In 2017, the bank approved about QR2bn in direct lending and around QR350mn in indirect lending, according to QDB executive director of Business Finance Khalid Abdulla al-Mana.
Speaking to reporters on the sidelines of a press conference on the ‘Qatar Self-Sufficiency Exhibition 2018’ slated on April 1 to 3 at the Doha Exhibition and Convention Centre, al-Mana said as much as QR1.4bn worth of direct lending services were provided to companies after the blockade was imposed on Qatar in June 2017 and around QR600mn was provided prior to the siege.
“After the blockade there was more lending from QDB…but I expect 2018 to be more than last year…there were so many new projects and we have a lot of available lands in the market, which was one of the bottlenecks before…Manateq and even the New Industrial Area are providing many lands to investors…there is a good offer for financing…there is activity,” al-Mana said.
On QDB’s role in the ‘Qatar Self-Sufficiency Exhibition 2018’, al-Mana said the bank is involved in many initiatives that provide a platform to boost and develop the private sector.
He said the focus of the exhibition will be on the establishment of more production lines in the country, “which is very different from what we have done before,” citing QDB programmes like ‘Moushtarayat’ and Jahiz 1 and Jahiz 2.
Abdulrahman Saleh al-Obaidly, chairman of Hisky for Tourism and Exhibitions, which is organising the exhibition, said: “The objective behind events like the ‘Qatar Self-Sufficiency Exhibition 2018’ is to effectively restrict the consequences of the blockade, while simultaneously diversifying the economy and promoting self-reliance. It lays the ground for local, regional, and international companies to invest in manufacturing products here in Qatar.
“Keeping with the vision of economic diversification, a broad spectrum of sectors have identified for participation. They comprise the food industry, pharmaceutical industry, agriculture, industrial production, and relevant components of the environmental sector such as recycling and sustainability plants, among others. Companies engaged in dairy production, recycling, and industrial production have already confirmed participation.”
Sheikh Jassim bin Jabor al-Thani, assistant undersecretary for Consumer Protection at the Ministry of Economy and Commerce, said the exhibition represents “a great initiative” to strengthen the co-operation between local, regional, and international production lines firms.
“The support of the ministry to this exhibition comes in line with its vision to strengthen the partnership between government and private sectors and encourage businessmen and investors to play an active role in establishing new projects to meet the state’s self-sufficiency in all sectors and hence participate in the economic growth”, he said.