Doha, March 06 (QNA) - Qatar Stock Exchange (QSE) and Qatar Development Bank (QDB) have announced a joint collaboration to facilitate the listing of small and medium-sized companies (SMEs) on QSE's Venture Market (QEVM).

The two organizations will cooperate to launch a new financing program to assist SMEs in their growth through covering the costs required for listing on QEVM and to meet the funding requirements of SMEs, which will promote their growth, development, and organizational flexibility.

The program aims to support SMEs that meet the minimum requirements for listing on QEVM, as well as regulatory and financial requirements. It will provide new financing opportunities for entrepreneurs, ensuring diversification of financing sources, and providing an additional alternative to traditional financing programs, in order to enhance the business sector and support the state's endeavors aimed at empowering the private sector.

The QSE and QDB will work together to implement this financing program to assist SMEs to be listed on QEVM, enabling them to become publicly listed companies. The two parties will also enhance cooperation to develop the QEVM, with the aim of ensuring that relevant SMEs benefit effectively from the experience of each party. The two organizations will also promote the benefits of listing to their clients and leverage the financing product aimed at assisting SMEs with listing costs. They will also hold joint seminars and develop training programs aimed at enhancing the ability of SMEs to list in the Venture Market. This initiative not only supports SMEs and the private sector but also contributes to the efforts towards diversification, which will add significant value to the Qatari economy.

In a statement at the signing ceremony of the MoU, Abdulaziz Nasser Al Emadi expressed his gratitude for the unlimited cooperation shown by QDB in establishing the important financing program to support SMEs in their endeavors to be listed. He also welcomed the signing of the MoU, emphasizing the close cooperation between QSE and QDB in enhancing awareness of the benefits of listing SMEs in QSE's Venture Market dedicated for supporting SMEs and private companies.

Al Emadi emphasized that QSE and QDB share the common goal of supporting the success of small and medium-sized companies and their economic contribution to the national economy, in line with the strategy of economic diversification as outlined in the Qatar National Vision.

For his part, Abdulrahman Hesham Al Sowaidi, Acting CEO of Qatar Development Bank, stressed the importance of this step and its role in strengthening the national entrepreneurship system, adding: "This step comes with the brothers in the Qatar Stock Exchange as a continuation of our endeavors at Qatar Development Bank to support male and female entrepreneurs in SMEs in the State of Qatar and providing access to the necessary means of financing through the various programs and services provided by the QDB, including direct and indirect financing and investment. We are also pleased today to culminate our cooperation with the Qatar Stock Exchange by launching this new financing program, which will contribute to diversifying financing sources for small and medium enterprises and enabling them to grow and contribute to the national economy on a larger scale."

Abdulrahman Hesham Al Sowaidi, the Acting CEO of Qatar Development Bank, emphasized the significance of the initiative and its ability to enhance entrepreneurship in Qatar. He highlighted that this joint effort with the Qatar Stock Exchange is a continuation of their commitment to support small and medium-sized companies in Qatar and provide them with access to financing sources, which is facilitated through the bank's various programs and services, including direct and indirect financing and investment. He further added that the launch of this new financing program marks the successful completion of their collaboration with the Qatar Stock Exchange, and it will assist in diversifying financing sources for small and medium-sized enterprises and enabling them to expand and contribute to the national economy.

The financing initiative announced as part of the MoU aims at supporting SMEs listing in the Venture Market and enhancing their capabilities.

The financing program offers competitive profit rates, flexible repayment periods, and extended grace periods, as well as covering up to 70 percent of the advisory services fees.

(QNA)