QDB organises workshop on ‘National Definition of SMEs’

Qatar Development Bank recently organised a workshop on the ‘National Definition of SMEs’ in the Qatari banking sector.
The event saw the participation of some 18 operating banks in Qatar, and was held under the supervision of the Qatar Central Bank.
QDB earlier announced the launch of the National Definition of SMEs during the Global Entrepreneur Week in Doha last November.  
QDB chief executive Abdulaziz bin Nasser al-Khalifa said, “The new definition reflects the support of the Qatari government to the SME sector. This definition will enable all parties to work together and achieve success under unified criteria.”  
The national SME definition ensures equal support for all SMEs from all stakeholders, as it aims to improve the policies and efforts of the SME sector development based on a clear definition. It also helps develop licensed home–based businesses that match the definition criteria.  
The definition also aims at facilitating financing procedures by providing privileges for investment entities that can finance SMEs.
The new initiative defines an SME as a company with a workforce that does not exceed 250 employees (except for the creative sector where employees wouldn’t exceed 100), and its annual revenue doesn’t exceed QR100mn.
The definition defines five main sectors including agriculture, transformational industries, creative industries, constructions and trade in addition to the sector of different services.
QDB has been working closely with more than 25 public, private, and government institutions over the past few months to bring this new definition to reality.
This definition will help develop the Qatari SME sector, an important cornerstone in the national economy, as QDB continues to support the Qatar National Vision 2030 by supporting the private sector in general and the SME sector, specifically.