In support of the small and medium scale enterprises (SMEs) segment, QNB has signed a financing deal with Al-Naqeeb Plastic Factory and QDB for a new factory that will be located in the SME Industrial Area in Doha.
QNB is already in tie-up with QDB to support the latter’s Al Dhameen programme. Qatar’s largest bank was the first in the country to join the Al Dhameen in 2010.
Al-Naqeeb will be manufacturing PP (Polypropylene) woven sacks/bags of 25kg, 50kg, and 100kg. Woven PP bags are considered the toughest packaging bags, which are widely used to pack materials such as grains, sugar, flour, fertilisers, animal feeds, and chemicals, including other applications.
Al Naqeeb will offer 100% custom-designed polypropylene woven bags as per the required specifications of the customer. The product is flexible; double side printed, water and dust proof designed, heat/wave cut and hemmed top, flat or anti-slip woven and with UV protection.
The new factory will come up in the SME Industrial Area on an area of 4,080sq m with a total built-up area of 2,230sq m, which includes the company’s offices.
Hamad al-Kubaisi, executive director (strategy and business development) at QDB said, “We are proud to be working with QNB in order to achieve our goals of supporting the local private and SME sectors. These goals fall directly within the Al Dhameen programme’s efforts in order to achieve economic diversification and lower dependency on the hydrocarbon sector as a major source of income, which is in line with Qatar National Vision 2030”
Startups and entrepreneurs who are not quite ready for financial support and who may require further guidance are referred to other suitable government initiatives and programmes that support early stage development. Support is extended through numerous institutions such as QDB, Enterprise Qatar and Bedaya among others.
During the signing ceremony Hamad al-Jamali, QNB assistant general manager (SME), said, “QNB welcomes partners who are looking to set up new factories in Qatar and we appreciate the support that is offered by QDB.”
“As the bank, which has financed the most clients through Al Dhameen we continue our commitment to the SME sector,” QNB said.
QNB also offers a comprehensive range of payment solutions, accounts and investment services along with a full range of tailored business-centric services, such as working capital lines, term finance and trade finance facilities.
To support growth within this important sector, QNB opened four new corporate branches, dedicated to supporting the needs of SMEs, and conveniently located at major locations such as Ein Khaled, Wakrah, Al Khor, Mesaieed, Industrial Area and the bank’s head office.
Al-Dhameen is a private sector enterprise programme pioneered by QDB that enables lending to businesses that require collateral. QNB is a keen supporter of the programme and is committed to working in close partnership with QDB to help grow the private sector and support the free market economy in Qatar, the bank said.
Al-Dhameen programme is based on covering a portion of the risk of the funding in case the guaranteed project has failed in repaying the whole amount or part of it. It encourages banks to finance SMEs that show components of success and cannot provide the required collaterals or accounting documents that prove their eligibility to receive finance.