The Small and Medium Enterprises (SMEs) are greatly helping Qatar’s diversification drive by playing an active role in the vast infrastructure development taking place in the country. SMEs are backbone of any economy, and they are important drivers of economic diversification and GDP growth. They are critical for job creation and creating a dynamic economy.
The massive infrastructure boom Qatar has been witnessing over the past few years offered great opportunities for SMEs.
Various initiatives have been launched in Qatar to support these companies, including funding programmes through governmental institutions and guarantee mechanisms such as Al Dhameen.
In an interview with Oxford Business Group, Qatar Chamber Chairman Sheikh Khalifa bin Jassim Al Thani said that SMEs represent 97 percent of registered private sector companies in Qatar, and account for around 15-17 percent of non-oil GDP.
Chamber has been keen on helping SMEs to compete in the national economy and it hosted three editions of the SMEs Conference and shared best practices from foreign partners.
Qatar Chamber also supports entrepreneurs and owners of family businesses by promoting their products through exhibitions, foremost of which is the Made in Qatar expo.
He also pointed out to a partnership with Qatar University and Qatar Development Bank (QDB) resulted in an initiative called Ma’an – which means “together” – to support entrepreneurs.
Through this initiative, four editions of the Best Innovative Ideas of Entrepreneurs competition were held to offer support for the most forward-thinking start-ups. The SMEs Excellence List Award was another partnership with QDB in which 50 high-achieving enterprises from the local private sector are recognised.
The industrial sector has witnessed a great development, and the number of factories in Qatar has reached about 835 factories, with investments amounting to about QR293bn.
Promoting the private sector and increasing its contribution to the GDP has been the main concern for Qatar Chamber.
Qatar has taken several measures in the past which has made its economy resilient and strong. Empowering the private sector is one of the main priorities of the government. With the support of conducive policy measures and support from government, Qatar’s private sector will play a crucial role in country’s economic growth.
