Qatar Development Bank (QDB) has provided QR1.5bn in direct financing to small and medium-sized enterprises (SMEs) in 2024, marking a 33% increase compared to 2023. This brings the total outstanding direct financing facilities to QR6.4bn.

In a statement on Sunday, the bank revealed that the volume of indirect financing facilities currently stands at approximately QR730mn, with over 1,400 SMEs benefiting from both direct and indirect financing.

QDB also highlighted that its investment portfolio in Qatari startups exceeded QR300mn last year, reflecting a growth rate of 23.5% compared to 2023. Additionally, more than 450 startups have benefited from QDB's diverse incubation programs, having been nurtured and trained in the bank's business incubators and accelerators.

The statement noted that QDB provided advisory and guidance services to over 360 entrepreneurs and SME owners in 2024. Furthermore, more than 6,000 startups, SMEs, and new entrepreneurs participated in workshops, training sessions, capacity-building programs, and other initiatives offered by the bank throughout 2024.

QDB facilitated export financing and insurance totalling QR2.9bn, organised over 180 specialised workshops and training courses, trained more than 630 exporters, and hosted 18 support events, including participation in international exhibitions and bilateral meetings. The bank also published more than 30 reports, publications, and specialized studies in the business field.

These initiatives contributed to QR2.7bn in non-hydrocarbon private sector exports supported by QDB, a 55 % increase compared to 2023. These exports reached 108 global markets. The bank recently announced the opening of regional offices for Qatar Exports, its new brand aimed at supporting and enabling the growth of Qatari exports.

On another front, QDB worked last year to establish partnerships and facilitate bilateral meetings and joint workshops between companies and national institutions to localise procurement opportunities and enhance collaboration in the local market. The bank assisted over 740 local companies in gaining essential knowledge about localising supply chains and procurement opportunities, achieving a 45% growth in beneficiaries compared to 2023.

QDB also contributed to localizing new opportunities for entrepreneurs by providing them with local procurement opportunities, resulting in contracts worth approximately QR1.12bn with SMEs last year, a 135% increase compared to 2023.

Abdulrahman Hesham al-Sowaidi, CEO of QDB, emphasised the bank's commitment to supporting the private sector, startups, and SMEs through various means, in line with the Third National Development Strategy and the Third Financial Sector Strategic Plan.

Al-Sowaidi added that these achievements represent fundamental steps toward QDB's goals of developing local businesses, supporting innovation, and investing in it to achieve a diversified economy that aligns with Qatar National Vision 2030.

In its statement, QDB reaffirmed its commitment to continuing to develop its operations and provide the best services to Qatar's private sector and its entrepreneurs. The bank has launched its new strategy, aligned with the Third National Development Strategy, which focuses on further enabling the private sector to increase its contribution to driving economic development.