Executive Director of Strategy and Business Development at Qatar Development Bank (QDB) Farha Ahmed Al Kuwari highlighted that the previous years showcased the importance of digital transformation for the growth and development of the economy. QDB is on a digital transformation journey as a development financial institution that deals with a wide range of entrepreneurs.
The bank has launched a set of platforms and digital solutions, including the first investment platform of its kind in Qatar, a digital procurement platform for government and non-governmental contracts, an integrated platform for all small and medium-sized companies, and providing options for obtaining remote advisory services. The bank also offers a financing program for digitization and digital transformation solutions for companies wishing to digitally transform or enhance their digital capabilities and services, in addition to the banks internal digital transformation through the Qatar Digital Bank portal to speed up all operational procedures and help improve the experience of all customers, she explained.
Regarding the bank's next phase, Al Kuwari said that they are a governmental institution with a development strategy. The bank works according to the needs of the market through continuous communication with entrepreneurs to know the most important challenges they face to provide solutions.
QDB is keen that the support it provides includes all production and service fields and many sectors. Of course, there are priority sectors such as the industrial sector, services, education, health care, and financing livestock, fisheries, and agriculture. The bank always tries to focus on the entrepreneurial mindset more than the field itself, as the entrepreneurs are knowledgeable and can provide innovative and creative solutions regardless of their field of work, she added.
The Executive Director explained that the challenges facing entrepreneurs change according to the nature of the companies work. The bank is keen to overcome challenges from the companies' early stages, whether through feasibility studies, or testing the products they will offer in the market.
Al Kuwari stressed the industrial renaissance that the national economy witnessed in several areas, the most important of which is self-sufficiency. Qatari product has proven their ability to meet the needs of the market, and even compete in global markets. The national business system is strong and competitive, especially after the COVID-19 pandemic and the rapid digital transformation that swept all the businesses in Qatar.
Al Kuwari considered that the failure of projects is one of the most important factors affecting the performance of projects that may lead to large losses. QDB is in constant contact with its customers, following up on the performance of their funded projects to find solutions to the problems facing companies before reaching the stage of failure. Additionally, struggling projects can benefit from the services of the Eyada program, which is concerned with supporting faltering companies by appointing experts to identify weaknesses in the company, suggest appropriate solutions, and help the company in implementing these solutions. The program also offers a guidance consulting service, through which the entrepreneur can book a session with one of QDB's experts to guide them towards taking the right next step.
The Executive Director of the Bank touched upon their role in social responsibility, explaining that all the Bank's initiatives fall into the field of social responsibility, as a development financial institution whose mission is to support the private sector in the State of Qatar, implicitly supporting the country's economy that supports the stability and development of society.
She said that some programs and projects have a direct impact on the economy, such as loans provided by the Bank to micro-enterprises, which include household projects. QDB supports food security initiatives by providing financing packages specialized in supporting agricultural projects, fisheries, and livestock. Additionally, it supports young entrepreneurs through competitions, cooperating with educational institutions in initiatives to promote a culture of entrepreneurship among students, and a step program for training and qualifying retirees. (QNA)