QDB, SDC Sign Agreement to Establish "Qatar Business Incubator"

Doha, November 23 (QNA) - Qatar Development Bank (QDB) and the Social Development Center (SDC), a branch of Qatar Foundation for Education, Science and Community Development on Wednesday signed an agreement to establish a business incubator in Qatar, which hosts and supports the entrepreneurs under the title: "Qatar Business Incubator." During a press conference held here today, QDB CEO, Mansour bin Ibrahim al-Mahmoud and SDC Executive Director, Amal Al-Mannai signed the agreement establishing the project, the 'first of its kind' in Qatar and comparatively the biggest in the region in terms of number of enterprises it will support. The initial investment to establish and operate the Incubator will be around 70 million QR, which will be shared equally between the two parties, according to the agreement. The project will be implemented in two phases, where Phase one will be established at Al Bidda Park as a small incubator incubating 35 companies and pre-incubation of up to 50 entrepreneurs in 2012, while Phase two Industrial Area nearly 14,000m2 built up area, incubating 209 companies and pre-incubation of up to 103 entrepreneurs- expected completion after 2 years, a press release issued here today said. The programme enables entrepreneurs to benefit from other services provided by the Centre that include advisory, financial, and administrative services along with financing facilities. Commenting on the agreement, QDB CEO said:" The two business incubators has been set up with the primary focus of encouraging the spirit of innovation and entrepreneurship among aspiring businessmen & businesswomen in Qatar." The Bank is looking to expand the experience of incubators to include multiple projects in industry and services sectors through the establishment of partnership between Qatar Development Bank and the Social Development Center, he added. He explained that the Center will disseminate and stimulate a culture of creativity and innovation among young people the country and convert these initiatives into productive projects, according to Qatar Vision 2030. Mansoor affirmed that the two business incubators are designed to accelerate the successful development of Qatari entrepreneurial companies through an array of business support resources and services, developed and orchestrated by incubator management and offered both in the incubator and through its network of contacts. For her part, SDC Executive Director, Amaal Abdullatif Al mannai said the main objective of the establishment of business incubators are mainly focused on economic development and creating new opportunities in Qatar through, the establishment of new projects and improve the efficiency of business performance in SMEs and to raise innovation and promote industrial projects and create a firm relationship between major industrial enterprises and small businesses, as well as help new projects to grow at an accelerated pace, thus creating more jobs. The two projects are designed to develop the skills of SMEs in Qatar, in terms of the number of companies that will receive the support. The major Objectives of the business incubators are to promote local enterprises to cater the needs of major development projects in Qatar in alignment with vision 2030 & FIFA 2022. (QNA)