will bear fruit. The private sector will be empowered and SMEs will be supported, ensuring diversification of the Qatari economy. And our support for this vital sector will continue through our many creative and innovative initiatives,” al-Kuwari stressed.

Seetharaman said SMEs play a critical role in innovation, advancement, and sustainable development worldwide.

In today’s increasingly-globalised world, SMEs have to compete globally. SMEs are one of the fastest growing segments within the Gulf Cooperation Council (GCC). And Qatar has put great emphasis on the SMEs that utilise raw materials and finished products, as well as those that rely on oil and gas, he noted.

“Qatar’s economic diversification requires the support of SMEs. Infrastructure development in the form of ports, roads, airports, rail, telecom, other utilities, and huge construction activities will continue to take place in Qatar, which, in turn, will require continued support from SMEs,” Seetharaman emphasised.

SMEs applying for the Rating and Accreditation programme will undergo a comprehensive assessment across all aspects of the business, including financial performance, quality of management efficiency, and effectiveness of the business model, in addition to market potential.

The rating process includes a submission of data by the applicant followed by a site visit and detailed interaction with management to assess the performance of the company.

The Rating and Accreditation programme is one of many services offered by EQ to SMEs. EQ offers a full package of educational programmes and advisory services that seek to build and refine the management skills of entrepreneurs.

EQ also co-operates with government authorities and the private sector in order to market SME services and products and overcome the challenges and obstacles that impede their development and growth. Visit www.eq.qa for more information about EQ’s programmes and advisory services.