QDB, QRDI Ink Agreement for Supporting Qatar’s Entrepreneurial Ecosystem
August 15, 2022
Doha, Qatar – 15 August 2022 – Qatar Development Bank (QDB) and Qatar Research Development and Innovation (QRDI) Council have signed a Memorandum of Understanding (MoU) to enhance their strategic cooperation and support the national entrepreneurial ecosystem. The agreement aims to open up new opportunities for entrepreneurs, in addition to supporting research, development, and innovation in emerging ventures.
With a focus on empowering start-ups in the country, the two parties will inaugurate their cooperation by launching an SME Product Management Bootcamp. In addition, both parties will cooperate in formulating policy recommendations that promote the innovation ecosystem.
The MoU paves the way for programs to enhance the skills of entrepreneurs and provide them with the tools required for success at both the national and international levels. The agreement creates opportunities to exchange experiences that are beneficial for both parties and all members of the national entrepreneurial ecosystem.
Mr. Abdulrahman Hesham Al Sowaidi, Acting Chief Executive Officer of QDB, stressed the significance of this initiative and the positive impact it will have on entrepreneurs. He added, “We are pleased to partner with a leading member of the national business ecosystem. The MoU with QRDI Council will boost QDB’s endeavors that aim to empower entrepreneurs and SMEs owners. The agreement also places innovation and capability development at the heart of our work, which will positively influence the local economy at large.”
Meanwhile, Engineer Omar Ali Al Ansari, Secretary-General of QRDI Council, stated that “The Council strives to implement the Qatar Research, Development and Innovation Strategy 2030 (QRDI 2030), which acts as a roadmap to develop the national innovation ecosystem. QRDI 2030 encourages fruitful cooperation with local and global institutions. Thus, we are proud to enter this partnership with QDB and build a positive growth environment for SMEs. It also helps bolster innovation activities in leading national companies and international enterprises.”
QDB and QRDI will organize their first joint training program in August 2022. The program targets SMEs owners and will train them in “managing the product” strategy in order to improve corporate capabilities. The program will also assist trainees in leading technological development in the country while equipping them with the knowledge and necessary tools to lead creative projects. The initiative is a vital step in building a national ecosystem that compromises local production leaders.
The Council aims to promote the position of Qatar as a regional oasis of opportunity and stability by strengthening research, development, and innovation. This entails facing challenges with new opportunities and international relations, as well as building the competencies of nationals and attracting international talents. These are in line with QDB’s strategy as a financial institution responsible for developing the private sector through access to finance, capability and markets.