Introduction of a full range of credit facilities is must to further catalyze growth in Qatar’s SME sector

In a significant move aimed at boosting liquidity in the private sector and providing increased credit flows to small and medium enterprises (SMEs) in Qatar, Doha Bank in collaboration with Qatar Development Bank (QDB) is actively participating in financing SME projects under QDB’s Al Dhameen guarantee program.

Doha Bank offers complete range of SME products and services including Working Capital Financing, Trade Finance Services, Consultancy Services, and Electronic Banking Services.

SMEs and startups in Qatar can receive capital financing up to QR 15 million and can access a full range of credit facilities under the Al Dhameen program. To increase convenience for SME customers, Doha Bank has ensured that documentation and processing is quick and hassle-free, and furthermore, each customer is assigned a dedicated relationship manager.

“The Al Dhameen program marks a milestone in the development of the SME sector in Qatar, providing medium and long-term financing options that have enabled businesses across an array of industries to succeed and flourish. Doha Bank’s active participation under this initiative will further catalyze growth in the SME sector, which forms a fundamental part of Qatar’s economy,” said Dr. R. Seetharaman, CEO of Doha Bank.

He added, “Doha Bank has a long history of supporting small and medium enterprises in Qatar. Last year, Doha Bank managed to garner approximately 20% share of the Al Dhameen guarantees issued by QDB, and we remain determined to continue meeting the financing requirements of SMEs in order to facilitate their journey towards the next stage of growth and contribute to Qatar’s diversification agenda.”

All these projects will not only generate local employment but will also enable consumers to meet their consumption demands from these locally produced products. Such projects help the country to reduce its reliance on Oil & Natural Gas based industries and to bring the know-how to the country’s doorsteps. Doha Bank is also working on other pioneering projects which reflects that Doha Bank is strongly committed to promoting Qatari SMEs.

Demonstrating its commitment to the success of SMEs, Doha Bank recently financed 8 new projects under the Al Dhameen program, with total outlay on the projects exceeding QR 70 million.

Any Qatari small and medium enterprise or joint venture whose annual turnover does not exceed QR 30 million can apply for finance from Doha Bank under the Al Dhameen program. For existing companies, Al Dhameen guarantees of up to 75% of the unsecured outstanding principal are issued, whereas for startups, companies less than 3 years old that are 51% Qatari-owned are eligible for guarantees of up to 85% of the loan amount.

Companies can apply for Al Dhameen financing facilities at any Doha Bank branch in Qatar.