Qatar Development Bank and Qatar Scientific Club sign MoU

Qatar Development Bank (QDB) has signed a memorandum of understanding (MoU) with the Qatar Scientific Club (QSC), with the aim of supporting Qatari entrepreneurs and innovators, small and medium-sized companies, diversifying the Qatari economy and increasing the capabilities of competitive companies in local and international markets.The MoU was signed by QDB's acting chief executive officer Abdulrahman bin Hisham al-Suwaidi and QSC executive director Engineer Rashid al-Rahimi.The MoU provides for the support of QSC innovators by offering financial grants to develop ideas and engineering designs proving the idea and also by providing technical consultancy to manufacture and test the prototype for innovation. It also offers non-material support by providing workshops, customised training, work plans and linking inventors and innovators with specialised business incubators of the QDB.The MoU also includes new entrepreneurship and innovation programmes, updating of existing programmes with the latest international methods, and other means of co-operation aimed at developing the entrepreneurship system in Qatar.The MoU fulfills QSC's role in encouraging science, innovation and research in the fields of science and technology because it provides a supportive environment for innovative youth and entrepreneurs, educating, motivating and supporting them in transforming their new ideas into working and effective models to serve the Qatari community and improve the institutional capacities of Qatar.Al-Suwaidi, said the bank is always working on formulas and programmes that help attract and support young Qatari innovators and provide the necessary assistance and guidance to transform their ideas into successful and competitive business projects and contribute the national economy.For his part, Engineer Rashid al-Rahimi explained that the QSC aims to provide an appropriate and supportive incubator for innovators and entrepreneurs.