Member News: QDB Launches The ‘Qatar National SME Definition’
SME Finance Forum member, Qatar Development Bank (QDB) launched the ‘SME Definition’ in partnership with the Ministry of Commerce and Industry in addition to a SportsTech Accelerator in the Middle East and Africa region.
The Ministry of Commerce and Industry and QDB worked together to provide a cohesive definition for SMEs. According to the article, the definition states: the companies registered in accordance with the laws of the state of Qatar, which the number of labour force does not exceed 250 employees, and with an annual turnover that does not exceed QR100mn.
“Adopting the same definition for SMEs in Qatar will lead to create a clear framework for SME sector development, which, in turn, will support establishing evidence-based decisions,” said Saud Abdullah al-Attiyah, director of Economic Policies and Research Department at the Ministry of Commerce and Industry.
Furthermore, the Qatar SportsTech Incubator, according to the article, will be a key supporter to strengthen the startup ecosystem in Qatar by creating a space for events and mentors to provide a bright future for startups in Qatar.
“Our thrust towards SMEs and the youth of Qatar holds no boundaries,” said QDB executive director of Advisory and Incubation Ibrahim al-Mannai. “Through various endeavours, we have been making sure to provide the most lucrative platforms to our next generation and help them find the right opportunity. Our recent endeavours of launching the SME definition, in collaboration with the Ministry of Commerce and Industry, and launching the already established SportsTech accelerator global platform for Qatari youth further amplify our intent to offer them with global paradigms. With such a promising launch, we are confident that Qatar is up for a great future brimming with immense possibilities.”