Qatar Development Bank Launches Ramadan Markets

Doha, June 06 (QNA) - Qatar Development Bank (QDB) launched the Ramadan Markets in cooperation with Bedaya Center for Entrepreneurship and Career Development, held for the second year in a row, Ramadan Markets are organized to encourage individual and family entrepreneurs to develop their skills in marketing and promotion of local products. The Ramadan Markets Fair will run from June 4th - June 16th at the Mall of Qatar. It will feature a variety of homemade products and innovative handcrafts made expertly by 33 entrepreneurial projects and initiatives, available for shoppers during the holy month of Ramadan. The fair was launched by CEO of Qatar Development Bank, Abdulaziz bin Nasser Al Khalifa, CEO of Bedaya Center for Entrepreneurship and Career Development, Reem Al Suwaidi, and general manager of Mall of Qatar, Mohammed Al Maraghi, as well as in the presence of participating entrepreneurs and scores of shoppers. Commenting on the occasion, Abdul Aziz bin Nasser Al Khalifa said, "The first edition of the Ramadan Markets was a great success and registered a high turnout with 70 companies offering various products. QDB has been committed to organize such events and activities that support entrepreneurs in the local market and open new avenues of opportunity for them. These strengthen the role of private sector in the economy of Qatar." The bank continues to provide various advisory services to SMEs, and its dedicated to facilitating and promoting the growth of the small- and medium-sized enterprises (SMEs) within key economic channels, in line with diversifying the economy, as a key objective of the Qatar National Vision 2030. In 1997, QDB was first established as Qatar Industrial Development Bank (QIDB) in a fundamental step to expanding Qatar s indigenous industrial infrastructure. The aim of the newly-created 100 percent government-owned developmental organization was to develop investments within local industries, thereby accelerating growth and economic diversification of the private sector in Qatar. Between the years of 1997 and 2006, QIDB diversified its activities, enabling it to contribute to the development of sectors in addition to industry. In 2006, the bank s success led to a change in its mandate and a new name: Qatar Development Bank. In 2008, Qatar, sole shareholder in QDB, increased its capital from QR200 million to QR10 billion, since then, its portfolio has greatly expanded, today, QDB is a centerpiece to achieving the Qatar National Vision 2030. To promote the private sector, QDB locally extends wide-ranging financial and non-financial support to entrepreneurs across a myriad of industries. The development organization runs a series of initiatives that promote the entrepreneurial spirit in the citizenry to create private startups on an ongoing basis. Al Dhameen service proves critically important in the service of entrepreneurs because these indirect loan facilities are viable by both existing companies as well as completely new startups. The purpose of these initiatives is to strengthen the non-oil and gas product manufacturers in the private sector. Through its Tasdeer export program, QDB aims to strengthen the presence of Qatari companies on prestigious global platforms, linking Qatari specialists to international experts across the world s production industries.(QNA)