SMEs make up 97% of private sector institutions in Qatar

0

Doha: SMEs make up 97% of private sector businesses registered in Qatar and account for around 15-17% of non-oil GDP, said Qatar Chamber Speaker Sheikh Khalifa bin Jassim Al Thani.

In an interview with Oxford Business Group published in its recent publication “The Report: Qatar 2022”, he said that SMEs are the backbone of any economy and are important drivers of economic diversification and growth. of GDP. Sheikh Khalifa also said that various initiatives have been launched to support these businesses, including funding schemes through government institutions and guarantee mechanisms such as Al Dhameen.

“The country also has several incubation programs targeting SMEs and start-ups,” he added. To further boost the performance of SMEs, he stressed the need to encourage banks to offer suitable solutions to entrepreneurs looking to expand their business or start a new one and the importance of enacting legislation to protect, promote and empowering SMEs, as well as offering services to facilitate the launch of businesses and offering training services, consultations, guidance and incubation opportunities for entrepreneurs.

Regarding the role of the Qatar Chamber in supporting SMEs, the President of the Qatar Chamber, Sheikh Khalifa bin Jassim Al Thani (pictured), said the Chamber is keen to help SMEs compete in the national economy and that it organized three editions of the SME Conference and shared the best practices of foreign partners.

QC also supports entrepreneurs and family business owners by promoting their products through exhibitions, the main one being the Made in Qatar exhibition.

He also pointed out that a partnership with Qatar University and Qatar Development Bank (QDB) has resulted in an initiative called Ma’an – which means “together” – to support entrepreneurs.

Thanks to this initiative, four editions of the competition for the best innovative ideas of entrepreneurs have been organized to offer support to the most avant-garde start-ups. The SME Excellence List award was another partnership with QDB in which 50 successful local private sector companies are recognized.

Responding to a question on which sectors offer the best potential for accelerating economic diversification, Sheikh Khalifa said that many sectors have seen significant growth during the pandemic, such as the industrial and food security sectors.

He said the industrial sector has witnessed a great development and the number of factories in Qatar has reached around 835 factories, with investments amounting to around QR 293 billion.

He also highlighted the progress made by the state in the food security sector, saying that it is a top priority for Qatar and one of the main pillars of sustainable development within the framework of the Qatar National Vision 2030.

“Apart from these two areas, the sectors most likely to accelerate the country’s economic diversification are construction, tourism and hospitality, ICT, retail and real estate,” he said. note.

Regarding the impact of the development of ESG standards on business communities around the world, Sheikh Khalifa said that strong ESG practices can help companies improve their reputation, increase their competitiveness and attract investment.

“Other benefits include increasing revenue by increasing productivity and reducing costs, protecting shareholder value, creating opportunities for growth and innovation, retaining talent and laying the foundation for success. long-term. Companies with effective ESG policies can help protect the environment and improve society, while improving their own performance.

“The growing focus on ESG standards is consistent with Qatar’s development and diversification strategies. Promoting ESG to investors, companies and the wider business community will help achieve the economic, human and environmental goals set out in the Qatar National Vision 2030,” he added.

“The Report: Qatar 2022” was produced with the Ministry of Commerce and Industry and the Qatar Chamber.

It marks the culmination of more than six months of field research by a team of analysts from Oxford Business Group. The publication assesses trends and developments across the economy, including those in macroeconomics, infrastructure, energy, banking and others.

It features interviews with a wide range of high-profile figures, including the Minister of Trade and Industry, Sheikh Mohammed bin Hamad bin Qassim Al Thani; Speaker of the Qatar Chamber, Sheikh Khalifa bin Jassim bin Mohammed Al Thani, Minister of State and Chairman of the Qatar Free Zones Authority, Ahmad Al Sayed, CEO of the Sheikh Ali Investment Promotion Agency Al Waleed Al Thani and the CEO of the 2022 FIFA World Cup in Qatar, Nasser Al Khater.

Share.

Comments are closed.