- Qatar Development Bank (QDB) is recognized as ‘Qatar’s Best SME Bank and Trade Finance Provider for 2024’ by Global Finance magazine.
- QDB supports SMEs through diverse financing programs, disbursing QR1bn in direct loans and totalling QR6.7bn in SME financing.
- QDB focuses on digital initiatives like the QDB Digital Portal to support SMEs’ digital transformation.
- QDB excels in trade finance, facilitating over QR1.21bn in exports and enhancing market access for Qatari businesses.
Qatar Development Bank (QDB) has once again proven its excellence in supporting the nation’s economic development by securing two prestigious awards from Global Finance magazine.
The publication has named QDB as ‘Qatar’s Best SME Bank and Trade Finance Provider for 2024,’ acknowledging its significant contributions to the growth of small and medium-sized enterprises (SMEs) and its comprehensive trade finance services.
Commitment to SMEs and Trade Finance
QDB’s CEO, Abdulrahman Hesham al-Sowaidi, expressed his pride in this international recognition, emphasizing the bank’s unwavering commitment to empowering SMEs and entrepreneurs in Qatar.
He highlighted that these accolades are a testament to QDB’s dedication to developing innovative services and financing solutions that support the private sector both locally and globally. Al-Sowaidi stated, “We are committed to providing integrated services to entrepreneurs in terms of financing and development solutions both domestically and overseas through our general and specialized programmes.”
Diverse Financing Programs
QDB has been instrumental in fostering a conducive environment for business growth and innovation in Qatar. Through its various programs, the bank ensures diversification in priority economic sectors and provides a pioneering investment environment.
This approach aligns with Qatar’s Third National Development Strategy, aiming to transform the nation into a hub for innovation and investment.
Evaluating Excellence
Global Finance’s Best SME Bank award is a highly coveted honour in the financial industry. The evaluation process for this award considered institutions’ understanding of SME markets and their needs, the breadth of their product offerings, market position, and innovative solutions.
Secondary criteria included international reach, partnerships, employee expertise, customer service quality, risk management, and technological advancements.
Impressive Achievements
During the evaluation period from April 2022 to March 2023, QDB’s performance was outstanding.
The bank served SMEs through more than 40 tailored financing programs, disbursing around QR1bn in direct loans and raising its total SME financing to approximately QR6.7bn. Additionally, QDB invested QR74.84mn in SMEs, demonstrating its strong support for entrepreneurs.
Digital Initiatives
QDB’s recognition also stems from its digital initiatives aimed at bolstering Qatar’s entrepreneurship ecosystem.
The launch of the QDB Digital Portal and various programs to finance digitization solutions highlight the bank’s commitment to supporting the digital transformation of SMEs. These efforts align with Qatar’s National Development Strategy, which emphasizes the adoption of emerging technologies in the private sector.
Sustainability and Green Financing
QDB’s commitment to sustainability is evident through its Green Financing Programme, which supports companies with sustainable business models via local and international partnerships.
The bank also established the National Guarantee Programme to help companies mitigate the negative impacts of the Covid-19 pandemic. These initiatives reflect QDB’s dedication to promoting sustainable business practices and supporting the private sector’s adoption of new technologies.
Excellence in Trade Finance
The award for Best Trade Finance Provider in Qatar recognizes QDB’s exceptional support for export-oriented businesses. In the first nine months of 2023, the bank facilitated over QR1.21bn in exports, benefiting 215 companies through its export development and promotion initiatives.
QDB’s comprehensive training programs equipped businesses and entrepreneurs with the skills needed to access global markets, contributing to a significant increase in export-oriented businesses.
Expanding Digital Services
QDB’s digital services have become integral to its operations, with 70% of its customers leveraging these services.
The bank continues to enhance and diversify its offerings in collaboration with local financial institutions, pursuing new digital transformation initiatives to further support the private sector.
Ongoing Development
QDB’s dedication to supporting SMEs and the private sector remains steadfast. The bank is continually developing and diversifying its services and financing solutions to meet the evolving needs of entrepreneurs.
By expanding its operations and embracing digital transformation, QDB aims to drive economic growth and innovation in Qatar.
Altogether, QDB’s recognition as Qatar’s Best SME Bank and Trade Finance Provider for 2024 underscores its pivotal role in supporting the nation’s economic development.
Through its diverse financing programs, digital initiatives, and commitment to sustainability, QDB continues to empower SMEs and entrepreneurs, contributing to Qatar’s vision of becoming a global innovation and investment hub.
