Qatar: SME sector to get 'ready built' factories
A project for small and medium enterprises (SMEs) set to promote the country, has been launched
A project for small and medium enterprises (SMEs) set to promote the country, has been launched.
The project was inaugurated by HE the Prime Minister and Interior Minister Sheikh Abdullah bin Nasser bin Khalifa al-Thani, at the New Industrial Area.
A Qatar Development Bank (QDB) initiative, Jahiz1 has been established to rent ready-built industrial facilities for manufacturing, Gulf Times reported.
In his opening remarks, HE the Minister of Energy and Industry Dr Mohamed bin Saleh al-Sada commended Qatar’s SMEs, in meeting the requirements of industrial sectors set by the ministry, applauding their success.
These units are operating in the fields of chemicals, plastics, wood, and electronics and are “innovative and eco-friendly” he said.
In order to achieve balanced economic growth and move away from oil-generated revenues as the main source of income, the Jahiz1 project is in line with the vision of the Ministry of Energy and Industry to build a strong industrial production base in the country and support local products.
It also increases the industrial sector’s contribution to the gross domestic product (GDP).
The initiative strengthens Qatari entrepreneurship and products, promotes a culture of creativity and innovation, develops economic policies and legislation in line with the best international standards, develops the private sector to face competition and regulates the SME sector, all based on government guidelines that support Qatar’s economic system.
Al-Sada emphasised that the Prime Minister has directed the Business and Investment Environment Development Committee to promote economic growth in the country by focusing on diversification while drawing on domestic as well as foreign investments.
The National Development Strategy 2017-2022 also emphasises strengthening partnerships between the public and private sectors as well as involving the community and citizens.
He pointed out that Qatar had achieved a top position in the Global Competitiveness Index and was ranked second in the Middle East and 18th globally in the latest report of the World Economic Forum; among the highest in the world.
Compared to the average growth rate of the oil exporting countries in the Middle East, Qatar’s GDP at constant prices also achieved an annual growth through 2015.
The contribution of the private sector to Qatar’s GDP has also increased, he added, while QDB CEO Abdulaziz bin Nasser al-Khalifa said the Jahiz1 project represented “an episode of successes achieved by Qatari entrepreneurs”.
QDB, he said, had supported Qatari entrepreneurs and SMEs from the drawing board stage and that QDB was “effectively working” in co-operation with the Ministry of Economy and Commerce to prepare a national framework for SMEs within the National Development Strategy 2017-2022.
After the inauguration an introductory film on Jahiz1 project was screened. Under Jahiz1, QDB “provides an opportunity to rent ready-built industrial facilities for manufacturing”. Plots will be provided on monthly lease for up to five years in many sectors.