New financing scheme from QDB targeting Qatari small and big farms…

Qatar Development Bank (QDB) has launched a new financing scheme targeting Qatari small and big farm owners, aimed at purchasing and raising livestock, which complements the country’s vision to guarantee food security.

The scheme announced here yesterday by QDB chairman HE Sheikh Abdulla bin Saoud al-Thani was launched in line with HH the Emir’s strategy on national food security, the bank said.

The launch of the new scheme comes in line with QDB’s strategic plans to provide all support for private company owners and Qatari businessmen engaged in various sectors.

This has been aligned with Qatar National Vision 2030 with a view to achieve economic diversification in Qatar, stimulate business sector and promote Qatari products internationally.

Additionally, QDB offers other services related to the food security strategy, as it financially supported a number of projects in livestock, fish and agriculture.

The new Shariah–compliant scheme is launched in cooperation with the Livestock Management Unit at the Ministry of Environment and Widam Food Company. It provides small farms owners with financial loans of up to QR250,000, with a payment period of up to five years, while it provides big farm owners with financial loans of up to QR750,000, with a payment period of up to eight years, with only 1% profit rate.

QDB CEO Abdulaziz bin Nasser al-Khalifa said: “QDB started this initiative a year ago. During that period, the bank co-operated with the Ministry of Environment since it is the main supporter of this sector and Widam Food Company, given the major role it plays in the local market.”

Farhood Hadi al-Hajri, deputy manager (Livestock Management) and head, Technical Committee of Livestock Projects at the Ministry of Environment said: “I would like to express my deep thanks and gratitude to Boards of Directors at both QDB and Widam Food Company for their efforts towards supporting the livestock projects and owners of small and big farms. These efforts helped in shaping the scheme, which will contribute in supporting local production, and increase the level of self – sufficiency in Qatar.

Yousif Mohamed Saleh al-Awadi, Widam Food Company general manager said: “I would like to express my thanks and gratitude to QDB for placing its confidence in us, through entering this agreement in co-operation with the Livestock Management unit of the Ministry of Environment, which will further our plans to support livestock sector.”

Qatar, Algeria sign deal for JV steel project

Qatar and Algeria have signed articles of association for a joint venture steel project — Algerian Qatari Steel Company that will be established in the African country.

Qatar Steel International, equally owned by Qatar Steel Company and Qatar Mining, will hold 49% of the new company, while Algeria, represented by Sider Company and National Investment Fund, will hold a 51% stake.

The joint venture is scheduled to be registered in the first week of January, a release issued here yesterday by Industries Qatar said.

The new company will produce about 2mn tonnes annually of steel re-bar and wire-rod.  The JV’s engineering and construction works are expected to take approximately four years, IQ said.

Ali bin Hassan al-Muraikhi, Qatar Steel International chairman and Hasnawi Shaiboub, Sidar Company chairman signed the Articles of Association for the Algerian side.

The signing ceremony was attended by a high ranking Qatari delegation, headed by HE the Minister of Foreign Affairs, Dr Khalid bin Mohamed al-Attiyah, HE the Minister of Energy and Industry, Dr Mohamed bin Saleh al-Sada, and the CEO of Qatar Holding Ahmad bin Mohamed al-Sayed.

On the Algerian side, the signing ceremony was attended by Amara bin Younes, Minister of Industrial Development and Investment.  Ambassadors accredited in both Qatar and Algeria also attended the event.

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