*The initiative aims to develop and train retirees on the basic skills of entrepreneurship
Retired male and female Qataris who want to open their own businesses may benefit from ‘Khutwa’, a Qatar Development Bank (QDB) initiative that aims to develop and train retirees on the basic skills of entrepreneurship.
As part of its pursuit to stimulate entrepreneurship in Qatar, QDB announced that registration for the fourth edition of ‘Khutwa’ begins today (February 3), adding that the 12-day course starts on February 24, followed by special consultation sessions for participants to identify their project ideas and the type of support provided to them.
QDB said ‘Khutwa’ will provide basic skills of entrepreneurship through a package of training programmes and advisory services to establish and manage a sustainable and successful business.
The target audience for this course is retired Qatari males and females. Upon completion of the training programme, QDB will grant the top five applicants access to Qatar Business Incubation Centre (QBIC) offices at QDB to begin establishing their projects and get the opportunity to obtain direct financing according to the project readiness and the bank’s terms and conditions, while the rest of the applicants will have the opportunity to obtain necessary finance.
The course content will equip participants in understanding entrepreneurship, find the perfect business idea and opportunity, and have a better understanding of basic financial management and investment strategies. Additionally, participants will be introduced to the LeanStartup programme and one-to-one consultation sessions.
In addition to submitting a pre-feasibility study for the proposed project, attendance to workshops will demonstrate an applicant’s commitment and will be a key part of determining eligibility to funding.
QDB CEO Abdulaziz bin Nasser al-Khalifa said: “This project aims to develop training programmes to build basic entrepreneurial skills for retirees to provide opportunities and conditions for the establishment of successful business. QDB will conduct coaching sessions for each participant as part of the training programme and identify current opportunities with QDB projects. This is a very special programme organised by QDB, which offers a second inning to retired professionals and also enable them to make a mark for themselves after retirement.
“While QDB has been leading the growth of new age entrepreneurs, we believe that this class of the society is a driving force of the Qatar National Vision 2030, and deserve a special place because they have accumulated years of experience and expertise and the best way to gain insights is to further nurture their path to progress through this specially curated course. Through such endeavours, QDB is committed to support entrepreneurial activities through different entrepreneurial paths, including developing entrepreneurial cultures, building skills, and supporting growth.”
Turki bin Mohamed al-Khater, president of the General Retirement and Social Insurance Authority, said: “Our partnership with QDB is driven by our community responsibility and dedicated to serving retirees, supporting their projects, and doing our best to meet their hopes and aspirations in every way. We continue our journey by announcing the fourth edition of the leading initiative ‘Khutwa’, which provides the retirees with new sources of income, thanks to the motivation and intensive training provided to invest into and manage small and medium enterprises. We seek to continue transforming ideas into specific programmes.
“The organisation renews its invitation to retirees to participate in all programmes that benefit them and enhance their contribution to the development of the local economy, as a symbol of our gratitude for their service. We are optimistic about their ability to reach the desired results and achieve what we all aspire for and we wish success to all.”
The winners of the ‘Khutwa’ programme will be announced during a special ceremony, and the selection will be based on several criteria such as the viability of applicant’s proposed project and attending training workshops.