Commercial Bank has announced its support for ‘Tawteen’, the ‘Localisation Programme for Services and Industries in the Energy Sector’ by Qatar Petroleum (QP).
The major initiative is aimed at developing and enhancing the localisation process of the energy sector’s supply chain and to expand the small and medium enterprise (SME) landscape in Qatar.
Commercial Bank said it is “happy to work on this important national initiative by QP to engage with companies at the two-day launch event held on February 18 and 19 and support SMEs in the strategic oil and gas services industry.”
During the event, official bodies, entities, energy sector companies, and a wide range of service providers were in attendance as the nation works towards achieving a resilient supply chain within the energy sector.
The Tawteen initiative aims to create valuable business prospects in Qatar for local and international entrepreneurs, contribute to the sector’s supply chain and provide superior employment opportunities. Commercial Bank will play a crucial role in this, with the bank’s relationship managers being effectively trained to offer entrepreneurs all they need to succeed; from working capital and cash flow management to financial management and technological solutions.
Commercial Bank is already an active contributor to the success of entrepreneurs by providing tailored support and advice to SMEs under the ‘Al Dhameen’ programme, the bank’s partnership with Qatar Development Bank.
Commercial Bank facilitates the creation and growth of SMEs in key sectors of the Qatari economy by offering business, financial and technology solutions to effectively position new businesses in the local competitive market.
Commercial Bank Group CEO Joseph Abraham said, “Commercial Bank supports the fundamental role that SMEs play in developing the private sector as part of our commitment to the Qatari economy. The creation of the Tawteen initiative by QP is a realisation of the directives set out by His Highness the Amir, which outlines the nation’s strategy towards economic diversification and self-sufficiency, and we are committed to contributing towards this key national initiative by providing Qatari SMEs with a specialised banking platform to meet their specific business needs.”
Amit Sah, executive general manager (Consumer Banking) said, “Being able to offer our innovative and advanced banking services to help the nation prosper is just one of the reasons why Commercial Bank is the bank of choice for many. Our excellent relationships managers at the bank are able to assist SMEs with all the necessary elements required to help grow and maintain their business and, to drive self-reliance within the energy sector in Qatar.”
Khalifa al-Rayes, executive general manager (Government, Public Sector) and deputy head (Wholesale Banking) said, “At Commercial Bank, we are committed to the growth of SMEs in line with the ‘economic development’ pillar as part of the Qatar National Vision 2030. We are committed to playing a significant role in boosting the private sector’s expansion and development towards a knowledge-based economy.”
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