Minister of Finance Underscores Qatar's Support For Private Sector

Doha, March 14 (QNA) - HE Minister of Finance and Chairman of Qatar Development Bank (QDB) Ali bin Ahmed Al Kuwari affirmed the State of Qatar's constant endeavor to support the private sector and help entrepreneurial system reach competitive levels in its various fields, pointing to the state's role in the competitiveness of the Qatari products, supporting and assisting exports by opening global markets, enabling the digital transformation of emerging companies, and exploring prospects for sustainability and green transformation. Addressing the SME Excellence Awards 2022 ceremony on Tuesday, HE the Minister said that the State of Qatar continues this journey of success with greater responsibility than ever before, pointing that the state's efforts at various levels have been reflected in economic indicators, as the Qatari economy maintained positive growth rates during 2022, recording over 4 percent growth during the second and third quarters, supported by the growth of non-oil sectors such as transport and trade as well as manufacturing and operational industries. HE Minister of Finance and Chairman of QDB pointed out that small and medium enterprises (SMEs) are an important component of the Qatari private sector, as they account for over 90 percent of private sector establishments and are a great source of employment, in addition to their role in promoting innovation and creativity in business activities, noting that the initiatives and programs presented by the state for this category, including the initiatives of the QDB in cooperation with the concerned authorities, have contributed to enhancing the growth opportunities of these enterprises. His Excellency went on saying that these programs covered the basic needs of companies, including access to financing, access to markets, education, training and incubation services as well as the continuous development of the business environment and working towards tackling the various challenges facing SMEs. He added that the achievements of Qatari SMEs have been reflected in a number of international reports, such as the report of the Global Monitor of Entrepreneurship 2021-2022, where Qatar ranked 14th globally in the field of early-stage entrepreneurial activity, and first in the pioneering activity of employees. The State of Qatar also ranked second in the Middle East and ninth globally in the local entrepreneurship environment index. His Excellency continued that the male and female entrepreneurs in the fifty companies that were honored at ceremony were able to set an example of excellence and efficiency in their respective sectors by using international tools and standards ranging from digital transformation to operational excellence and environment preservation. 

HE Al Kuwari noted that the exceptional achievement recorded by the State of Qatar last year in hosting the FIFA World Cup Qatar 2022, which impressed the world, expressing his pride in the bank’s partners from small and medium enterprises who contributed to making this achievement, whether in infrastructure, technology or other fields. He expressed his happiness at honoring the distinguished Qatari small and medium companies for the year 2022, praising their efforts, exceptional performance and positive contributions to the growth of the national economy and their endeavors in achieving Qatar National Vision 2030, noting at the same time that the impressive success achieved by the Excellence List Awards for companies in the previous two editions created a motivational atmosphere among the participating Qatari companies. Qatar Development Bank honored today 50 small and medium companies that presented sustainable business models and contributed positively to the growth of the national economy in Qatar, during the third edition of SME Excellence Awards 2022. The list aims to provide a platform for small and medium-sized companies to showcase their successes, honor the highest performers among them, create a motivating atmosphere within the business community in the State of Qatar, and create a culture that adopts best practices and excellence in business, as this list contributes to enhancing the competitiveness of these companies and encouraging them to grow and develop. As many as 310 companies have applied for the award, representing 13 industrial and service sectors. These companies have undergone an independent, accredited evaluation to determine the best among them. This evaluation includes several criteria, including financial performance, sustainability, innovation, and other criteria. The sectors of the award-winning companies for this year varied between information technology, manufacturing, marketing, electronics, health care, education and other services, trade, navigation and transportation sectors, as well as fashion and design. (QNA)