Qatar Development Bank (QDB) announced yesterday the launch of the ‘SME Definition’, in collaboration with the Ministry of Commerce and Industry on the sidelines of the three-day Qatar Entrepreneurship Conference ‘Rowad Qatar 2018’.
QDB also announced the launch of Qatar’s first-ever SportsTech Accelerator in the Middle East and Africa region at ‘Rowad Qatar 2018, which will run at the Doha Exhibition and Convention Centre until November 13. Both initiatives will mark a new era of growth for Qatari companies and will tremendously aid in achieving Qatar National Vision 2030, according to a QDB statement.
A first of its kind, all entities in the country will be adopting the same definition for small and medium-sized enterprises (SMEs) in Qatar. SMEs, existing entrepreneurs and start-ups are going to be the beneficiaries with this announcement.
QDB said the initiative will help all national SME support initiatives and services to stand on same ground, and to be able to articulate a more customised programmes for SMEs. QDB worked with the Ministry of Commerce and Industry to arrive at the unified definition after wide consultation with many stakeholders.
On the other hand, the SportsTech Accelerator initiative is powered by Startup Bootcamp, the global player in accelerating tech startups, with the goal to become the leading and central point in the region for sports innovation. QDB executive director of Advisory and Incubation Ibrahim al-Mannai said, “Our thrust towards SMEs and the youth of Qatar holds no boundaries. Through various endeavours, we have been making sure to provide the most lucrative platforms to our next generation and help them find the right opportunity. “Our recent endeavours of launching the SME definition, in collaboration with the Ministry of Commerce and Industry, and launching the already established SportsTech accelerator global platform for Qatari youth further amplify our intent to offer them with global paradigms. With such a promising launch, we are confident that Qatar is up for a great future brimming with immense possibilities.”
Saud Abdullah al-Attiyah, director of Economic Policies and Research Department at the Ministry of Commerce and Industry, said: “Adopting the same definition for SMEs in Qatar will lead to create a clear framework for SME sector development, which, in turn, will support establishing evidence-based decisions.
“Although there is a common definition for SMEs among banking sector, but for the first time that will be scaled up to be one definition for the whole country, which is aligned with the global best practices and is aligned with our country’s vision to create a diversified economy.”
He added: “As per the new definition, small and medium-sized enterprises shall mean the companies registered in accordance with the laws of the state of Qatar, which the number of labour force does not exceed 250 employees, and with an annual turnover that does not exceed QR100mn.”
The Qatar 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. In addition, it helps develop licensed home-based businesses that match the definition criteria, he said.
The Qatar SportsTech Incubator, on the other hand, will be a key supporter to grow the startup ecosystem in Qatar by creating a hub with events and mentors that will definitely provide an unmatched future for startups in Qatar. With the support from local and international partners, Qatar SportsTech has the means to accelerate the business of the participating startups and position them in the forefront in all major Sports activities happening in Qatar and beyond, through product presentations and business development, potential customers and possible funding to the participating companies.
Business / Business
QDB announces launch of ‘Qatar National SME Definition’, SportsTech Accelerator initiative
QDB executive director of Advisory and Incubation Ibrahim al-Mannai during the launch of the two initiatives.
