In what is seen as an initiative to support local entrepreneurs, Qatar Development Bank (QDB) and Al Meera Consumer Goods Company have signed a Memorandum of Understanding (MoU) that will “strengthen cooperation through the exchange of industrial information and personnel expertise”.
It will also facilitate provision of support, through funding, to the small and medium-sized enterprises (SME) sector in Qatar.
The agreement was signed on behalf of QDB by Hamad Khamis al-Kubaisi, director (Advisory Services) and Dr Saif Said al-Sowaidi, Al Meera vice-chairman.
Among those present were QDB chief executive officer (CEO) Abdulaziz bin Nasser al-Khalifa, and Al Meera chairman Sheikh Thani bin Thamer bin Mohamed al-Thani.
In order to mutually benefit from the other organisation’s respective industrial expertise, the MoU identified a range of areas for partnership, including strengthening cooperation in exchange of information, personnel and other resources.
Most notably, through the MoU, QDB aims to support emerging local startups — supported by Al Meera — by extending “quick-access” support to them across a range of facilities, such as finance, support and advisory services.
Furthermore, another key highlight of the MoU will see that the two organisations work together closely to promote products of local SMEs – supported by QDB – across Al Meera outlets regionally. This cooperation is engineered to help local brands achieve exposure of global marketplaces, so that they may achieve higher scales of competitiveness.
On the impending cooperation under the MoU, QDB Business Localisation Support manager Bader al-Kuwari said, “With the signing of the MoU, QDB has successfully engineered yet another initiative that seeks to facilitate the promotion of local entrepreneurs and the Qatari private sector across the globe. In Qatar National Vision 2030, we find our organisational mission cut out for us — QDB will continue to dedicate itself to the wholesome growth of the economy through the provision of developmental services, including advisory and financing services to local entrepreneurs and SMEs.”
He added, “We are greatly delighted to have entered into cooperation with a local organisation of the size of Al Meera Consumer Goods Company. Through this agreement, we will work together to provide a wide range of assistive services to local SMEs in their production of exportable goods and collaborate to promote their final products globally, so that they may sharpen their competitive edge and grow as entrepreneurs.”
Dr al-Sowaidi said, “The signing of this significant MoU between Al Meera and QDB marks a momentous step forward in the course of diversifying our national economy and supporting local SMEs and startups, both of which go hand in hand and work towards the socioeconomic development of Qatar and its people. By supporting entrepreneurship and nurturing Qatari startups in the grocery and consumer goods niche through the first-of-its-kind incubation and support service in Qatar, Al Meera and QDB are effectively contributing to the realisation of the objectives of the 2017-2022 National Development Strategy and the overarching Qatar National Vision 2030, as well as putting into place a paradigm-shifting setup and acting as role models for large enterprises in Qatar, in terms of proactively supporting local startups and nurturing entrepreneurship.”
The agreement also provided scope for “the increase in stocking of Qatari products across shelves and coverage of trade promotion programmes” by Al Meera.
Furthermore, a programme will be designed whereby SMEs, to be incubated at a special section of Al Meera, will benefit from developmental facilities and assistance services. The memorandum particularly encourages joint activities between the two signatories that would promote sales of local products through attracting a higher volume of interested buyers and distributors.
Al-Kubaisi and Dr al-Sowaidi signing the MoU between QDB and Al Meera in the presence of Sheikh Thani and al-Khalifa.
